October 5, 2020
In a recent article posted to a site devoted to pensions and investments, State Treasurer Beth Pearce’s position on pensions is compared with that of her main opponent’s, Carolyn Whitney Branagan. Their answers make it clear who deserves VSEA member and retiree votes.
“The defined benefit style of building a retirement system is old-fashioned, it doesn’t work anymore,” Branagan says. “So we need to come up with an alternative, a more modern way of building retirement.”
“Defined benefit plans, when they provide adequate dollars in retirement, are an economic generator because they result in folks buying goods and services and that creates more jobs,” Pearce says. “They also “provide the best benefit for those employees and facilitate better recruitment and longevity of our employees. “Note: Ask yourself. When Ms. Branagan says a DB plan “doesn’t work anymore,” who exactly isn’t it working for? And “alternative, more modern way” translates to putting new hires in a defined contribution plan, which benefits whom exactly?
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