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:
- The Real Reason the Investor Class Hates Pensions by David Webber: a Boston University law professor argues that one reason Wall Street firms and big corporations hate pensions is because public pension funds are powerful shareholders and act as a voice for working people. Breaking up pension funds weakens the power of everyday workers to have a say in the decisions of major corporations.
- KPERS betters our communities by Gabriel Costilla: a high school English teacher in Kansas criticizes the legislature and former governor for failing to fully fund KPERS in the past. Pensions play a vital role in supporting local communities, which makes funding them all the more important.
- Bevin administration sues to block release of analysis of governor’s pension reform plan by Darcy Costello: this week the Bevin administration sued Ellen Suetholz, the coordinator of the Kentucky Public Pension Coalition. Suetholz had filed an open records request to obtain the actuarial analysis of Governor Bevin’s pension bill. When the governor did not release the analysis, Suetholz received a ruling from the Kentucky Attorney General compelling the governor’s administration to release the analysis. The Bevin administration is now suing Suetholz in order to continue hiding the results of the actuarial analysis from the public and stifle an informed debate on public pensions in Kentucky.
- 66% of Millennials have nothing saved for retirement by Katie Lobosco: CNN Money covers the release of the NIRS study on Millennials and retirement savings. Many Millennials lack access to an employer-sponsored retirement plan, but when they do have access, they participate at very high levels (94%).
- Teachers protest pension plans by Jeremy Wells and No Vote On Pension Bill As Teachers, State Workers Protest by Ryland Barton: returning to Kentucky, teachers and other public employees have been active in protesting Senate Bill 1, the harsh, pension-cutting bill introduced in recent weeks. SB1 was voted out of committee and was scheduled to receive a vote on the senate floor; however, following the weeks of protests, the senate voted to refer the bill back to committee and adjourned without taking a vote on the bill.
Be sure to check back next week for the latest news in the fight for a secure retirement!