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:
- Pensions: a better way forward by Hank Kim: the executive director of the National Conference of Public Employee Retirement Systems warns against moving away from pensions in Kentucky. “If Kentucky pursues unwise policies that diminish defined-benefit pensions, this cost could reach $13 billion, our research shows.”
- Defined-Benefit Pensions Continue to Hold Value by Sherry Chan: the Chief Actuary for the City of New York writes in defense of traditional defined benefit plans. As she says, ensuring a secure retirement is important for more than just public employees and retirees: “All people, whether you work for the city or not, need a solid retirement plan… The discussion, therefore, should not be about whether defined-benefit pension plans are sustainable; it should be about ensuring their continued sustainability and availability. Without solid retirement plans, people will be without the means to live with dignity after their working years.”
- We retired teachers pay our share by Harlan McWhorter: a retired California teacher of 36 years reminds readers that public employees and retirees are taxpayers as well. The money they pay through income and sales taxes goes to support the pay and benefits of public employees and retirees, just the same as every other California taxpayer.
- Time for statesmanship, not cuts by Roy Pullam: a reader in Kentucky despairs over the poor state of governing happening in the commonwealth. To address the state’s mounting problems, the state must reform its tax code: “It is said that with all the exceptions allowed by current law leaves legal evaders to have deductions that exceed our current total tax revenue annually.”
- We met our end of the bargain by Glenn Craig: a retired Louisville police officer urges Gov. Bevin and state legislators in Kentucky to reject 401(k) plans for new public employees. Traditional pensions help recruit and retain police offices and other public employees.
- They’re called Save Our Pensions. Here’s why many Kentucky retirees don’t trust them. By Daniel Desrochers: finally this week, a shadowy special interest group is campaigning in Kentucky to purportedly “save” state pensions, but they seem to support the very changes proposed by the governor that would decimate retirement security for public employees. The mysterious group, which is run by three conservative activists, also does not appear to represent any actual Kentucky public employees, making the “our” in the group’s name very suspicious indeed.
Be sure to check back next week for the latest news in the fight for a secure retirement!
