So you didn’t win the Powerball jackpot, which means there’s no better time than the present to make sure your pension is financially sound. This especially holds true for public employees.
U.S. public retirement programs are currently more than $1 trillion in debt and growing, resulting in tremendous budget challenges for states and municipalities. These escalating pension costs are threatening the solvency of public employee retirement plans, putting at risk the hard-earned savings of many workers. Want to see how your state compares in unfunded liabilities? Click here.
The Retirement Security Initiative believes that all employees deserve safe and secure futures and retirement plans should place employees on a path to a secure retirement. Not only should retirement benefits be fair, sustainable and predictable for current and future workers, but state and local governments should fully fund employee benefits as they are earned, and incentives to underfund commitments should be eliminated.
State governments have an obligation to fix the growing pension crisis by ensuring that their retirement plans are sustainable, fiscally sound and responsibly managed so that all retirees and employees are able to keep every penny they’ve earned.
Don’t play the lottery with your future. Learn what’s at stake for public workers and taxpayers by visiting RSI now.