In states across the country, there have been an unprecedented number of proposals by Governors and state legislatures to completely undermine the retirement security of millions of middle class workers who rely on the public pension system.
California voters do not blame public employees for the state’s pension woes and are in no hurry to make steep cuts in the system, according to a new USC Dornsife/Los Angeles Times poll.
Two notable reports on public pensions were published this past week: the National Institute on Retirement Security (NIRS) released an updated economic impact study: “Pensionomics 2012: Measuring the Economic Impact of DB Pension Expenditures,” and the U.S. Government Accountability Office (GAO) issued “State and Local Government Pension Plans: Economic Downturn Spurs Efforts to Address Costs and Sustainability.”
When the bell sounds at fire houses in our communities, irrespective of the nature of the call or the hour, New York’s full-time firefighters respond without hesitation. And they do so repeatedly.
As was expected, you may have seen yesterday that several Wall Street-aligned groups supporting the Governor’s 40% pension-cutting plan attempted to distort the facts in order to protect their one percent agenda and their billions in corporate tax breaks and …
A General Accountability Office (GAO) study of state and local government pension plans released on Friday, March 2, confirmed what the National League of Cities (NLC) and many other national groups representing employers and state and local pension plans have been saying for years: Public pensions are not facing a short-term crisis. While they need to address expediently their long-term sustainability, most state and local government pension plans have sufficient assets to cover retirees for a decade or more.