Public pension benefits provide a vital source of retirement security to the retired public employees who earned them during their years of public service. But the impact of public pension benefits goes beyond the retirees, spouses, and other beneficiaries of these plans. These benefit dollars also play a critical role in supporting local economies, especially in small towns across America.
In absolute terms, the greatest number of public pension recipients and, therefore, public pension benefit dollars reside in big cities. However, the economies of big cities are large and complex, so the relative economic impact of pension benefit dollars is modest despite the number of retired public employees who live there. This, however, is not the case in small towns and rural areas where the economic impact of pension benefit dollars goes farther.
Read Dan Doonan’s Forbes column here.
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.