Washington, DC – According to the Washington Post, the budget proposal that President Trump is scheduled to release on Tuesday would undermine the retirement security of federal employees. The proposed budget would require federal employees to pay more out-of-pocket for their retirement benefits, while also diminishing their overall retirement benefits.
Recently, the Mackinac Center for Public Policy — a right-wing think tank funded heavily by the Koch brothers — penned an article attacking the Michigan Office of Retirement Services (ORS) for recent accounting errors. While the errors were real, the alleged inability of the agency to ably handle Michigan’s state-run pension systems was greatly overblown. The Mackinac Center’s goal on this issue is not to create clear public policy. In fact, it is to create a smokescreen so that billions of dollars can be stolen from hard-working Michigan citizens and handed over to their corporate funders.
Washington today is divided. One could say that many of our states are divided as well. With so many marquee issues on the line over the next few years — tax reform, healthcare, Social Security, Medicare — there is one topic both parties can agree on: Americans are not fully prepared for retirement.
If you want a good history lesson, look no further than the Rust Belt. Beyond the relics of America’s industries are hardworking Americans serving as living reminders of the devastating consequences of what happens when cities and states close a public pension plan. In West Virginia and Michigan in particular, you’ll find two narratives about why pensions matter, especially in today’s economy.
Washington, DC – This week, the National Public Pension Coalition released a new report titled Why Pensions Matter, a comprehensive examination of the origins and importance of public pensions. The report examines how public pensions have developed over time, as …
Pensions might look like a pot of gold to politicians right now, but they should go follow another rainbow if they want extra funds to pay state bills. Public pension funds need to stay right where they are.