Alaska Public Pension Coalition

NIRS Testifies Before U.S. Senate That Pensions Create Jobs, Stiumlate the Economy

Pensions Most Economically Efficient Means to Ensure Middle Class Americans Can Remain Self-Sufficient in Retirement

JULY 12, 2011, Washington, D.C. - National Institute on Retirement Security (NIRS) executive director Diane Oakley testified today before the U.S. Senate Committee on Health, Education, Labor & Pensions that pensions provide substantial economic stimulus for virtually every state and town across America.  In a preliminary analysis conducted for the hearing, NIRS estimates that 2009 expenditures from public and private sector pension plans:

 

·       Had a total economic impact of $756 billion;

·       Supported more than 5.3 million American jobs; and

·       Supported more than $121.5 billion in annual federal, state, local tax revenue.

 

Download the full written testimony here.

 

(Source: National Institute on Retirement Security, Washington, D.C.)

What you need to know about state pension systems

Before understanding what may or may not happen to state pension funds, and what can or cannot be done about it, we must understand the main contributor to the current funding problem facing public pension funds. According to the Center for Economic and Policy Research, most of the pension shortfall is attributable to the plunge in the stock market in the years 2007-2009. The full analysis covering the impact and future projections of pension can be accessed from The Washington Post.

[Retrieved from The Washington Post on March 3, 2011.]

 

 

 

Wisconsin Retirees Stand Up for Public Employee Rights, Reject Gov. Walker’s Proposal

The Wisconsin Alliance, which represents over 100,000 retirees, joined tens of thousands of workers, students and Wisconsin residents in protests, sit-ins, and rallies - both at the Madison capitol and statewide - to protect their rights, benefits and working conditions this week.

Under Governor Scott Walker’s (R) plan, state employees’ share of pension and health care costs would go up by an average of 8% (Appleton Post Crescent). Among those speaking out to protect their collective bargaining rights were retired teachers and public employees, who are well-aware that Walker’s budget bill would remove what they have earned over several decades. Wisconsin Alliance President Leon Burzynski said in a statement Wednesday, “Since the 1930’s, Wisconsin has had a great tradition of allowing public sector workers a voice on the job. Now, the Governor wants to take away that right abruptly…some politicians, including the Governor, are using their political power to take away workers’ rights and force cuts that will devastate Wisconsin’s weakened economy.”

[Directly excerpted from the Alliance for Retired Americans on February 23, 2011. Click to read the Friday Alert Newletter.]