Much of the debate over teacher pensions is framed as an either/or: Either we keep current defined benefit plans or we shift teachers to low-cost 401k-style defined contribution plans like in the private sector.
In a recent paper with Marisa Vang, we show that this is a false dichotomy. There are cost-neutral alternatives, such as cash balance plans or well-designed defined contribution plans, that could do a better job of providing all teachers with retirement security than the typical defined benefit plan does today.