Newsmakers: Public Employee Retirements
The controversy over public employees in Wisconsin, and the requirement that they pay more for pensions and health care, prompted record numbers of them to retire in the first half of this year. In an Aug. 12 Newsmakers, Dave Stella, secretary of the state Department of Employee Trust Funds, talked about that trend and whether he expects it to continue. Stella also said 58% of all public retirees received a pension of $25,000 or less last year. The average Wisconsin Retirement System pension was $23,800 last year. Stella also discussed changes to the retirement system which will affect new public employees.