Properly funding a public pension plan requires lawmakers to embrace certain principles that take into account competing interest that can be difficult to navigate, a paper by the American Academy of Actuaries said.
Policies need to maintain a balance among the "competing objectives of benefit security, generational equity and contribution stability," the paper said.
In other words retirees need to be able to count on their monthly benefits, taxpayers of different ages need to be treated in a fair manner and contributions by government bodies to pension funds must be made in a steady way.
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