Happy St. Patrick’s Day and welcome to the latest edition of This Week in Pensions! As we do most weeks, we have gathered the top stories about pensions and retirement security from the previous week. This is the news you need to know in the fight for a secure retirement.
Here are this week’s top stories:
- CalPERS pensions are just fine, thank you very much by Dave Low: the chairman of Californians for Retirement Security defends the changes made to the Golden State’s pension systems in 2012. Contrary to the claims of pension critics, the changes are already shoring up the stability of the system while continuing to provide a secure retirement for public employees.
- Defined benefit pension plans must be protected by Louis Malfaro: the chairman of Texans for Secure Retirement argues that Houston Mayor Sylvester Turner is right to make protecting pensions a priority of his administration. As Malfaro says, pensions are a cost-effective and efficient means of providing a reliable and secure retirement for working families. Abandoning public pensions would be a bad move for Houston and for Texas.
- State employees deserve decent salaries, pensions by Sue Cox: Missouri’s public employees are the lowest-paid in the nation. Fortunately, they are offered a defined benefit pension that will provide them with financial security in retirement. Unfortunately, these public pensions are under attack on multiple fronts. Cox issues a call to protect pensions:
“Our silence represents acceptance. Without our involvement, we can expect that state employee pensions and salaries will continue to be squeezed and reduced. We deserve better. We’ve earned more. Please join us, and speak up.”
- State pension fund jumps 13.4% by Kym Soper: good news this week out of Connecticut! Last year the state pension fund earned a 13.4 percent return on its investments. As pension plans in Connecticut and across the nation continue to recover from the financial crisis, strong returns like this will help them achieve their goal of providing a sustainable and reliable retirement for working families.
- Retired women are more prone to financial crisis by Mark Grandstaff: finally this week, two articles discussed the challenges facing women in achieving retirement security. The first, from USA Today, examines the greater likelihood of facing financial ruin during retirement due to longer lifespans and higher medical costs.
- Women more at risk financially in retirement than men by Kumasi Aaron: the second article tells the story of Denise Wightman and her own struggles to prepare for retirement. She gives this advice to other women: “…educate yourself. And I’m saying that having not done that myself.”
Be sure to check back in the weeks ahead for the latest news in the fight for a secure retirement!