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:
- Wisconsin public employee pensions to rise at least 2.4 percent by Judy Newman: retired public employees in Wisconsin will be receiving larger pension benefits this year. Under the unique model of the Wisconsin Retirement System, retirees have their base benefit established at retirement, but they can receive more than that in a given year if the system achieves strong investment returns. This is the fifth consecutive year that WRS retirees have received a benefit higher than their base amount.
- Defined benefits better than defined contributions by William Heitsman: a retired educator in South Carolina argues that defined benefit plans serve the state better than defined contribution plans. As he says, “…the contributions to a defined benefits program will save the state money, will help the state recruit teachers and state employees and help the state’s overall economy.”
- Why Are Lawmakers Debating PERA? Here’s What You Need To Know by Megan Verlee: this week, the Colorado Senate began debate on SB200, a bill that would make harmful changes to PERA, the public pension system in Colorado. This article examines the issues confronting PERA and the ideas, both good and bad, that have been proposed to help shore up PERA’s funding.
Finally this week, there have been a number of articles recently documenting the protests by teachers and other public employees in Kentucky. Here is just a sampling. The success of these protests in slowing and potentially stopping Senate Bill 1 demonstrate the power of working people standing together.
- Northern Kentucky teachers in Frankfort today to protest cuts to pensions, school funding by Kevin Eigelbach
- Teachers fighting for promised pensions by Mike Alexieff
- Lexington teachers hold ‘walk-ins’ over pension bill, blast Bevin’s ‘name-calling’ by Valarie Honeycutt Spears
- Teachers, public workers rally against pension reform bill on Capitol steps by Kevin Wheatley
- No vote on pension bill as teachers, state workers protest by Ryland Barton
Be sure to check back next week for the latest news in the fight for a secure retirement!