27 02, 2024

Americans want pension plans, worry about retirement security – NIRS

2024-02-27T15:07:05-08:00February 27th, 2024|Categories: Retirement|Tags: , |

By Rob Kozlowski Source: Pensions & Investments National anxiety about retirement security continues to grow, and the vast majority of Americas believe all workers should have a pension plan, according to a new report from the National Institute for Retirement Security. According to the report, 79% of respondents to a national public opinion poll of working-age Americans believe that the nation faces a retirement crisis, up from 67% that expressed that sentiment in 2020, the last time NIRS conducted [...]

27 02, 2024

Labor economist Teresa Ghilarducci highlights retirement system pitfalls

2024-02-27T12:18:53-08:00February 27th, 2024|Categories: Retirement|Tags: , |

By Brian Kroce Source: Pensions & Investments Too many Americans are working longer — to the detriment of their health and well-being — without achieving retirement security because the retirement system in place has left them behind, according to labor economist Teresa Ghilarducci. "The system that we have experimented with for the past 40 years, which I call it a 'do-it-yourself, voluntary, individual-directed, commercially based system with top-heavy tax breaks,' has mostly failed," Ghilarducci said at the National Institute [...]

27 02, 2024

High Retirement Anxiety Continues Among Americans: Survey

2024-02-28T09:32:01-08:00February 27th, 2024|Categories: Retirement|Tags: , , |

By Ted Godbout Source: National Association of Plan Advisors Just as Congress gets ready to debate whether there is a “retirement crisis,” new survey results from an organization supportive of restoring defined benefit plans finds that Americans are increasingly worried about retirement. According to the survey results from the National Institute on Retirement Security (NIRS), when asked whether the nation faces a retirement crisis, roughly 8 in 10 respondents (79%) agreed that there is a crisis, up from 67% [...]

2 02, 2024

Pensions funds mull greater role in participants’ lives

2024-02-02T14:01:55-08:00February 2nd, 2024|Categories: Retirement|Tags: , |

By Sophie Baker Source: Pensions & Investments A handful of pension funds are thinking more carefully about the value they add for their participants and the role they play in their lives — beyond writing checks — through so-called social infrastructure. The emerging trend goes further than buying up assets that are beneficial to the pension fund's local community, such as investing in affordable housing and hospitals — a well-trodden path by many, sources said. Rather, it's about thinking [...]

15 12, 2023

Generation X Expresses Doubt In a Dream Retirement

2023-12-15T10:54:45-08:00December 15th, 2023|Categories: Retirement|Tags: , , |

By Amanda Umpierrez Source: 401(k) Specialist Generation X workers are increasingly doubting their ability to achieve a dream retirement in the future. Latest findings from Schroders’ 2023 U.S. Retirement Survey found that non-retired Americans between the ages of 43 and 58 face shortcomings with their future retirement income. On average, respondents said they would be comfortable with $1,112,183 in retirement savings, yet they expect to have just $661,013 saved—the largest gap of the three age groups surveyed. Millennials (ages [...]

29 11, 2023

Most nearing retirement will need to make ‘significant’ lifestyle cuts

2023-11-30T16:50:25-08:00November 29th, 2023|Categories: Retirement|Tags: , |

By Craig Lord Source: Global News Canada A wave of Canadians gearing up for retirement will be forced to make “significant” cuts to live comfortably for the rest of their lives, an analysis from Deloitte Canada shows. The report released Wednesday looked at the finances of 4,000 Canadians between 55 and 64 years old to gauge their “retirement readiness.” Hwan Kim, a partner at Deloitte Canada, notes this group is particularly large right now with three million Canadians in [...]

27 11, 2023

IBM unveils details of retirement benefit account

2023-11-28T08:38:48-08:00November 27th, 2023|Categories: Retirement|Tags: , , |

By Robert Steyer Source: Pensions & Investments International Business Machines has provided details to employees of the company's scrapping its 401(k) corporate match and replacing it with a cash balance component called a retirement benefit account, which is part of the IBM Personal Pension Plan, a defined benefit plan. The RBA information is contained in the 2024 IBM U.S. Benefits Guide. The company confirmed earlier this month that the RBA would replace the 5% match for the 401(k) plan [...]

24 11, 2023

The Pension: That Rare Retirement Benefit Gets a Fresh Look

2023-11-27T09:04:35-08:00November 24th, 2023|Categories: Retirement|Tags: |

By Martha C. White Source: The New York Times In an economy characterized by a volatile stock market and elevated inflation, a sure thing looks better than ever. For some Americans in the labor force right now, that looks like a pension. Striking members of the United Automobile Workers union made waves this year when the union’s leaders demanded the reopening of defined-benefit pension plans for workers hired after late 2007. Although U.A.W. leadership failed to persuade automakers to [...]

3 10, 2023

Millennials Surpass Older Workers with Retirement Savings

2023-10-06T15:46:57-07:00October 3rd, 2023|Categories: Retirement|Tags: , |

By Amanda Umpierrez Source: 401K Specialist Despite facing financial retirement planning hurdles, Millennials are coming out on top with their retirement savings. That’s the latest finding from Vanguard’s newest Retirement Readiness report, released today, which finds Millennials workers are set to replace 58% of their prior earnings during retirement, and eight percentage points over what was estimated for Baby Boomers. Using its new forecasting tool, the Vanguard Retirement Readiness Model (VRMM), Vanguard divides its cohorts into three generations: early [...]

18 09, 2023

Public DB pensions key to supporting women, BIPOC workers in retirement

2023-09-20T16:51:28-07:00September 18th, 2023|Categories: Retirement|Tags: , , |

Source: Benefits Canada Public defined benefit pension plans can play a critical role in delivering adequate retirement income for U.S. retirees, while providing a key buffer against economic hardship for women, the Black, Indigenous and people of colour communities and workers without a college degree, according to a new report by the National Institute on Retirement Security and the UC Berkeley Labor Center. The report, which analyzed pension data collected by the U.S. Census Bureau between 2019 and 2021, [...]

7 07, 2023

Gen Xers Profess Low Retirement Confidence, Concerns About Guaranteed Income

2023-07-18T11:54:49-07:00July 7th, 2023|Categories: Retirement|Tags: , |

By Remi Samuels Source: Plan Sponsor Generation X employees, more than those of any other generation, are worried about their retirement savings lasting throughout their lifetime and worry they cannot rely on Social Security according to research from the Insured Retirement Institute.   Gen Xers, between the ages of 41 and 56, are significantly less likely to expect retirement income from a public or private pension than Baby Boomers or current retirees, IRI found, and many believe they will [...]

6 07, 2023

Baby boomers more pessimistic about future generations’ retirement outlook

2023-07-06T11:08:41-07:00July 6th, 2023|Categories: Retirement|Tags: , , , |

By Margarida Correia Source: Pensions & Investments Baby boomers are not optimistic about the retirement prospects of future generations, according to a survey released Thursday by non-profit Transamerica Center for Retirement Studies. More than half, 55%, believe that future retirees will be worse off than those currently in retirement, the survey found. The pessimism eased among younger workers. Only 28% of Generation Z and 33% of millennials saw future retirees as being worse off. A little more than half [...]

7 06, 2023

NIRS to hold webinar on Alaska’s experience moving public employees from pensions to defined contribution plans

2023-06-07T13:00:40-07:00June 7th, 2023|Categories: Retirement|Tags: , , |

Source: National Institute on Retirement Security Please join us for a webinar on Monday, June 12, 2023, at 2:00 PM ET, Alaska's Experience Moving Public Employees from Pensions to Defined Contribution Plans. Click here to register. In 2005, Alaska closed its two statewide defined benefit pension plans for teachers and public employees. Since July 1, 2006, all new Alaska hires participate in a defined contribution plan rather than a pension plan. The retirement plan change has had the unintended [...]

2 05, 2023

Controversial super-priority pension bill receives royal assent

2023-05-03T14:20:11-07:00May 2nd, 2023|Categories: Retirement|Tags: , |

By Gideon Scanlon Source: Benefits Canada A controversial law giving super-priority to defined benefit pension plan members during plan windups and insolvencies is coming into effect after receiving royal assent from Governor General Mary Simon. While Bill C-228 received royal assent at the end of April, most of its measures won’t come into force for another four years. However, the requirement that all federally regulated pension plans produce annual reports on plan solvency is now in effect. Marilyn Gladu, [...]

28 04, 2023

Alaska Teacher Recruitment and Retention Study: Options and Analysis Supporting Retirement Plan Design

2023-05-03T13:42:44-07:00April 28th, 2023|Categories: Retirement|Tags: , |

Source: National Institute on Retirement Security A report delivered to the Alaska Department of Education reviews the impacts of various retirement benefit offerings on the recruitment and retention of Alaska’s public education employees. Alaska Teacher Recruitment and Retention Study: Options and Analysis Supporting Retirement Plan Design, finds that switching Alaska’s public employees from defined benefit pension plans to 401(k)-style defined contribution accounts resulted in more public educators leaving their positions. The research comes as teacher shortages plague Alaska and [...]

19 04, 2023

Defined Benefit Pensioners Win Battle for Pension Protection

2023-05-03T13:44:28-07:00April 19th, 2023|Categories: Retirement|Tags: , |

Source: Yahoo! Finance Yesterday marks a historic victory for the protection of Canadian pensioners. Bill C-228, An Act to amend the Bankruptcy and Insolvency Act, the Companies' Creditors Arrangement Act and the Pension Benefits Standards Act, 1985passed third reading in the Senate, and awaits Royal Assent. "This landmark legislation will protect millions of Canadians who rely on defined benefit pensions for their financial security in retirement," said Michael Powell, President, Canadian Federation of Pensioners, whose organization led the charge [...]

18 04, 2023

U.S. workers want government to require employers to offer retirement plans

2023-05-03T13:48:59-07:00April 18th, 2023|Categories: Retirement|Tags: , |

By Margarida Correia Source: Pensions & Investments American workers favor government mandates requiring employers to offer retirement plans and make matching contributions, according to a new survey released Tuesday by Natixis Investment Managers. More than 4 in 5 workers (81%) said that employers should be required to offer workplace retirement savings plans, with millennials voicing the greatest support for such a mandate (88%) followed by Generation X (79%) and baby boomers (70%). More than 3 in 5 workers (78%) [...]

17 04, 2023

State-run retirement savings programs may fuel launch of private plans, Pew study says

2023-04-17T16:20:08-07:00April 17th, 2023|Categories: Retirement|Tags: , |

By Margarida Correia Source: Pensions & Investments State-run retirement savings programs may be boosting the creation of new private-sector plans, according to a study from the Pew Charitable Trusts released Friday. Businesses in California, Illinois and Oregon — the first three states to launch state-facilitated programs to help private-sector workers without workplace plans save for retirement — continued to launch new plans in 2021 at rates similar to or exceeding those in states without such programs, the study found. [...]

16 02, 2023

Thousands of Chinese Retirees Protest Government Cuts to Benefits

2023-02-16T08:52:15-08:00February 16th, 2023|Categories: Retirement|Tags: , |

By Keith Bradsher, Daisuke Wakabayashi and Claire Fu Source: The New York Times Thousands of retirees confronted local officials and the police outside a popular park in the central Chinese city of Wuhan to demand the repeal of recent cuts in government-provided medical insurance for seniors. The protest on Wednesday, the second in Wuhan in a week, was the latest sign of strain on the finances of China’s local governments, which are responsible for covering much of the cost [...]

16 02, 2023

Historic down year puts retirement plans on notice

2023-02-16T08:50:34-08:00February 16th, 2023|Categories: Retirement|Tags: |

By Rob Kozlowski Source: Pensions & Investments U.S. retirement plans could not escape historically negative equity and fixed-income markets during the year ended Sept. 30 and posted the highest-percentage asset losses in nearly half a century of Pensions & Investments'annual surveys. In the year ended Sept. 30, the 1,000 largest U.S. retirement funds saw their assets plummet to $12.16 trillion, a record-setting 13.9% loss from a year earlier when the universe had reached an all-time high of $14.13 trillion. [...]

2 02, 2023

The stupid and dishonest idea of raising the Social Security retirement age is back

2023-02-02T15:18:34-08:00February 2nd, 2023|Categories: Retirement|Tags: |

By Michael Hiltzik Source: The Los Angeles Times The people who are in the forefront of pushing Social Security “reform” by cutting benefits have gotten pretty good at hiding their intentions behind plausible-sounding jargon and economists’ gibberish. The latest “reform” package offered by the Committee for a Responsible Federal Budget, for example, calls on lawmakers to “promote stronger economic growth and productive aging” by removing “work and savings disincentives in the current program.” “Productive aging” — that’s a good [...]

18 01, 2023

As France Moves to Delay Retirement, Older Workers Are in a Quandary

2023-01-18T15:54:40-08:00January 18th, 2023|Categories: Retirement|Tags: , , |

By Liz Alderman Source: The New York Times During her 38-year career as a sales and marketing manager, Christine Jagueneau rarely thought about retirement. But when her job at a French industrial company was eliminated just before her 59th birthday last February, the idea of tapping her pension took on unexpected urgency. Despite nearly a dozen job interviews, she said, employers have suggested that she’s too old to be hired. She has just enough savings to coast to France’s [...]

8 12, 2022

New DOL Proposal Would Allow Fiduciaries to Self-Correct Certain Errors

2022-12-08T08:12:31-08:00December 8th, 2022|Categories: Retirement|Tags: , , |

By Paul Mulholland Source: PlanSponsor The Department of Labor has proposed a rule, released on November 21, that aims to simplify and expand its Voluntary Fiduciary Correction Program. If adopted, the rule new would allow fiduciaries to self-correct for participant contributions that are not invested or participant loan repayments that are not repaid and then notify the DOL after the fact. Under current rules, fiduciaries have to apply to the DOL for permission to correct the issue. Other erroneous [...]

26 10, 2022

Protecting and Expanding Retirement Options for America’s Workers

2022-10-26T15:29:21-07:00October 26th, 2022|Categories: Retirement|Tags: |

By Kathleen Kennedy Townsend Source: DOL Blog When it comes to retirement in America, there is good news and bad news. On June 2, the Trustees of the Social Security trust fund issued their annual report on the state of this key safety net. The report found that, in part due to faster growth in employment, earnings and economic growth than expected, and the passage of the American Rescue Plan, the trust fund can pay out benefits longer than [...]

10 10, 2022

How employers can help shrink Canada’s gender pension gap

2022-10-10T16:22:49-07:00October 10th, 2022|Categories: Retirement|Tags: , , |

By Sadie Janes Source: Benefits Canada Canada’s gender pension gap is growing as Canadian women received an average of 18 per cent less retirement income than men in 2020, according to a report by Ontario’s pay equity office. It found the gap is more pronounced among women in visible minority groups (37 per cent), among sources of private retirement income (28 per cent) and is three per cent higher than the 15 per cent gap observed in 1976, the earliest [...]

6 10, 2022

The truckers’ triumph: The incredible story of how a scrappy group of blue-collar retirees rescued their pensions

2022-10-06T09:47:14-07:00October 6th, 2022|Categories: Retirement|Tags: , |

By Elanor Laise Source: MarketWatch After a long, loud battle, the victory has come quietly. Over the past few months, deposits have started appearing in the accounts of former truckers, iron workers and other retirees across the country–restoring pension benefits that these people had earned after decades working some of America’s most back-breaking jobs, only to have them ripped away in their retirement years. The restored benefits started flowing earlier this year to retired union workers from New Jersey [...]

5 10, 2022

State pension age could rise to 68 ‘by 2035’ – leaving millions waiting longer for payment

2022-10-05T14:14:39-07:00October 5th, 2022|Categories: Retirement|Tags: , |

By Temie Laleye Source: Express UK Prime Minister Liz Truss is considering increasing the age for claiming the state pension to 68 by mid-2030. This is more than a decade sooner than the current policy. Under the current plans, it will not rise to 68 until 2046 — which means it will affect anyone born after 1977. Read the full article

5 10, 2022

Social Security’s Cost-of-Living Increase Will Be Largest in Four Decades, an Estimate Says

2022-10-05T14:10:04-07:00October 5th, 2022|Categories: Retirement|Tags: , |

By Mark Miller Source: The New York Times More than 70 million Americans who receive Social Security benefits can expect an inflation adjustment to their monthly checks next year that will be the largest in four decades. Government inflation figures for August, released on Tuesday, point to a Social Security cost-of-living adjustment, known as the COLA, of 8.7 percent, according to an estimate by a nonpartisan group that lobbies for seniors. The Social Security Administration will announce the final [...]

23 09, 2022

The U.S. retirement system gets a ‘C+’ grade, experts say — even though it’s worth $39 trillion. Here’s why

2022-09-23T16:16:41-07:00September 23rd, 2022|Categories: Retirement|Tags: |

By Greg Iacurci Source: CNBC The U.S. retirement system may seem flush — yet it ranks poorly in relation to those in other developed nations. Collectively, Americans had more than $39 trillion in wealth earmarked for old age at the end of 2021, according to the Investment Company Institute. However, the U.S. places well outside the top 10 on various global retirement rankings from industry players, such as the Mercer CFA Institute Global Pension Index and Natixis Investment Managers [...]

22 08, 2022

Retirement plan portability a key issue, DOL roundtable speakers say

2022-08-22T14:33:01-07:00August 22nd, 2022|Categories: Retirement|Tags: , |

By Margarida Correia  Source: Pensions & Investments The need to make workplace retirement plans portable and more accessible emerged as one of the top themes in a spirited roundtable discussion the Department of Labor hosted Monday in New York with legislators, labor leaders, investment fund managers, educators and other industry stakeholders. "Every single American worker should be able to retire with security," Labor Secretary Marty Walsh said. "No one should have to worry about outliving their money and living [...]

22 08, 2022

Retirement Industry People Moves

2022-08-22T09:03:21-07:00August 22nd, 2022|Categories: Retirement|Tags: |

By DJ Shaw Source: Plan Sponsor Schroders Announces Strategic Changes to U.S. Distribution Team Global asset manager Schroders has announced new hires and leadership changes to the American distribution team. Tiffani Potesta will be taking on the role of head of U.S. distribution, overseeing strategy and implementation for distribution across regions. Potesta will continue serving in her current role as chief strategy officer, in which she oversees marketing, product and sustainability. Mike Swinney has joined Schroders as consultant relations director, [...]

22 08, 2022

Market Cynicism Has Increased Retirement Anxiety

2022-08-22T09:00:20-07:00August 22nd, 2022|Categories: Retirement|Tags: |

By Noah Zuss Source: Plan Sponsor Amid heighted pessimism about financial markets and global political tensions, Americans are increasingly worried about the effects to their retirement savings, according to research from the Allianz Life Insurance Company of North America. The “2022 Q1 Quarterly Market Perceptions Study” found that 47% of respondents said the economy will improve in 2022, down from 54% in 2021’s first quarter and 66% in 2022’s fourth quarter, while 79% are concerned that current world tensions will cause [...]

16 08, 2022

America’s $7 Trillion Retirement Crisis Is Only Getting Worse

2022-08-16T10:47:46-07:00August 16th, 2022|Categories: Retirement|Tags: |

By Suzanne Woolley Source: Bloomberg Americans have been warned for years of an impending retirement crisis. Yet the situation is getting worse. Even when everything was going right — inflation was nonexistent, interest rates were low and stocks were in an extended bull market — there was a multi-trillion dollar savings shortfall. Then came a pandemic, war in Europe, decades-high inflation, the fastest rate-hiking cycle since the early 1980s and fears of a recession. The resulting market turmoil erased some $3.4 trillion from 401(k)s and IRAs [...]

16 08, 2022

How Unions Pave the Path to Elder Security

2022-08-16T08:58:53-07:00August 16th, 2022|Categories: Retirement|Tags: , , |

Source: American Society on Aging Despite America’s vast wealth, more than 15 million older Americans—one-third of people ages 65 and older—are “economically insecure,” meaning they are poor or near-poor, according to the National Council on Aging. Half of all Black and Latinx people ages 65 and older are in this precarious situation, and older women are especially likely to be poor. These financially fragile older Americans “struggle with rising housing and health care bills, inadequate nutrition, lack of access [...]

16 08, 2022

Workers Worry About Retirement Income as Prices Spike

2022-08-16T08:55:58-07:00August 16th, 2022|Categories: Retirement|Tags: , |

By Noah Zuss Source: Plan Sponsor Market volatility and rising prices are driving two-thirds of workers surveyed to feel more anxiety about their retirement income, the Nationwide Retirement Institute Social Security Consumer Survey shows. The concerns have led to a 10 percentage-point spike in anxiety among those surveyed from 2021, the survey found. Highlighting workers’ worries about retirement income, individuals are also anxious about Social Security, Nationwide found. Across generations, 70% of workers worry that Social Security will run [...]

29 06, 2022

Pensions & Retirement Security

2022-06-29T16:18:32-07:00June 29th, 2022|Categories: Retirement|Tags: , |

Source: National Education Association All educators deserve the ability to retire with financial security. Pensions provide educators with a guaranteed, reliable source of income in retirement. They are also a tool to attract and retain qualified, experienced educators to the profession. Schools and students succeed when talented young people in search of a challenging career are recruited into the profession, and stay in it for the long term. Pensions help do that. Pensions provide excellent retirement security. A traditional pension [...]

7 06, 2022

Are Millennials on Track for a Secure Retirement?

2022-06-07T13:56:44-07:00June 7th, 2022|Categories: Retirement|Tags: , |

By Ed McCarthy Source: Plan Sponsor Millennials — those born between 1981 and 1996 — are now the largest demographic group by age in the U.S. The oldest Millennials have reached age 41, which lands them in the decade when adequate retirement savings become more important. So how well are they doing with their retirement plans? Multiple Challenges Angie O’Leary, head of wealth planning with RBC Wealth Management–U.S. in Minneapolis-St. Paul, says that Millennials have multiple financial worries that can create [...]

3 05, 2022

Jaw-Dropping Stats About the State of Retirement in America

2022-05-03T13:41:57-07:00May 3rd, 2022|Categories: Retirement|Tags: |

By Jordan Rosenfeld Source: Yahoo! Finance Many Americans spend their lives working hard and dreaming of the day they can finally retire. But planning for retirement requires more than dreaming -- it means being strategic and focused on saving money, among other things. The average age of retirement for Americans is 66, according to a Gallup poll, which is up from age 60 in the 1990s. With Americans living an average of 78.7 years, that's a good 12 or [...]

2 05, 2022

Retirees sue UPS alleging company shortchanged pension benefits

2022-05-02T13:55:25-07:00May 2nd, 2022|Categories: Retirement|Tags: , |

By Robert Steyer Source: Pensions & Investments Eight former employees in two defined benefit plans run by United Parcel Service of America Inc. have sued the company and plan fiduciaries alleging they were shortchanged in their retirement benefits because the plans used out-of-date mortality tables to calculate the benefits. They allege that retirees who took joint and survivor annuity benefits instead of a single life annuity didn't receive the actuarial equivalent of the SLA, the most common annuity for [...]

17 02, 2022

A monumental year pushes assets up 17%

2022-02-17T08:17:20-08:00February 17th, 2022|Categories: Retirement|Tags: , , , |

By Christine Williamson Source: Pensions & Investments The 1,000 largest U.S. retirement plans had a banner year, propelled in large part by strong returns in public and private equity and other alternative investment strategies, as well as from higher contributions to defined benefit and defined contribution plans. In the year ended Sept. 30, aggregate assets of the 1,000 largest U.S. retirement funds rose 16.9% to $14.13 trillion, a big improvement from the previous year when assets managed to rise [...]

22 11, 2021

Employers see retirement benefits as top attraction, retention tool

2021-11-22T15:43:29-08:00November 22nd, 2021|Categories: Retirement|Tags: , , |

By Lauren Bailey Source: Benefits Canada A majority of Canadian employers believe providing workplace retirement savings plans can improve employee attraction and retention, according to a survey by Maru Group Ltd. on behalf of the Healthcare of Ontario Pension Plan. The survey, which polled 800 Canadian employers, found 88 per cent of those that offer a defined benefit pension plan said it was “extremely important” or “very important” to their employee retention efforts, followed by 85 per cent of [...]

11 11, 2021

Americans Focusing on Retirement Planning When Making Job Decisions

2021-11-11T08:39:49-08:00November 11th, 2021|Categories: Retirement|Tags: , |

By DJ Shaw Source: Plan Sponsor A third of U.S. workers are considering a job change or retirement in the next 12 to 18 months, signaling the continuation of a tight labor market in 2022, according to a survey released today by Principal Financial Group. The survey results suggest employer benefits and retirement plan options will play a role in workers’ decisions. According to the survey, 12% of workers are looking to change jobs, 11% plan to retire or [...]

13 10, 2021

U.K. pensions will be greener and DC plans more consolidated, minister says

2021-10-13T10:11:25-07:00October 13th, 2021|Categories: Retirement|Tags: , |

By Hazel Bradford Source: Pensions & Investments U.K. pension funds are on a journey to be "safer, better and greener," and defined contribution plans are headed for consolidation, U.K. Minister for Pensions and Financial Inclusion Guy Opperman said Tuesday at the P&I World Pension Summit in The Hague. Last year, the U.K. was the first G-7 country to commit to mandatory climate disclosures under the Task Force on Climate-Related Financial Disclosures, and pension funds will have to disclose how [...]

23 09, 2021

State worker pension systems in best shape since 2008

2021-09-23T09:52:54-07:00September 23rd, 2021|Categories: Retirement|Tags: |

By Geoff Mulvihill Source: Associated Press Pension systems for state government workers across the U.S. are in their best shape since the Great Recession began more than a dozen years ago, according to a study released Tuesday. The Pew Charitable Trust report credits a booming stock market over the past year as well as states’ longer-term steps, which include boosting taxpayer contributions to public pension funds and reducing promised retirement benefits, particularly to newly hired workers. “The better decisions, [...]

18 08, 2021

Pandemic pushed an additional 1.7 million Americans into retirement

2021-08-18T16:27:13-07:00August 18th, 2021|Categories: Retirement|Tags: , |

By Stephanie Asymkos Source: Yahoo! Money The pandemic forced more older workers to retire — often before they were ready financially — a new study found, widening the country’s growing retirement inequality gap and leaving certain baby boomers vulnerable to poverty in their golden years. During the pandemic, an additional 1.7 million Americans retired earlier than what would have been expected during the normal times, according to a recent report from The New School’s Retirement Equity Lab. While the [...]

16 08, 2021

US. Pandemic Puts Secure Retirement at Greater Risk for Many

2021-08-16T08:01:33-07:00August 16th, 2021|Categories: Retirement|Tags: , |

Source: Pension Policy International The COVID-19 pandemic has had an outsize effect on people 50 and older: Not only did it impact older adults’ health more severely than younger ones, but it also forced many into early retirement and prompted others to take withdrawals from their savings earlier than they had planned. “The prospects of a secure retirement for millions of workers will be even more precarious following the pandemic, and more Americans of all ages will need to [...]

22 07, 2021

Now Is The Time To Re-Think Retirement Plan Conventional Wisdom

2021-07-22T14:48:10-07:00July 22nd, 2021|Categories: Retirement|Tags: |

By Dan Doonan Source: Forbes Retirement plan design can make or break an employee’s ability to maintain their standard of living in retirement. Over the past several decades, many private sector companies implemented a complete overhaul in retirement plan design, shifting from defined benefit pensions to 401(k)-style defined contribution accounts. Originally designed to supplement rather than replace pensions, 401(k) plans have become the primary employer-sponsored plan for many U.S. workers. This transition meant sacrificing a number of important features [...]

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