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 [...]

18 06, 2021

Are we headed for a retirement crisis?

2021-06-18T13:56:55-07:00June 18th, 2021|Categories: Retirement|Tags: , |

By Jim Wilson Source: Canadian HR Reporter Two-thirds (67 per cent) of Canadians feel that the country is facing an emerging retirement crisis, according to a new report. Why? More than six in 10 (63 per cent) have not set aside anything for retirement in the past year, up by five per cent from data recorded in 2020. Plus, 65 per cent said that saving for retirement is prohibitively expensive, according to the Healthcare of Ontario Pension Plan (HOOPP). [...]

5 05, 2021

Variable Benefit Plans a Solution for All Types of Plan Sponsors

2021-05-13T08:05:26-07:00May 5th, 2021|Categories: Retirement|Tags: , , |

By Rebecca Moore Source: Plan Sponsor Plan sponsors and others in the retirement plan industry have been showing an increased interest in new defined benefit (DB) plan designs that minimize cost volatility and/or provide risk sharing. During a recent webinar on the subject, Rachel Barnes, a member of the pension committee at the American Academy of Actuaries, noted that many corporate plan sponsors have been taking steps to transfer or eliminate their traditional DB plan obligations. While some have [...]

27 04, 2021

A Graying China May Have to Put Off Retirement. Workers Aren’t Happy.

2021-05-13T08:05:25-07:00April 27th, 2021|Categories: Retirement|Tags: , |

By Vivian Wang and Joy Dong Source: The New York Times For Meng Shan, a 48-year-old urban management worker in the Chinese city of Nanchang, retirement can’t come soon enough. Mr. Meng, who is the equivalent of a low-level, unarmed law-enforcement official, often has to chase down unlicensed street vendors, a task he finds physically and emotionally taxing. Pay is low. Retirement, even on a meager government pension, would finally offer a break. So Mr. Meng was dismayed when [...]

24 03, 2021

77 Percent of Americans Support Pensions for All Workers

2021-03-24T10:08:20-07:00March 24th, 2021|Categories: Retirement|Tags: |

A new national survey finds that 77 percent of Americans agree that all workers, not just those working for state and local government, should have a pension. And even though the nation is deeply divided on many other issues, support for pensions is consistent across party lines. Eighty percent of Democrats, 75 percent of Republicans and 78 percent of Independents agree that all workers should have access to a pension. These findings are contained in a new issue brief [...]

18 02, 2021

Retirement Insecurity 2021: Americans’ Views of Retirement

2021-02-18T10:24:38-08:00February 18th, 2021|Categories: Retirement|Tags: |

A new report finds that across party lines, Americans are worried about concerns about their financial security in retirement. The vast majority of Democrats (70 percent), Independents (70 percent) and Republicans (62 percent) agree that the nation faces a retirement crisis. There also is bi-partisan agreement that the average worker cannot save enough on their own to guarantee a secure retirement, along with broad support for Social Security and pensions. This new national survey of working-age Americans also reveals [...]

11 12, 2020

Effects of COVID-19 Could Spark More Retirement Plan Litigation in 2021

2020-12-11T16:00:03-08:00December 11th, 2020|Categories: Retirement|Tags: |

Plan sponsors should keep a close watch on retirement plan litigation, as the effects of COVID-19 might spark new lawsuits. The market volatility experienced in March and April, coupled with the cybersecurity risks of remote work, could position some employers to face litigation in the new year, industry experts say. Smaller businesses, which normally lack the resources to invest in multifaceted cybersecurity measures and are therefore susceptible to cyber breaches, may be at risk, says Jordan Mamorsky, an ERISA [...]

28 10, 2020

Three Ways You Can Fight For Retirement Security During National Retirement Security Week (And Beyond)

2020-10-28T09:46:07-07:00October 28th, 2020|Categories: Retirement|Tags: , |

The National Association of Government Defined Contribution Administrators started National Retirement Security Week in 2006 to recognize the importance of a secure retirement, and it’s been observed during the third week of October each year since. This year, during the coronavirus-induced economic crisis, it’s more important than ever to protect the right to a secure retirement for all. Here are three ways you can fight for every American to retire with dignity during National Retirement Security Week (and beyond). [...]

14 10, 2020

Defined-benefit pension better option than lump sum

2020-10-14T11:35:58-07:00October 14th, 2020|Categories: Retirement|Tags: , |

My wife and I are retired, both aged 63. We own our home and a holiday house, which we could rent out if needed. We hold about $200,000 in shares and $100,000 in VicSuper. I am on a defined-benefit Emergency Services & State Super (ESSS) pension for life, paying $57,000 a year and, payable if I die, at about 70 per cent to my wife. I understand that, before I reach 65, the ESSS will offer a lump sum [...]

29 09, 2020

Retirement security trumps job security

2020-09-29T12:22:24-07:00September 29th, 2020|Categories: Retirement|Tags: , |

Canadian workers are still focused on having a good workplace retirement plan, despite the global pandemic, according to a recent survey. Fifty-five per cent say that they are concerned about retirement security compared to 44 per cent who are worried about job security, finds the survey of 3,500 Canadians, conducted between May 27 and June 5 for the Healthcare of Ontario Pension Plan (HOOPP). “It reinforced to us how important and top-of-mind retirement savings are for Canadians,” says Steven [...]

30 06, 2020

A Pandemic Problem for Older Workers: Will They Have to Retire Sooner?

2020-06-30T08:46:57-07:00June 30th, 2020|Categories: Retirement|Tags: , |

Dorian Mintzer loves her work. A 74-year-old psychologist, coach and author, she has no plan to retire, and has continued to work during the pandemic, doing teletherapy from her home in the Boston area. Now, like millions of other older working Americans, Dr. Mintzer is uncertain about the future of her job — much will depend on whether health insurers continue to cover teletherapy post-pandemic. “I’m going to keep working virtually — the idea of going into an office [...]

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