Welcome to the latest edition of This Week in Pensions! We have gathered the best stories about pensions and retirement security from the previous week. This is the news you need to know in the fight for a secure retirement.
NIRS Releases New Podcast, Retirement in America: Conversations on the Future of Retirement Security
This week, the National Institute on Retirement Security (NIRS), a leading voice in retirement research and policy, released the debut episode of its new podcast, Retirement in America: Conversations on the Future of Retirement Security.
Hosted by NIRS Executive Director Dan Doonan, Retirement in America is a monthly podcast that explores the forces shaping retirement security. Featuring policymakers, economists, experts, journalists, advocates, and everyday Americans, topics include Social Security, pensions, 401(k)s, savings challenges, workforce shifts, and evolving retirement policies.
“At a time when millions of Americans are struggling to prepare for retirement, we believe there is a real need for thoughtful conversations about the policies, economic trends, and personal realities shaping retirement in this country,” said Dan Doonan, NIRS executive director. “This podcast is designed to bring together diverse voices and perspectives to help listeners better understand both the challenges facing American workers and the solutions that can strengthen retirement security for future generations.”
In the premiere episode, Doonan hosts Debra Whitman, Executive Vice President and Chief Public Policy Officer at AARP, and author of The Second Fifty: Answers to the 7 Big Questions of Midlife and Beyond. Together, they discuss the evolution of retirement readiness and the challenges facing workers today. Retirement in America: Conversations on the Future of Retirement Security is available on YouTube and all major streaming platforms.
Minnesota Set to Expand Pension Coverage to First Responders
This week, the Minnesota House approved a measure to expand pension coverage to probation officers and 911 telecommunicators. Now the pension and retirement omnibus bill heads to the Senate for final approval.
HF4074 was introduced following a 2025 law that established a working group to develop pension plans for probation officers and 911 dispatchers. Provisions of the bill include:
- – Create a new PERA pension plan for probation officers and 911 telecommunicators.
- – A yearly appropriation of $12 million to reduce the PERA P&F cost-of-living adjustment delay to one year.
- – Convene a work group to examine the inclusion of emergency medical providers in fire relief associations and the Statewide Volunteer Firefighter Plan.
“It’s an incredible bill. It’s amazing work we were able to accomplish,” said Rep. Leon Lillie, a key bill sponsor. “They’ve been working on this for decades, so to be able to do this is actually historic. It’ll make a huge difference in the lives of these workers,” Lillie said.
NYC Mayor Mamdani’s Budget Fix Explained
Faced with a $5.4 billion budget shortfall, New York City Mayor Zohran Mamdani has proposed a multifaceted fiscal plan that includes restructuring both taxes and pension system payments to reduce the city’s deficit. The measure has faced some scrutiny from labor organizations, but the Mamdani administration is moving forward with its executive budget proposal for FY2027.
The Fiscal Policy Institute published a detailed explanation of the pension payment restructuring this week, digging deeper into how the freshman mayor’s plan will affect one of the nation’s largest defined benefit systems. By adjusting the city’s flawed amortization schedule, which is currently set to create a “contribution cliff” and would overburden taxpayers with ever-mounting costs over the next six years, New Yorkers could expect more stability in their tax bills.
If the amortization schedule does not change, taxpayers get hit with unusually high bills now and then face a windfall in 2032, when the Unfunded Accrued Liability (UAL) is expected to reach full funding. With re-amortization, payments become steadier and more predictable, and the city can move toward closing its budgetary deficit.
Like any other proposed change to the city’s municipal pension funds, agreement from labor organizations will be key. The measure has yet to gain union approval for the restructuring plan.
Be sure to check back next Friday for the latest news in the fight for a secure retirement! For now, sign up for NPPC News Clips to receive daily pension news from across the country directly to your inbox.