Kansas reaps the whirlwind
Kansas is home to tornadoes and the Land of Oz. It is home to more cows than people. It is also the site of a massive, failed experiment in tax policy. When Kansas passed large tax cuts several years ago,…
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Kansas reaps the whirlwind -
What other countries can teach us about retirement planning 
What other countries can teach us about retirement planning
The United States is facing a retirement security crisis. As the private sector has moved from defined benefit pensions to defined contribution 401(k)s, the retirement security of working families has been devastated. This switch also doesn’t account for the roughly…
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Defined benefit pensions help ease the transition into retirement 
Defined benefit pensions help ease the transition into retirement
It’s well-known that defined benefit pensions provide a secure and dignified retirement to librarians, nurses, correctional officers, and other public employees. They do this by providing a regular, reliable source of income in retirement. However, public pensions serve other functions…
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Closing a Pension Plan Increases Costs for Taxpayers 
Closing a Pension Plan Increases Costs for Taxpayers
Michigan lawmakers are at it again. During last year’s lame duck session, legislators in Michigan attempted to force through a bill to close the pension plan for teachers and public school employees – the Michigan Public Schools Employee Retirement System…
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Attention North Carolina: Closing a Pension is Never a Good Idea 
Attention North Carolina: Closing a Pension is Never a Good Idea
We’ve said it before and we’ll say it again: Closing a pension system is a terrible idea. Shuttering a pension system and shifting new hires to a defined contribution 401(k)-style plan is damaging not only to the thousands of workers…
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Why Are Some Public Employees Not in Social Security? 
Why Are Some Public Employees Not in Social Security?
When most Americans begin to prepare for retirement, they count on Social Security to form the bedrock of their retirement savings. For millions of working families, Social Security is the key to retiring with dignity. However, a significant number of…
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A Win for Pensions in South Carolina! 
A Win for Pensions in South Carolina!
Victory in South Carolina! Last week, Gov. Henry McMaster signed a bill increasing contributions to the state pension fund. While this is an important step towards improving the health of the fund, the cause for celebration is the part of…
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160 Years of Public Pensions in the United States 160 Years of Public Pensions in the United States
Public pensions are not a recent creation. In fact, the earliest public pension in the United States was established over 150 years ago for police officers in New York City. We covered the history of public pensions in our recent…
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Attention Michigan: Closing a Pension System is Never a Good Idea 
Attention Michigan: Closing a Pension System is Never a Good Idea
Is anyone else experiencing some serious deja vu? Michigan Senate Majority Leader Arlan Meekhof has been tossing around the idea of closing the Michigan Public School Employees Retirement System (MPSERS) pension plan and moving new hires to a defined contribution…
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‘Should I Stay or Should I go?’ Budget Cuts Force Oklahoma Teachers to Make Tough Decisions 
‘Should I Stay or Should I go?’ Budget Cuts Force Oklahoma Teachers to Make Tough Decisions
Should I stay or should I go? This question is more than just the refrain from the insanely catchy 1982 hit by The Clash. It’s also a daily quandary facing Oklahoma’s underpaid educators. Shawn P. Sheehan, Oklahoma’s 2016 Teacher of…
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Special Interest Groups And Your Pension: What You Need To Know Special Interest Groups And Your Pension: What You Need To Know
Long-time readers of Defined Benefit are familiar with John Arnold, the money behind many attacks on public pensions. Loyal readers have also heard about the Pew Research Center, which uses Arnold’s money to promote flawed anti-pension research, and the Retirement…
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“It was a disaster”: Garry Lynne Shearer’s Story “It was a disaster”: Garry Lynne Shearer’s Story
When a state closes a public pension system, the consequences are widely felt. Unfunded liabilities skyrocket and plan costs rise. Defined contribution 401(k) plans cost 91% more than pensions, with the burden falling on taxpayers. No one feels these consequences…
