Washington Business Journal, February 26, 2009
In fiscal years 2005-06, state and local pension plans boosted the economy by more than $358 billion, according to a study released Thursday by the National Institute of Retirement Security. Those benefits included supporting more than 2.5 million American jobs that paid $92 billion, providing $57 billion in tax revenue and paying $151.7 billion to retirees and beneficiaries. Pensions had the largest impact on industries such as manufacturing, retail, accommodation and food service — all struggling sectors in the current recession.
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