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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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
This week is National Retirement Planning Week.  During this week, the financial services industry encourages Americans to focus on setting aside what they’ll ultimately need for a secure retirement.  Unfortunately, many Americans will only be able to save for retirement…
Today we commemorate the life and achievements of Cesar Chavez – one of our country’s preeminent social justice champions. Born on March 31, 1927 in Yuma, Arizona, Chavez spent his life fighting for better treatment, fair pay and improved working…