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Yesterday Michigan Governor Rick Snyder signed legislation– SB 401– that weakens the retirement security of the state’s public school employees. This newly-signed legislation continues a long running saga of attacks on the pension benefits of Michigan’s public employees. While SB…
Welcome to the latest edition of This Week in Pensions! As we do most weeks, we have gathered the best stories about pensions and retirement security from the previous week. This is the news you need to know in the…
As we discussed last week, the evidence continues to grow that 401(k)s and other defined contribution plans do not provide a secure retirement for working families. Despite this mounting evidence, some have pushed for more contributions to 401(k)-style plans, as…
Long time readers of Defined Benefit know that 401(k)-style defined contribution plans have largely failed working families. Defined contribution plans are a poor substitute for defined benefit pension plans and as the private sector has shifted from pensions to 401(k)s,…
Welcome to the latest edition of This Week in Pensions! As we do most weeks, we have gathered the best stories about pensions and retirement security from the previous week. This is the news you need to know in the…
Welcome to the latest edition of This Week in Pensions! As we do most weeks, we have gathered the best stories about pensions and retirement security from the previous week. This is the news you need to know in the…
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…
Welcome to the latest edition of This Week in Pensions! As we do most weeks, we have gathered the top stories about pensions and retirement security from the previous week. This is the news you need to know in the…
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…
It’s no secret that there is a retirement savings crisis in the United States. Financial planners frequently warn that Americans are not saving enough for retirement. Stagnating wages and the gradual disappearance of pensions in the private sector make it…
What happens when a state abandons its defined benefit pension for a riskier, 401(K)-style plan? Taxpayers lose – According to the National Institute on Retirement Security, “for a given level of retirement income, a typical 401(k) plan costs 91% more…
Maryland Governor Larry Hogan recently proposed creating a 401(k)-style defined contribution plan for state employees. Future state employees would have the option of participating in this plan instead of the traditional defined benefit pension plan. Current state employees would not…