Alaska Public Pension Coalition

Goldman Sachs Supports Defined Benefit Pension Plans

JP Morgan Supports Defined Benefit Pension Plans

Actuary Support for Traditional Pension Plan

The push for returning to a traditional pension plan continues in Alaska. A hearing regarding Senator Dennis Egan's Senate bill 121, which would allow public employees to return to a defined-benefit plan, took place on Thursday, September 15th. Those in favor of bill 121 still face strong opposition from the Parnell administration. A consulting actuary was brought into strengthen the argument for the bill. Flick Fornia, the actuary, testified that the change back to a defined-benefit plan would be no more costly than the current plan and would end up providing a more secure retirement for many workers.

To read a full news report from the Juneau Empire, click here.

(Full news article by Pat Forgey of the Juneau Empire, article appeared on September 16th, 2011)

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.)