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:
- Editorial: Pensions becoming issue of public safety by The State Journal editorial board: the dire state of public pensions in Kentucky is leading some public employees to retire early, including the fire chief of Frankfort. Some in the Bevin administration have questioned the “inviolability” of promised pension benefits. In response, some public employees seem to be taking that threat seriously. As the editorial board said: “That ‘inviolability’ has already been questioned by those who view this as a chance to snuff public pensions out in favor of a 401(k)-style system similar to many private sector employers.”
- Oklahoma Teachers terminates Advisory Research, reports 15.3% return for fiscal year by Meaghan Kilroy: two good stories about pensions in Oklahoma this week. First, the Oklahoma Teachers Retirement System earned investment returns of 15.3% for the last year, exceeding its target of 12.8%. The fund also surpassed its return target for the past five years and ten years.
- Oklahoma Public Employees returns 12.65% by Meaghan Kilroy: in other good news from Oklahoma, the Oklahoma Public Employees Retirement System earned investment returns of 12.65% for the last year, coming just under its target of 12.79%. For the past five year and ten year periods, the fund also came just on target for its returns.
- Letter: Kochs target Iowa pensions by Rich Toohill: as Iowa Republicans allow the John Arnold-funded Reason Foundation to analyze the state’s successful public pension system, Iowans are rightfully concerned about the threat this poses to the retirement security of the state’s public employees.
- Treasury Ends Obama-Era Program to Help Workers Save for Retirement by Tara Siegel Bernard: finally this week, the Trump administration announced that it is ending the myRA program that began under President Obama. The myRA program was designed as a starter savings program for private-sector workers without access to a retirement savings plan through their employer. This decision is just the latest in a string of attacks on the retirement savings prospects of working families during the first six months of the Trump administration.
Be sure to check back next week for the latest news in the fight for a secure retirement!