Florida lawmakers are considering legislation that would eliminate retirement plan choice for state employees. The proposed measure would do away with defined benefit pensions for newly-hired employees, offering only a 401(k)-style defined contribution plan.
Other states and localities that have implemented dramatic shifts to their public employee retirement plans have experienced unfortunate, unintended consequences – from skyrocketing costs to losing experienced employees who deliver essential public services. In some cases, governments have actually re-instated their pension plans after the experiment proved a fiscal failure.
Read here the Forbes column by Dan Doonan, executive director of the National Institute on Retirement Security.
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.