Encore: Do all state and local workers receive lifetime annuities?

This post was originally published on this site

The conventional wisdom is that all state and local government workers receive a lifetime annuity from their employer pension plan. Is that true?  

My colleagues JP Aubry and Kevin Wandrei recently collected data on payout options under state and local retirement plans to answer the question more definitively. They were particularly concerned about the roughly 6.5 million employees who do not participate in Social Security (known as “noncovered” workers). 

They…