Public pensions buoy economies of small towns, rural communities
BenefitsPro reports:
“Don’t mess with public pensions. Unless, that is, you want small towns and rural communities to suffer. That could be one way to interpret some of the findings of a report from the National Institute on Retirement Security.
The report reveals that not only do such communities experience an outsized benefit from those pensions, compared to major cities and metropolitan areas, but those same dollars also make up “significant amounts” of the total personal income of the recipients themselves.”
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.
