In a new Forbes column, NIRS Executive Director Dan Doonan details how defined benefit pensions play a crucial role in recruiting and retaining public-sector employees, especially for education and public safety positions.
He writes that there’s is a good reason why public-sector employers continue to offer pensions: these plans keep workers in their jobs for careers. Some public-sector jobs, like accountants or attorneys, have direct counterparts in the private sector, so it’s relatively easy to switch between the two sectors. Other public-sector jobs, such as teaching, policing, or firefighting, don’t have direct private-sector counterparts, so it’s harder to find workers who have experience in those areas. Moreover, many public-sector jobs require years of training and experience for workers to reach their peak effectiveness. This training often comes with costs and impacts the quality of public services. Public-sector employers and taxpayers therefore have a strong incentive to keep these workers for a career to get a return on their investment.
New Research Finds Americans Supportive of Pension Benefits for Public Employees Nationwide Survey by the National Institute on Retirement Security Indicates 86 Percent of Americans Say All Workers, Not Just Public Employees, Should Have a Pension WASHINGTON, D.C., October 29, 2024 – A new research infographic from the National Institute on Retirement Security (NIRS) finds […]
In a Forbes column, NIRS Executive Director Dan Doonan writes about role of pensions in recruiting and retaining public safety professionals. He writes that some jobs become increasingly taxing as one ages. Airline pilots and air traffic controllers, for example, are subject to mandatory retirement ages. While not subject to mandatory retirement ages, many police […]