Welcome to the latest edition of This Week in Pensions! 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 the top stories from last week:
It’s time to do right by Wyoming retirees by Kevin Reddy. Last year, the Wyoming legislature decided not to act on HB 314, which would have given retired public employees a modest cost-of-living adjustment (COLA). In his piece, Kevin Reddy, president of the Federated Fire Fighters of Wyoming, argues that after 12 years, retired public employees need a COLA. He stated, “We can do better. We owe it to our retired firefighters, police officers, teachers and all other public employees to do right by them in retirement. They dedicated their careers to serving our communities, and many of them are retired due to injuries sustained in their service. Now it’s up to us, and to the legislature, to ensure they can live with dignity and security in their retirement.”
The new realities of work and retirement by Ina Jaffe. “About 1 in 4 adults age 65 and older is now in the workforce. That number is expected to increase, making it the fastest-growing group of workers in the country.” In a human interest piece for NPR, Jaffe tells the stories of several individuals who are working in their later years. With the rise of the 401(k), more and more Americans are not saving enough for their retirements. Jaffe writes, “Most retirement funds now are 401(k) types, where the employer and employee contribute a fixed amount and the money is invested in the stock market. During the worst of the last recession, 401(k) accounts lost almost one-third of their value. That was enough to change some would-be retirees’ plans.”
Be sure to check back next week for the latest news in the fight for a secure retirement!