Welcome to the latest edition of This Week in Pensions! We have gathered the best stories about pensions and retirement security from the previous week. You need to know this news in the fight for a secure retirement.
NPPC News
The Heritage Foundation is a dangerous public policy organization promoting anti-worker policies in Project 2025, their proposed blueprint for the next presidential administration. This right-wing initiative threatens the integrity of our government, including civil service. Read our take on Project 2025 and why it matters to the public sector in our latest blog, The Dangers of Project 2025: A Threat to Public Service and Retirement Security.
Two political parties, one conclusion: Americans believe in pensions.
A new research brief from the National Institute on Retirement Security (NIRS) confirms that Americans by and large share the same views on retirement and pensions, despite disparities in political party priorities.
The study found that the majority of Republicans, Democrats, and Independents surveyed agree that the nation is in the midst of a retirement crisis—81%, 78%, and 79%, respectively. There is also great concern among the parties about entering retirement with personal debt still in tow, and more than half of all respondents are worried about achieving a financially stable retirement.
With the upcoming general elections and the Social Security Fairness Act looming, the survey showed more similarities than differences along party lines. Dan Doonan, NIRS executive director said, “Polarization all but disappears when it comes to Americans’ concerns about their economic security in retirement.” He continued, “This isn’t surprising because the data is overwhelmingly clear that most working Americans, except for those in the top income brackets, are struggling to save enough money for a financially secure retirement.”
Boeing workers strike over job, retirement security.
Ongoing negotiations between Boeing workers and management broke down this week, failing to bring an end to the month-long strike by the 33,000 unionized workers at the airplane manufacturer. Jon Holden, lead negotiator for the International Association of Machinists and Aerospace Workers (IAM), the union representing the Boeing workers, said that members are ready to stay on strike until top executives take their demands seriously.
The closure of the company’s pension plan a decade ago remains a key negotiating point for workers. “I know that many members haven’t healed from that wound,” Holden said of losing the pension plans. “We’re in this for the long haul and our members understand that.”
Returning public safety pensions to Jacksonville, FL is a popular move.
In an opinion piece for the Florida-Times Union, Jacksonville attorney Tad Delegal commended the city for its decision to reinstate a defined-benefit pension system for public safety personnel. Stating that previous mayoral administrations failed to “fully evaluate the importance of our pension structure,” Delegal commends Mayor Donna Deegan and the current city council for the historic decision.
“Police officers and firefighters provide essential services that are physically demanding, stressful, and carry immense responsibility,” Delegal writes. “Defined benefit pension plans are designed to compensate public servants — not just during their career but throughout retirement — in exchange for their dedication and the trust we place in them.”
As the general election nears, Alaskans speak up about the importance of reinstating a defined benefit pension system.
Last year, lawmakers came closer than ever to reintroducing state workers into a defined-benefit pension system. After a narrow defeat at the end of last year’s session, policy-makers, advocacy groups, and union leaders had to pivot to a potential new plan after the November 5 election.
Fairbanks educator Sarah Dimmick, penned an op-ed for the Fairbanks Daily-News Miner expressing her disappointment in State Representative Bart LeBon, who opposed Senate Bill 88, last year’s initiative to fill the state’s debilitating vacancies by offering retirement security to new and existing hires. “Leaders of our police and fire departments and our public schools have clearly and exhaustively expressed that providing essential employees with a modest low-risk pension (as most other states do) will dramatically improve the ability to recruit and retain critical employees,” Dimmick writes. “Lebon failed essential employees when he was in the House last time, and he promises to do the same again if elected.”
Moderate candidates are out-fundraising their more extreme counterparts in state races, though, signaling the possibility of another go at reinstating pensions. This is especially true in the populous Anchorage area and the Kenai Peninsula. In Fairbanks, Senator Scott Kawasaki–who supported Senate Bill 88 in the last session–is facing steep competition against Leslie Hajdukovich, who has stated that she directly opposes a return to pensions. Kawasaki replied, “We need to be competitive to keep teachers here in Alaska,” he said. “There is a high cost of living, and one of the ways that we can keep teachers is with a good public pension system like we used to have.”
Be sure to check back next Friday for the latest news in the fight for a secure retirement! For now, sign up for NPPC News Clips to receive daily pension news from across the country directly to your inbox.