Business briefs for 5-9-21 | Business Briefs

The Wyoming Coalition for a Healthy Retirement and its partner, the National Public Pension Coalition, has released a report on the pitfalls states face when converting public employees to a defined-contribution retirement plan.

The report, “Fiscal Responsibility and 401(k)s: Why Converting Public Employees to Defined-Contribution Retirement Plans is Wrong for Your State,” details the harmful effects of conversion.

Converting public employees from a defined-benefit pension to a defined-contribution 401(k) retirement plan will cost the state more in the long term.

Conversion will harm the state’s effort to recruit and retain the best public employees.

401(k)s have made the retirement security crisis worse.

“This report shows that the state will not save money by converting future public employees from a defined-benefit pension plan to a defined-contribution retirement plan,” said Wayne Schatz, executive director of the Wyoming Retired Education Personnel and a WCHR coalition member, in a news release. “In fact, conversion will cost more and hurt recruitment and retention efforts as the state seeks to hire the best and brightest. States that have made this move in the past have suffered the consequences.”

Kevin Reddy, president of the Federated Fire Fighters of Wyoming and a WCHR coalition member, said it’s a question of service and dignity. “Wyoming’s public employees, including firefighters, dedicate their lives in service to their communities while earning less than they could in the private sector. The promise of a defined-benefit pension plan so that public employees can retire with dignity is the least we can do.”

WCHR is a coalition of tens of thousands of retired public employees – including teachers, nurses, firefighters and other public servants – from across the state of Wyoming.

The Wyoming Game and Fish Department is congratulating five employees on their years of service to the state of Wyoming. The following employees celebrated a milestone work anniversary in April:

Mark Gocke, public information specialist, Jackson and Pinedale regions, 30 years

Kevin Gelwicks, assistant fisheries management coordinator, Laramie Region, 25 years

Phil Damm, Baggs wildlife biologist, Green River Region, five years

Chance Kirkeeng, fisheries biologist, Laramie Region, five years

Jacob Sorensen, habitat and access coordinator, Laramie Region, five years