In a Forbes column, NIRS Executive Director Dan Doonan writes that state leaders have learned the hard way that ending pension benefits comes with little to be gained and a big price to pay.
More specifically, states that shifted new employees from defined benefit pensions to defined contribution or cash balance plans experienced increased costs for taxpayers without significant funding improvements. Also, moving away from pensions results in cuts to public employees’ retirement security, while government employers face increased challenges hiring and retaining staff to deliver essential public services.
In a Forbes column, NIRS Executive Director Dan Doonan writes that as America ages and income inequality deepens, concerns about retirement security are mounting. Some voices, however, indicate that retirement concerns are exaggerated, relying on data indicating that older Baby Boomers have largely fared well in retirement. But new research published in The Journal of Retirement […]
Contrary to popular belief that Millennials and Generation Z employees are constantly switching jobs, new research from the National Institute on Retirement Security finds that younger workers today show job retention patterns that closely mirror previous generations at the same stage of their careers.