Pension Underfunding Burdens Will Fall On Future North Dakota Public Employees
In a new Forbes column, NIRS Executive Director Dan Doonan writes about the impact of North Dakota’s decision to close their main public employee pension plan due to underfunding. While legislators may see closing the plan as a quick fix, examples from other states such as Alaska and Michigan show that the consequences of this change could be dire. The move could lead to increased costs, challenges in recruitment and retention, and reduced retirement security for future North Dakota employees.
Pensions Support a Stable, Experienced Public-Sector Workforce
Public pensions help government employers retain experienced career workers, reducing costly turnover and supporting the reliable delivery of essential public services, according to a report, Workforce Turnover and Retention in the Public Sector: Insights from Public Pension Plans. The research finds that while employee departures are concentrated in the first five years of service, retention is strong among workers who remain beyond that point.
80% of Americans Say U.S. Faces Retirement Crisis Amid Affordability Pressures and Debt
National polling research from the National Institute on Retirement Security finds that 80 percent of Americans believe the nation faces a retirement crisis, as rising costs, debt, and other affordability pressures make it harder to save. The survey also finds widespread caution about AI-generated financial advice and cryptocurrency in workplace retirement plans, while 85 percent say Washington should make retirement security a higher national priority.
