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The 2008 financial crisis- dubbed “The Great Recession” by many- had devastating consequences throughout the American economy. Public pension plans were among the hardest hit by the Wall Street greed that led to the crisis. Many public pensions suffered steep…
We’ve written before about how 401(k)s favor the wealthy, but also how pensions can help low-income workers prepare to retire. In general, low-income workers struggle to save for retirement and that is reflected in the large disparity in retirement savings…
Defined benefit pensions are the most secure and reliable way to provide retirement security for working families. The key feature of pensions is that they pay a guaranteed monthly benefit for life. This provides retirees with unparalleled retirement security and…
Last week, the Louisiana legislature concluded its second special session of the year. Sandwiched in between those special sessions was its brief regular session. Despite the ongoing budget challenges there, this was a successful year in the fight to protect…
If you are a long time reader of Defined Benefit, then you know that pensions remain the best way for working families to save for retirement. Pensions are more cost-effective than defined contribution 401(k)-style plans and provide more income in…
Last week NPPC’s Executive Director, Bailey Childers, submitted testimony to the Democratic National Committee’s Platform Committee encouraging them to include retirement security as part of the 2016 platform. So far this year, the presidential candidates have said little about retirement…
Teachers. Firefighters. Police officers. Behind every pension is a public servant who has dedicated their career to keeping our communities safe and prosperous. Popular rhetoric around public pensions often distracts from the true issue at hand; these aren’t numbers, these…
A couple weeks ago, the New York Times ran an excellent article on women and retirement. The article discusses the unique challenges facing women in preparing for retirement. It also highlights that women who work in fields where defined benefit…
Puerto Rico and its debt crisis remain in the news as Congress considers legislation to help the island territory restructure and manage its debt. Puerto Rico’s pensioners remain trapped in this crisis as well. Just last week, a new audit…
Back in March, we wrote about how high levels of student loan debt are decreasing retirement security for many Americans. A report from the Center for Retirement Research at Boston College had found that current levels of student loan debt…
If you are a long time reader of Defined Benefit, then you know that we are no fan of 401(k)s here. As 401(k)s have increasingly replaced defined benefit pensions, the retirement security of many Americans has eroded. A new report…
As we explained last week, 2016 has been a good year so far for pensions in state legislatures across the country. However, states aren’t the only ones choosing to protect their workers’ retirement security by protecting pensions. Cities are also…