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:
- Trump must tackle the financial issues of Main Street Americans by Bailey Childers: the Executive Director of NPPC condemns the Trump administration’s continued attacks on the retirement security of working families. The administration’s recent move to shut down the MyRA program is just the latest in a series of actions that harms the ability of Americans to save for retirement.
- Don’t break the backs of public employees by Terrilyn Fleming: a teacher in Louisville, KY, speaks out against proposed cuts to public pensions by Gov. Bevin. The governor plans to call a special legislative session to “address” public pensions in Kentucky.
- Public pensions up 12.4%; return most in 3 years as equities soar by Martin Braun: as the economy continues to recover from the Great Recession, the health of public pension funds improves as well. The median investment return for a public pension fund for the last fiscal year was 12.4 percent. This will improve the funded status of public pension plans.
- Teacher shortage looms as school year approaches by Alex McCarthy: numerous states across the nation are facing teacher shortages as the new school year approaches. We’ve written about Oklahoma’s severe teacher shortage, but Alaska also is finding it difficult to recruit new teachers. The executive director of the Association of Alaska School Boards has an idea why: “It’s been happening for several years for a variety of reasons… (like) going from a defined benefit to a defined contribution plan.”
- Trouble saving for retirement? So do 96 percent of working Americans by Tim Grant: finally this week, there’s more evidence that working families are facing a retirement savings crisis. According to new research from the National Endowment for Financial Education, 96 percent of working Americans will experience four or more “income shocks” during their working lives. These “income shocks” harm working people’s ability to save for retirement.
Be sure to check back next week for the latest news in the fight for a secure retirement!