The National Institute on Retirement Security submitted a response to a column published in The Wall Street Journal on February 28, 2024 regarding the Alaska legislature’s proposed plan to create a defined-benefit retirement system for state employees.
NIRS Executive Director Dan Doonan writes that the initial column “ignores the success other states have had managing pensions and the benefits that accrue to their citizens.”
“The Alaska legislature’s decision to close its two statewide DB pension plans for teachers and public employees was a misguided effort to manage the unfunded liability. Not only did the retirement plan change not address the funding shortfall, it created workforce recruitment and retention challenges for public employers.”
Read the full response here.