Welcome to the latest edition of This Week in Pensions! Today may be April Fool’s Day, but we’re no fools when it comes to retirement security. Pensions continue to provide the most secure retirement for working families. In case you don’t believe us, we’ve gathered the best stories about pensions and retirement security from the previous week.
Here are this week’s top stories:
- Pensions are not pots of gold for irresponsible lawmakers by Bailey Childers: NPPC’s Executive Director writes in The Hill that public pension funds must be defended from irresponsible politicians who want to use pension money to fill holes in state budgets.
- 401(k)s won’t provide secure retirements by Bailey Childers: writing in the Capital Gazette of Maryland, Childers warns against the proposal by Gov. Hogan to allow state workers to opt into a 401(k)-style system. Doing so would harm the retirement security of hard-working state employees.
- A push to revive Alaska’s pension system by James Brooks: Alaska legislators are considering a bill to reopen Alaska’s public pension plans, which were closed a decade ago. As we’ve seen in other states, closing a public pension plan leads to bad consequences for both public employees and taxpayers.
- 401(k)-style plan not the answer for SC teachers by Bernadette Hampton: this year, South Carolina legislators are working to shore up funding for the state’s pension system. A last minute amendment introduced in the state senate would close the public pension plans when they reach full funding. Hampton, a South Carolina teacher, warns of the folly of this amendment.
- Let states encourage retirement savings by Claiborne Hill: the U.S. Senate voted yesterday using the Congressional Review Act to repeal Obama-era regulations on “Secure Choice” retirement savings plans. Hill, of the Wisconsin Coalition for Retirement Security, writes that states should be allowed to implement these types of programs without interference from the federal government.
- In defense of state pensions by Tammy Collier: a retired state employee in Pennsylvania defends the state’s public pension systems from the many unfair attacks of recent years.
- Pensions key to recruiting, retaining Oklahoma teachers by NonDoc staff: Oklahoma is experiencing a severe teacher shortage. A new report, Retirement Security for Oklahoma Teachers Still Overlooked, explains the importance of pensions for recruiting and retaining quality teachers.
This week, NPPC released two new reports: Why Pensions Matter and Retirement Security for Oklahoma Teachers Still Overlooked. Both explore the value of defined benefit pensions – throughout American history and their continued importance today.
Check back in the weeks ahead for the latest news in the fight for a secure retirement!