Population Aging and State Pensions in New England
This Research Report analyzes the features of the New England state pension plans in the context of the region's changing demographic environment. The first section of the report documents key demographic developments: the aging of the Baby Boom generation and increasing life expectancies. Key features of the primary state pension plan in each New England state are then compared, focusing in particular on the age-specific characteristics of the plans. A third section analyzes the labor market implications of the plans' formulas, such as how they apply to workers choosing retirement at different ages. The fourth focuses on recently enacted reforms in New England states and alternative approaches to reform. An appendix provides a more detailed state-by-state mapping of benefit accrual patterns in the plans, based on illustrative employees hired at different ages.