Welcome back to This Week in Pensions! This is our weekly recap of the news you need to know about pensions and retirement security.
Here are the best stories from the past week about pensions:
- Women In Education: A Retirement Bright Spot by Diane Oakley: the director of the National Institute on Retirement Security reports that women who work in education are more likely than other women to have a secure retirement because of the defined benefit pension they earn while teaching.
- EBRI: ‘Clear dichotomy’ on retirement readiness for those with, without retirement plans by Robert Steyer: a new report from the Employee Benefit Research Institute finds that workers who have a retirement plan through their employer are more knowledgeable about how much they need to save for retirement than those who do not.
- Illinois Supreme Court ruling forces city to find new fix for 2 pension funds by Hal Dardick: the Illinois Supreme Court struck down Chicago’s 2014 pension law as unconstitutional. The 2014 law cut benefits for nurses, sanitation workers, and other city employees in direct violation of the Illinois Constitution.
- Kito and Egan propose new pension system for longtime state employees by James Brooks: the Alaska House State Affairs committee passed a bill this week that would re-establish a defined benefit pension for state employees. Alaska abandoned its pension plan for state employees a decade ago with disastrous consequences. Companion legislation has been introduced in the Alaska State Senate.
- You get what you don’t pay for: Why Michigan’s cities are crumbling by Nancy Kaffer: going off topic a little bit, a great column in the Detroit Free Press about the consequences of states not investing in infrastructure and basic government services. The author’s point is also relevant to the consequences of states not fully funding their pensions.
Check back next week for the latest news in the fight for a secure retirement!