Pension Reform Assessment

(GRS What should the benefit levels be from a pension program: Experts recommend 65-80% replacement income in retirement from all sources Average recommended replacement rates (studies may point to varying rates based on income) 100%- Replacement rate from RI pension alone 80. 78% 60. 40- 20- 0 World Bank Aon 75% 75% 74% Myers Greninger Schieber 70% Years of service Schedule A Schedule B 10 17% 16% 20 20 36% 34% 25 25 51% 44% 30 66% 55% 35 80% 68% Source: Retirement at Risk: A New National Risk Index," "Alternate Measures of Replacement Rates for Social Security Benefits and Retirement Income" - Social Security Administration; ERSRI 16

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