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The “Pension Crisis” is a Myth, Part Four
Headline: The “Pension Crisis” is a Myth, Part Four
Publication: National Public Pension Coalition
Article Date: Aug 23, 2017
In the continuing series, today the author dispels frequent inaccuracies touted by pension critics related to unfunded liabilities of public pension plans. Read article…
Vast Majority of Public Employees Choose DB Over 401(k)
Headline: Public Sector Employees Prefer DB Plans to 401(k)s
Publication: PlanAdviser
Article Date: Aug 23, 2017
“Among the eight states studied that offer employees such a choice, the take-up rate of DB plans was 80% or higher in six of those states.” Read article…
San Diego County’s biggest union warns of strike
Headline: San Diego County’s biggest union warns of strike
Publication: San Diego Union-Tribune
Article Date: Aug 25, 2017
As contract negotiations continue to stall, Service Employees International Union 221 has given notice that it may strike as soon as September 6th. The County requested advance notice of any potential strike, so that it could prepare. The bargaining teams could still reach an agreement prior to a strike. “Local 221 represents about 10,000 of the county’s 17,000 employees, including nurses, social workers, appraisers, librarians, clerical staff and other employees.” Read article…
Social Security: Still The Most Efficient Way To Provide Retirement Income
Headline: Social Security: Still The Most Efficient Way To Provide Retirement Income
Publication: Huffington Post
Article Date: Aug 21, 2017
“A big part of the benefit of Social Security is that it is very efficient. The administrative costs of the retirement portion of the program are just 0.4 percent of what is paid out in benefits each year. By comparison, the costs of even relatively well-run privatized systems, like those in Chile or the United Kingdom, are 10-15 percent of benefits. That difference would amount to $80 billion a year (close to $1 trillion over a ten-year budget horizon) being paid out to the financial industry instead of to retirees.” Read article…
Big money troubles for retirees in Northern California town that pulled out of CalPERS
Headline: This tiny Sierra Valley town voted to pull out of CalPERS. Now city retirees are seeing their pensions slashed
Publication: Los Angeles Times
Article Date: Aug 6, 2017
“This tiny Sierra Valley town voted to pull out of CalPERS. Now city retirees are seeing their pensions slashed.” Read article…