About a year ago, I had a conversation with some of my friends about what I do for a living. When I told them I work for a public pension plan, their reaction was not quite what I expected. They began telling me pension plans are old fashioned and the best type of retirement plan was the 401(k). They all work in private industry and are seeing fewer private employers provide pension plans. So, their assumption is, of course, the 401(k) is better.
After they told me what they thought, I began to explain to them the value of providing a defined benefit plan and how it benefits both the employer and the employees. I explained they are designed to recruit quality workers and reward longevity, generate healthy turnover with upward movement in an organization, and provide financial security to those leaving the workforce. After they heard me explain this, they began to discuss their organizations’ high turnover and top heavy organizational structure. After some further discussion, one said, “I think if we had a pension plan, my manager would have already retired. That would have created an opportunity for me, but instead, I’m stuck looking for work elsewhere.”
As a LAGERS member, you need to be able to defend your pension just like I did with my friends. So, we have launched www.showmesecurity.molagers.org as an in-depth resource to help you show the value of public pension plans, specifically LAGERS. With this resource, you will be armed with the information you need to have a conversation with your friends and defend the benefits you worked so hard to earn. So, go check it out and tell anyone who wants to know more about public pensions to read it as well.