Welcome to the latest edition of This Week in Pensions! As we do each week, we have gathered the top stories about pensions and retirement security. This is the news you need to know in the fight for a secure retirement.
Here are this week’s top stories:
- Just Good Costumes: Stop Dressing Up 401(k)s as Good Alternatives to Pensions! By Tyler Bond: 401(k)s have failed to provide retirement security for working families. Despite this fact, anti-pension ideologues continue to promote 401(k)s as good alternatives to defined benefit pensions.
- Pension reform bill fails in PA Legislature by Steve Esack: this week a harmful piece of legislation that would have gutted retirement security for teachers and other public employees in Pennsylvania failed to even get a vote due to an overwhelming lack of support. This is a win for working families in the Keystone state!
- Trump A.C. casino bankruptcy cost employees millions in retirement savings, report says by Brent Johnson: when Donald Trump’s Atlantic City casinos filed for bankruptcy in 2004, his employees lost millions of dollars in retirement savings. These employees had invested in company stock and were then forced to sell that stock at a loss as the company neared bankruptcy. This is just another troubling sign of a lack of concern for his employee’s retirement security on behalf of Trump.
- Public Sector Pensions Under Attack – From the L.A. Times by Bill Raden: the Los Angeles Times has been running a series of articles on the alleged “public pension crisis” in California. Raden points out that the hit pieces on CalPERS contradict the paper’s own reporting on the retirement security crisis and come as California just passed Secure Choice legislation to increase retirement security in the private sector.
Be sure to check back next week for the latest news in the fight for a secure retirement!