I’m wondering, though, if this lock-in period could be cut to 50 years. What requires an insolvent state such as Illinois to retain any or all of its public employees? Could the governments simply fire all of the workers and then invite people to reapply for jobs with a new 401k-style pension system?
http://blogs.law.harvard.edu/philg/2015/05/08/could-illinois-state-and-local-governments-fire-all-of-their-workers/