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California Retirement Savings Program Now Called CalSavers
Headline: California Retirement Savings Program Now Called CalSavers
Publication: YubaNet
Article Date: Feb 23, 2018
Update on the formerly named “Secure Choice” state savings program authored by California State Treasurer John Chiang. Read article…
Think Income Inequality Is Bad? Retirement Inequality May Be Worse.
Headline: Think Income Inequality Is Bad? Retirement Inequality May Be Worse.
Publication: Governing
Article Date: Mar 1, 2018
This article points to a particularly bleak retirement savings outlook for those on the lower rungs of the income ladder. A steady shift away from guaranteed pensions to defined contribution savings plans has contributed to more savings inequality over the long term. Read article…
Select Congressional Committee Formed to Address Multiemployer Pension Plans
Headline: 1.5 Million Retirees Await Congressional Fix for a Pension Time Bomb
Publication: New York Times
Article Date: Feb 18, 2018
As part of the recent budget agreement in Congress, a select congressional committee was formed to craft a plan to help as many as 200 “multiemployer” pension plans. These plans are ones in which employers and labor unions have banded together to provide retirement benefits to employees. Some of these plans are facing challenges due to a combination of factors, including slow recovery from the 2008 financial crisis and fewer new workers entering certain industries such as coal. If Congress does not act to create a better safety net for these plans, many retirees with these plans could see their benefits reduced or eliminated – an outcome that’s both bad for the retirees and the economy. Read article…
Editorial: 401(k)s aren’t the solution to Illinois governments’ pension woes
Headline: Editorial: 401(k)s aren’t the solution to Illinois governments’ pension woes
Publication: Chicago Sun-Times
Article Date: Mar 6, 2018
Following up on a recent New York Times article, the Chicago Sun-Times editorial board takes a pro-pension stance against those who mean to tear defined benefit savings plans down. Read article…
Opinion: Wall Street caused pension crisis, not cops and firefighters
Headline: Wall Street caused pension crisis, not cops and firefighters
Publication: Sacramento Bee
Article Date: Feb 16, 2018
This opinion piece points out that public employees consistently contribute to their retirement, while public agency contributions have flagged during years when the economy was booming, allowing taxpayers to make lower or no contributions. And when a recession strikes, instead of blaming the failings of Wall Street and years of public underfunding, critics blame hard-working public employees’ pensions of “crowding out” the very services those employees provide. Plus, most public retirees will have modest retirements and will contribute significantly to the economy. Read article…