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 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:
- Firefighter: I can tell you pensions matter by Steve Pieper: in honor of the National Day of Firefighters, a firefighter in Wisconsin discusses why his pension is important to him. He also warns against legislation proposed by a Wisconsin state senator that would do unnecessary harm to the retirement security of that state’s public employees.
- The moving target of pension fund opponents by Max Patterson: the executive director of the Texas Association of Public Employees Retirement Systems argues that closing public pension plans in Texas and switching new employees to defined contribution 401(k)-style plans is a mistake. As he says, “The truth is statewide retirement systems and some local pension systems are underfunded because for years, the state and some cities did not fund the plans they approved.”
- South Carolina Gov. Henry McMaster signs state pension bill by Andrew Brown: last week the governor of South Carolina signed legislation that increases contributions to the state pension systems. This bill passed both chambers of the legislature with large bipartisan majorities and is also noteworthy for what it didn’t contain.
- Is Missouri’s Teacher Pension Next? By Deb Sellmeyer: a retired Missouri teacher warns that moves this year by the legislature to change public pensions for state employees could foreshadow harmful changes to the teacher pension plan next year.
- Leave federal pensions alone by Lisa Sorge: an employee of the FDIC, Sorge writes about the appeal of her defined benefit pension when she decided to work for the federal government. While there have been no moves so far to eliminate public pensions for federal employees, both the Trump administration and its allies in Congress have suggested that they may pursue such action. That would be extremely damaging to the retirement security of hard-working federal employees like Lisa Sorge.
Be sure to check back next week for the latest news in the fight for a secure retirement!