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Pension Article Review

1069 words - 5 pages

This article when you read the title it makes it seem like there is a real problem with people’s pension, but that’s not the case. The title for the article is very misleading. According to the article State pension programs were funded up to 78%. Public pension is not in a state of turmoil. It is actually doing really well compared to some other publicly funded programs. Issues that had recently arose in places like New Jersey or Illinois, these places were giving the pension program a bad name for a while because their state was having an issue with public pensions. But truthfully the majority of programs like the pension program are no were near being in trouble.
As our country is going ...view middle of the document...

Today a lot more states are being aware and proactive when it comes to their pension plans. Currently even states that have funding issues are trying to be proactive to get on the correct path by trying to raise their capital and they do this by increasing contributions. Even though some state pension programs have issues, they are not about to collapse like some people think. In recent years the liability of state pension plans have grown and this puts more pressure on the state and local budget deficit.
This article is current for this time because we are still trying to come out of a recession and anything that has to do with state financial issues is a big issue today. Each states pension program fund is growing every day, but in order to have the funds that the pension program has promised their state workers, the pension fund needs to grow a lot faster. Even companies that are underfunded and they have traditional pensions are usually quite successful. When it comes to companies with lower-cost upstarts and do not have traditional pension plans, they tend to often find their pension plans in trouble. State pension plans may not be in too much trouble right now, but in the future with our declining state financial status, it is possible for more problems to arise with state funded pensions.
This article relates to what we are talking about in class this week because the article is all about state funded pension programs and the chapter we went over this week is about employer sponsored retirement plans. The basic purpose for the chapter that we read this week is to go over the fundamentals of company sponsored pension programs. There are three configurations that companies use to establish their retirement and/or pension plans. The three designs are: defined contribution plans, defined benefit plans and/or a hybrid plan that has features that are combined of the first two plans. It’s also important for companies to know that if offering a pension plan to their employees, they can receive...

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