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State and local public pensions generate significant amounts of economic activity nationally each year. In 2014, state and local public pension plans paid $253 billion to 9.6 million retirees and their beneficiaries. These pension benefits helped to support over 3.4…
It turns out the secret to a strong public pension system isn’t a secret at all: fully funding the pension every year is the most important thing cities and states can do to have a strong public pension system. Today…
Every American who works hard and plays by the rules should be able to retire with security and dignity. Defined benefit pensions make that possible. Learn how pensions provide the most secure retirement for millions of working people, in 60…
If you are a regular reader of Defined Benefit, then you already know that we don’t care for defined contribution plans like 401(k)s that have many failings when compared to traditional pensions. One of these failings is that they provide…
Last month on the blog, we talked about Kansas and how harmful right-wing tax policy there had ruined the state’s budget and threatened public pensions and other critical state services. A similar situation is happening in Oklahoma. Just like in…
In 1981, during the dictatorship of General Augusto Pinochet, Chile radically reformed its pension system. It changed from a traditional public pension system to a system of mandatory individual retirement accounts. These accounts are privately managed by firms selected by…
Last week the Kinder Institute at Rice University released a report examining the causes of the growth in Houston’s unfunded pension liabilities. The report also proposed several possible changes to reduce the unfunded liability. The report focuses on the combination…
Last week eight major universities were sued by their own employees for failing to curb excessive fees in their retirement plans. In a series of class action lawsuits filed across the country, the plaintiffs allege that the universities failed to…
As we’ve written about extensively on this blog, employer-sponsored retirement plans have changed a lot over time. In the private sector, 401(k)s have largely replaced defined benefit pensions and this shift has weakened the retirement security of working families. 401(k)s…
The Opening Ceremonies for the 2016 Olympic Games were held in Rio de Janeiro last Friday. Four days into the competition, medals have been awarded, dreams have been fulfilled, and millions watching at home have been inspired. Just like the…
It is one of the most well-known stories about American retirement: the decline of defined benefit pensions in the private sector. At one time, 88 percent of private sector workers who had a workplace retirement plan had a pension. That…
At one time, defined benefit pensions were the most common retirement plan for working people. Workers in both the public and private sectors enjoyed the security and reliability of pensions in planning for retirement. These workers knew that if they…