Pension Income Bolstered A Struggling COVID-19 Economy
In a Forbes column, NIRS Executive Director Dan Doonan writes that during the unprecedented COVID-19 global health and economic crisis, pension funds remained a stable and reliable source of income for retirees. More specifically, pension plans paid out $612.6 billion in retirement income to nearly 25 million public and private sector retirees in communities across the nation.
Unlike retirees with 401(k) account balances that plummeted amid market volatility, retirees with a pension continued to receive a reliable and stable monthly income. And that meant pensioners could feel confident spending at the same rate despite the economic turmoil, while retirees lacking a pension likely were fearful of spending their nest egg.
Statement on Efforts in Alaska to Restore Pension Benefits to Address Grave Workforce Shortage
Alaska’s effort to restore a pension plan for public workers represents meaningful progress in addressing one of the state’s most pressing challenges: attracting and retaining a stable, experienced public workforce. While Governor Dunleavy has vetoed the legislation, the fact that the measure passed both the House and Senate demonstrates a growing recognition that retirement benefits are not just about retirement security — they also are an essential workforce management tool.
