The retirement security of educators and other hard-working Americans is under attack.
Shrinking revenues and mounting expenses are forcing state governments to aggressively seek ways to reduce spending. Some elected officials believe that changing the structure and financing of retirement plans to eliminate guaranteed benefits for educators and other public employees is one solution to the economic challenges facing many states.
Most K-12 teachers and ESPs have defined benefit pension plans, which provide modest, guaranteed benefits. We know that guaranteeing a certain level of income in retirement helps retain highly effective professionals in public education and government. Unfortunately, various groups with financial or political interests are working hard to eliminate defined benefit plans and replace them with other types of plans, which do not provide adequate benefits and may ultimately cost more.
It’s vital to educate and empower educators to speak up and talk about retirement benefits for individuals and the effect they have on local economies.
A secure retirement should not be reserved only for the wealthy.
We need the voices of our educators to speak out about the contributions they make to our society and about the importance of retirement security for all working people.