RETIREES IN ACTION


A message from PEF Retirees President Jim Carr Defined-benefit pensions a benefit to all Defined-benefit plans, such as those


administered by the New York State and Local Retirement System are worth defending. These plans are superior to any 401K private pension fund for a variety of reasons. Defined benefits provide pensioners’


constant cash flow, guaranteeing a monthly income from retirement until death. The NYSLRS provides members with ample choices that allow them to financially protect spouses and loved ones with survivor benefits. Having the advantage of a guaranteed


monthly income for life allows public- employee retirees to live financially secure throughout retirement. I believe this gives state retirees an enormous advantage over someone who has to depend on a 401(k) private pension plan (defined- contribution) and who may outlive their money. These plans are subject to many hidden fees and are often tied to big, risk- taking Wall Street investment firms.


CARR A steady source of


retirement income from a plan such as ours, gives us the ability to spend more money, benefiting our local economies and supporting local private-sector jobs. The taxes we pay support local schools that educate our children and grandchildren, and they


support local public jobs that provide essential services in the communities where we live. We can invest in our communities


because we have reliable pensions. State Comptroller Thomas DiNapoli


recently said, “This March, the fund reported an annual return of 5.96 percent and was valued at $150.6 billion, close to its highest-ever recorded value.” DiNapoli said state and local retirees


received more than $8 billion in benefits in 2012 and more than 77 percent of


these retirees reside in New York. They helped fund state and local governments by paying $1.4 billion in sales and property taxes in 2011-12. The comptroller estimates in 2010


more than $10 billion in economic activity was generated by NYSLRS members such as you and I. In fact, we NYSLRS retirees spend a larger than average share of our income on goods and services and are responsible for an estimated 63,000 jobs. In contrast, a recent study by pension


consultant Aon Hewitt revealed the average defined-contribution account, such as a 401(k) private pension fund, has a balance of only $74,800. The chances of outliving that amount of retirement savings are huge!


Retiring? Join PEF Retirees now! Membership equals benefits. Contact PEF Retirees


at 800-342-4306, x 289 or PEFRetirees@pef.org


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Page 10—The Communicator May 2013


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