This brief examines the economic value of DB pensions—which provide secure monthly retirement income based on salary and years of service—for public employees, employers, and residents in Marin County.
A new research brief by the UC Berkeley Labor Center demonstrates how defined benefit (DB) pensions—which provide secure monthly retirement income based on salary and years of service—support a quality public sector workforce in Marin County.
As teachers across the country mobilize for education funding and fair pay, pensions are high on their list of priorities. What they know from experience, and research confirms, is that pensions are a win-win for teachers and schools, delivering superior retirement security and retaining teachers for decades. Conversely, abandoning pensions in favor of 401(k) or cash balance plans would come at great cost to teacher livelihoods and erode education quality.
In this study, we determine whether most teachers working in classrooms today can expect to work long enough in the same state to accrue higher benefits under their existing traditional pension, which provides monthly income based on age and service, than they would under a 401(k)-type savings plan of equal cost.
A new study from University of California, Berkeley and the National Institute on Retirement Security shows that for the vast majority of teachers, existing pension benefits provides a higher, more secure retirement income compared to a cost-equivalent 401(k)-style plan. What’s more, pensions keep teachers in classrooms.
In this report, we present data for the state of California on the union advantage in wages and employer-sponsored health and retirement benefits for women, workers of color, and immigrants.
The results of our analysis indicate that the current Kentucky TRS pension is better matched to meet the retirement needs of the teaching workforce than a 401(k)-style plan.
This blog post is the second in a two-part series explaining why recent studies claiming that teachers are better off with 401(k)s than pensions because of distributional issues and lower benefits for early leavers are misleading in their representation of the teaching workforce, and in how they compare retirement benefits.
This blog post is the first in a two-part series addressing key problems with studies advocating that teacher pensions be replaced with 401(k)s.
Early career turnover is a serious policy concern for public education — but is it the sole basis on which to evaluate the suitability of teacher retirement benefits? Absolutely not.…
Pensions form a significant part of public school teacher compensation, and provide the primary source of retirement security for teachers, many of whom are not included in Social Security.
Lower wage workers could be significantly disadvantaged if the Governor’s proposals for a hybrid pension and increased retirement age for new hires is applied without regard for wage level or occupational characteristics–through a severely downgraded pension benefit that fails to provide meaningful retirement security and a longer working career/shorter period of retirement compared to higher paid workers.
This report analyzes some of the social and economic costs related to two initiatives proposed by the City of Redding, which would make significant changes in key retirement benefits that the City currently provides to eligible employees.
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