Welcome to the latest edition of This Week in Pensions! As we do each week, we have gathered the best stories about pensions and retirement security. This is the news you need to know in the fight for a secure retirement.
Here are this week’s top stories:
- WRS doesn’t need fixing by Claiborne Hill: the state director of the Wisconsin Coalition for Retirement Security defends the state’s fully funded pension system against misleading attacks from the Milwaukee Journal Sentinel. She points out that “the success of WRS is one of the ways that for generations Wisconsin has been able to attract and retain a skilled public workforce.”
- Don’t tie hands of Hoosier pension fund managers by Cecil Bohanon and Bill Styring: two economists caution against the proposal of Indiana Governor- and Republican Vice Presidential nominee– Mike Pence to invest a portion of Indiana public pension funds in Indiana companies: “We are all for economic growth in Indiana. We are all for good returns to investment for state pension funds. But this is a Bad Idea.”
- Wrong direction on pension plan by Jerry Olesksiak: Republican political leaders in Pennsylvania are pushing a secretive, last-minute attempt to gut pensions before the election. As Olesksiak says, “The plan that some lawmakers are negotiating behind closed doors would make Pennsylvania’s public pension plans among the worst in the nation… That’s right. Young people entering the profession would pay more to get less.”
- Millennials Lack Savings by Stan Choe: as we’ve mentioned before, many young working people have no retirement savings and lack access to the security of a defined benefit pension. While it may not be surprising that young people are not yet saving for retirement, it will be more difficult for them to do so without access to a pension.
Be sure to check back next week for the latest news in the fight for a secure retirement!