pension spending

Defined Benefit Pension Spending Helps Local and National Economies

Source: NYSTRS Retiree spending of defined benefit (DB) pension benefits generated $1.5 trillion in total economic output, supported 7.1 million jobs across the country, and produced $224.3 billion in tax revenue in 2022, according to “Pensionomics 2025: Measuring the Economic Impact of Defined Benefit Pension Expenditures,” a new study from the National Institute on Retirement Security (NIRS). Pension spending “supports the economy and supports jobs where retirees reside and spend their benefits,” write the study’s authors, NIRS Executive Director [...]

California pension beneficiaries send billions in economic ripples across the state

By William Belhado Source: Sacramento Bee Researchers recently found former state and local government employees contributed $28 billion in wages and salaries over the span of a year across California through pension spending. Those receiving benefits from CalPERS and other California pension plans in 2022 supported nearly 400,000 jobs in various industries such as healthcare and restaurants, researchers found. From casual eateries to sit-down restaurants, the service industry was the largest beneficiary of pension spending. Hospitals were a close [...]