Welcome to the latest edition of This Week in Pensions! As we do most weeks, 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:
- Sweeney — This time, I can get Christie on board with pension fund payments by Michael Symons: next week the New Jersey legislature will once again consider legislation to require the pension system make quarterly instead of annual pension payments. While Governor Chris Christie has opposed the idea in the past, he apparently has had a change of heart and is willing to consider the idea this time. Passing this legislation would be an important step toward shoring up New Jersey’s public pensions.
- Financial health of Nevada’s pension fund for public employees improves by Sean Whaley: a recent actuarial report on the Nevada Public Employees Retirement System found that the pension system improved its funded ratio from 2015 to 2016. This continues a trend of public pension systems improving their funded status as they recover from the depths of the Great Recession.
- Bachrach’s proposal of federal intervention wrong for pensions by Hank Kim: the Executive Director of NCPERS writes in response to an op-ed that wrongly argued for federal intervention in state and local public pensions. State and local governments have numerous options for maintaining strong public pension systems. A federal intervention would be the wrong course of action.
- For businesses that still have pensions, they’re a golden lure by Deirdre Fernandes: defined benefit pensions have declined significantly in the private sector over the last thirty years. However, for companies that still offer them, they are an important tool to keep top talent. As the job market becomes more competitive, companies are learning that their pension plans can give them an edge in the fight for highly-skilled workers.
- DIVIDED AMERICA: Easy retirement? Only for a privileged few by Stan Choe: the retirement security crisis is a reality for an increasing number of Americans. Many working families lack access to a retirement savings plan through their employer. Fewer private companies offer defined benefit pensions than did thirty years ago. Political leaders must find a way to address this mounting crisis.
Be sure to check back next week for the latest news in the fight for a secure retirement!