Welcome to the latest edition of This Week in Pensions! This is your source for the best news in pensions and retirement security from the previous week.
Here are the top stories from the week:
- Faulty claims underlie legislative call for federal mandates by Gary Findlay: the former executive director of the Missouri State Employees’ Retirement System points out the flawed research behind the Public Employee Pension Transparency Act, sponsored by Rep. Devin Nunes (R-CA).
- Alabama firefighters take stand against pension reform by Geoff Statum: firefighter Geoff Statum tells of the fight to protect the pensions of Alabama firefighters. Conservative legislators there, with the backing of John Arnold and the Pew Research Center, are trying to force firefighters into an inadequate cash balance plan.
- IMRF success puts Illinois’ other pension funds to shame by Rockford Register Star editorial board: the Illinois Municipal Retirement Fund is a successful public pension system because municipalities are legally obligated to make their contributions each year. As the editorial board wrote: “The Illinois Municipal Retirement Fund, which serves local government workers outside Chicago, is paying retirees, lowering costs for municipalities and saving taxpayer money.”
- Prop 124 would change police, fire pensions by Ethan McSweeney: later this month, voters in Arizona will vote on a ballot measure to make improvements to the Arizona police and fire pension system.This article outlines the changes that would be made by the referendum.
- Millions Face Pension Cuts Thanks to Wall Street Recklessness by Jake Johnson: in the wake of the Great Recession, many workers had their retirement savings wiped out and many public pensions took a big hit. Meanwhile, Wall Street executives continued to receive “golden parachutes” when they retired. Now, millions of workers face the prospect of pension cuts due to the lingering damage from the financial crisis.
Be sure to check back next week for the latest news in the fight for a secure retirement!