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:
- With House Republicans in chaos over scandal, secrecy rules on pension reform by Tom Eblen: Kentucky Gov. Bevin says he still plans to call a special legislative session in December to force through his harmful pension “reform” plan. He says this despite the fact that the next regular session begins on January 2nd, the entire process has been shrouded in secrecy, and the Kentucky legislature is engulfed in an ongoing sexual harassment scandal.
- First responders rallying in Lansing to protect health care, pensions by Jessica Wheeler: on Wednesday, firefighters, police officers, and other first responders rallied at the state capitol in Michigan to oppose proposed changes to local retirement plans. Those proposed changes were unveiled in legislation released yesterday by Michigan Republicans.
- Public Pensions Have Been Able to Pay Promised Benefits by Rebecca Moore: new research from NCPERS finds that public pension plans have consistently earned enough through employee & employer contributions and investment earnings to pay promised benefits each year.
- 401(k) plans are not better for teachers than pensions by Brent McKim: the president of the Jefferson County Teachers Association rebuts Andrew Biggs’ arguments in favor of Gov. Bevin’s proposal that would force Kentucky teachers and other public employees into risky and unreliable 401(k)-style plans.
- Brett Barkey’s PERA plan is not a solution by Cheryl Lynn: a reader writes to the Durango Herald to refute the argument that Colorado PERA should switch to a 401(k)-style defined contribution plan. As Lynn points out, such a switch would actually increase the unfunded liability in Colorado PERA, not reduce it.
Be sure to check back next week for the latest news in the fight for a secure retirement!