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 fight for a secure retirement.
Here are this week’s top stories:
- The 401(k) Failure Is An Inconvenient Truth by Sal Luciano: Luciano succinctly and cogently makes the argument that 401(k)s have failed to provide real retirement security to working families and that abandoning defined benefit pensions in the private sector was a mistake.
- Wisconsin public employee pensions will rise based on gains for SWIB funds by Judy Newman: retirees with a pension through the Wisconsin Retirement System will see a small increase in their pension checks this year. Strong investment performance by the State of Wisconsin Investment Board means retirees will see an annual increase of $300-$400 this year.
- Public pension funds lower fees, improve funding ratios in 2016 — report by Meaghan Kilroy: the National Conference on Public Employee Retirement Systems released its 2016 survey of public pension systems. The NCPERS report found that public pension funds improved their average funded ratio from 2015 to 2016 and continued to become more cost-effective.
- Malfaro: Texas public pension plans are solid (mostly) by Louis Malfaro: the chairman of Texans for a Secure Retirement explains that the problems with the Dallas Police and Fire Pension system are an exception and not the rule for public pensions in Texas. When Houston experienced challenges with its public pensions, the mayor worked with all parties to forge a “grand bargain” that would preserve the pension plans and the secure retirement they provide. This should be the model for Dallas, not abandoning the pension plan and moving to a risky 401(k)-style plan.
Be sure to check back next week for the latest news in the fight for a secure retirement!