NEA strongly supports protecting public defined benefit plans. Such plans provide a defined, predictable, guaranteed benefit, usually based on factors such as age, earnings, and years of service. In contrast, defined contribution plans offer no guaranteed, predictable retirement benefit and place retirement security at the risk of stock or bond markets.
Educators do not retire into a life of luxury. They have spent their lives dedicated to public service, often forgoing higher salaries offered in the private sector. They have earned and deserve the modest pensions they were promised.
Additional Resources on State Pension Battles:
- National Institute for Retirement Security (NIRS)
- National Association of State Retirement Administrators (NASRA)
- National Conference on Public Employee Retirement Systems (NCPERS)
- California Teacher: Don’t Play Politics with our Pensions
- State Legislatures Underfunded Pensions
- States Slashing Educator Retirement Funds
- Must Reads: Pensions and Social Security
- Must Reads: Pensions
- National Council on Teacher Retirement (NCTR)