Welcome to the latest edition of This Week in Pensions! We have gathered this week’s top stories about pensions and retirement security all in one place. This is the news you need to know in the fight for a secure retirement.
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As state legislative sessions commence across the country, NPPC remains vigilant in the protection and improvement of public pension systems. Check out what we anticipate in 2024 in our latest blog, 2024 States Legislative Preview.
Alaska legislators start a busy 2024 session.
Amongst a flurry of legislative initiatives in Alaska this year is the possibility to return defined-benefit pensions to public employees across the state. Senate Bill 88 was introduced in 2023 to remedy the severe public service shortage plaguing the state while providing retirement security to essential state workers. As Alaska struggles to keep its working-age population from moving to the lower 48, introducing a new pension system will recruit and retain the teachers, public safety officers, health professionals, and other critical state employees that Alaskan communities need.
Wyoming takes steps to shore up pension funding.
Responsible funding by lawmakers is paramount to the health of public pension systems. Last week, the Wyoming Legislature’s Joint Appropriations Committee passed two draft bills to reduce the state’s funding period from 41 to 26 years in response to the state’s aging workforce. Draft bill 341, titled “Public Employee Retirement Plan Contributions,” will increase employee and employer contributions by a quarter of a percentage point each year for the next two years. Governor Mark Gordon noted that the ongoing general fund has “more than enough to pay all the associated costs, and we can afford to do that.”
Be sure to check back next Friday for the latest in the fight for a secure retirement! For now, sign up for NPPC News Clips to receive daily pension news from across the country directly to your inbox.