A new report from Center for American Progress makes it clear that despite what extremist, right-wing ideologues might say, modest reforms to traditional pension plans can help save states money--while 401(k) style plans may actually deepen budget deficits.
"This report shows that investment in traditional pension plans, which are more efficient and cost effective than 401(k) style plans, can also relieve the burden of teachers, police officers and firefighters who are watching their hard-earned retirement benefits disappear because of an economic crisis that Wall Street created," said SEIU Executive VP Eileen Kirlin.
Read the full report (PDF) here. SEIU's statement here.
Learn more about SEIU's campaign on retirement security at http://www.seiu.org/retirement-security/.
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