LEXINGTON –A study released today finds that Kentucky gives away massive tax breaks to corporations, while continuing to underfund retirement security for hard-working public employees. The amount given to corporations far exceeds what the state owes to keep its pension plans funded on a yearly basis. That is true even before a new wave of tax-break disclosure data arrives that will likely reveal even more in previously hidden tax-break spending.
LEXINGTON – Today, the Kentucky Public Pension Coalition (KPPC) expressed disappointment that PFM used its Pension Performance and Best Practices Analysis to promote Governor Bevin’s political agenda, rather than to offer constructive solutions for Kentucky’s pension systems. PFM’s 401(k) “solution” has been tried and failed in other states.
Bailey Childers is executive director of the National Public Pension Coalition. In this Quick 5 interview, she talks about the retirement crisis in the U.S.
More than 200 days into Donald Trump’s presidency, we now have a clear answer on whom his administration will serve: Wall Street and corporations. Gone are his promises from the campaign trail to help struggling American families. At every opportunity, his administration has rolled back any small progress that’s been made over the last few years to help Americans prepare for retirement.
If you’re reading this article, there’s about a fifty percent chance you are not offered a retirement plan through your current employer. That’s according to studies from the National Institute on Retirement Security (NIRS) and Pew, which estimate that almost half of working Americans do not have access to an employer-sponsored retirement plan.
For a decade now since the Great Recession, special interests have waged a false-information campaign against public pensions. While not all of the motives are clear, one thing is certain: if the over $3.8 trillion in assets managed by state and local pension funds were converted into individual 401(k)-style accounts, someone on Wall Street would stand to reap enormous financial benefit.