Contrary to popular belief, defined benefit pensions are not only good for workers and taxpayers, they’re also good for the economy, generating significant amounts of economic activity nationally each year. According to a report released by the National Institute on Retirement Security, state and local public pension plans paid $253 billion to 9.6 million retirees and their beneficiaries in 2014, which then helped to support over 3.4 million jobs.

The report titled Pensionomics 2016 states that public pensions help create economic activity through the direct spending of pension benefits by retirees. This means that retired teachers, librarians, firefighters, and other public employees are not just saving their money; they’re putting it back into the local economy through their purchases…

View Archives