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:
- A Generation of Americans Is Entering Old Age the Least Prepared in Decades by Heather Gillers, Anne Tergesen, and Leslie Scism: the Wall Street Journal takes an in-depth look at the retirement crisis facing working Americans. For the first time in generations, Americans are poised to retire with less savings than the generation before them.
- Kentucky Pension Law Struck Down for the Way It Was Passed by Jack Brammer and Daniel Desrochers: a judge in Kentucky ruled that SB151, the stinking, anti-pension law, is unconstitutional due to the way it was passed. Republican legislators introduced the bill and passed it all in the same day. The text of the bill was not even available to be read until the day after it passed–a clear violation of state law. Governor Matt Bevin is expected to appeal the ruling to the Kentucky Supreme Court, but we’re fighting back. If you live in Kentucky, please email Gov. Bevin and urge him to let the ruling stand- don’t appeal.
- ‘Dying at your desk is not a retirement plan’ by Thomas Heath: the Washington Post takes a deep dive into the many challenges of saving for and financing a secure retirement. “The best way to hedge against the fear of outliving your savings is through some form of guaranteed income,” David Blanchett, head of retirement research at Morningstar Investment Management, said. Defined benefit pensions provide a guaranteed income that retirees cannot outlive.
Be sure to check back next week for the latest news in the fight for a secure retirement!