6 08, 2018

‘Too Little Too Late’: Bankruptcy Booms Among Older Americans

2018-08-06T15:23:41+00:00

For a rapidly growing share of older Americans, traditional ideas about life in retirement are being upended by a dismal reality: bankruptcy. The signs of potential trouble — vanishing pensions, soaring medical expenses, inadequate savings — have been building for years. Now, new research sheds light on the scope of the problem: The rate of people 65 and older filing for bankruptcy is three times what it was in 1991, the study found, and the same group accounts for [...]

‘Too Little Too Late’: Bankruptcy Booms Among Older Americans2018-08-06T15:23:41+00:00
26 07, 2018

Dire Testimony from Stakeholders on State of Multiemployer Pensions

2018-07-26T11:36:11+00:00

The Joint Select Committee on the Solvency of Multiemployer Pension Plans held its fifth public hearing this morning to gather testimony on the dire financial situation facing the U.S. multiemployer pension system. Opening the hearing, Senators and co-chairmen Orrin Hatch, R-Utah, and Sherrod Brown, D-Ohio, both spoke to the fact that millions of Americans across the country depend on multiemployer pension plans for their retirement, and, if nothing changes, a growing number of workers face severe financial risks. They [...]

Dire Testimony from Stakeholders on State of Multiemployer Pensions2018-07-26T11:36:11+00:00
19 07, 2018

Putin’s Pensions Gamble

2018-07-19T08:23:22+00:00

Vladimir Putin hasn’t inspired so little confidence among Russians since the country was on the cusp of rallies over alleged ballot-rigging in 2011, which snowballed into the biggest protests of his rule. The president is paying the price for the government’s rollout of a proposal to increase the pension age just as the World Cup started. Trust among Russians in Putin fell below 38 percent in the first two weeks of July, the lowest level since December 2011, according to state-run polling company [...]

Putin’s Pensions Gamble2018-07-19T08:23:22+00:00
18 07, 2018

Retirement savings proposals introduced in Senate, under discussion in the House

2018-07-18T11:26:40+00:00

A bipartisan group of senators introduced a package of retirement savings bills Tuesday that includes making it easier for small employers to join pooled employer plans and giving employers incentives to use automatic enrollment and automatic escalation features. Some of the features of the four bills in the package mirror ideas advanced by the Senate Finance Committee in the proposed Retirement Enhancement and Savings Act of 2018. RESA, introduced in March, also would ease nondiscrimination testing rules for plan [...]

Retirement savings proposals introduced in Senate, under discussion in the House2018-07-18T11:26:40+00:00
18 07, 2018

Pension Plan Rescue Legislation Getting Tough to Price

2018-07-18T11:24:15+00:00

An effort to shore up troubled pension plans for many middle-class workers comes with a squishy price tag. A bill (S 2147) by Sen. Sherrod Brown, D-Ohio, would create a Pension Rehabilitation Administration within the Treasury Department that could make loans to multiemployer pension plans for union workers. Those plans have been estimated to be underfunded by about $65 billion, endangering the retirements of about 1.5 million residents nationwide. The Congressional Budget Office had provided a preliminary estimate several [...]

Pension Plan Rescue Legislation Getting Tough to Price2018-07-18T11:24:15+00:00
17 07, 2018

Jeremy Gold, Actuary Who Warned of Pension Crisis, Dies at 75

2018-07-17T09:21:15+00:00

Jeremy Gold, an actuary who more than 25 years ago warned of the financial debacles now slowly playing out among the cities and states that sponsor pension plans for their teachers, police officers, bus drivers and other workers, died on July 6 in Manhattan. He was 75. The cause was myelodysplastic syndrome and leukemia, his son, Jonathan, said. In 1985, Mr. Gold became one of the first American actuaries to work on Wall Street, straying from the profession’s typical [...]

Jeremy Gold, Actuary Who Warned of Pension Crisis, Dies at 752018-07-17T09:21:15+00:00
17 07, 2018

Here’s Why I Plan to Take Social Security at 64

2018-07-17T09:16:16+00:00

When to start collecting Social Security benefits is a big decision that most of us will have to make. There are good reasons to start early and good reasons to start late, which can make it all rather vexing. Here's a look at when one financial writer -- that's me -- plans to start collecting and why. See if my thought process can help inform your own. First things first -- meet the "full retirement age" You may not [...]

Here’s Why I Plan to Take Social Security at 642018-07-17T09:16:16+00:00
9 07, 2018

The Multiemployer Pension Plan Crisis: Segal’s Observations

2018-07-13T15:35:02+00:00

Currently, around 130 multiemployer pension plans are projected to become insolvent in the next 20 years. Some of these plans are projected to run out of money within the next 10 years. As these plans become insolvent and are taken over by the Pension Benefit Guaranty Corporation (PBGC); the PBGC, in turn, is then projected to become insolvent around 2025, after which it will not be able to pay guaranteed benefits for insolvent multiemployer plans. If these events occur, more [...]

The Multiemployer Pension Plan Crisis: Segal’s Observations2018-07-13T15:35:02+00:00
5 07, 2018

The next bear market in stocks will spark a retirement crisis

2018-07-05T12:10:18+00:00

A recession could decimate even substantial retirement portfolios, and Social Security and Medicare are facing shortfalls Almost lost amid the torrent of recent news was a sobering item that will surely have far-reaching consequences. The U.S. government announced that for the first time since 1982, it is tapping into Social Security trust funds (https://www.wsj.com/articles/the-social-security-trust-fund-goes-bust-1528411768) to pay current benefits to recipients and it is dipping into Medicare's reserves to cover the costs of that program. The trustees also projected that [...]

The next bear market in stocks will spark a retirement crisis2018-07-05T12:10:18+00:00
25 06, 2018

The Impact of Alternative Discount Rates on Multiemployer Pension Plan Funding

2018-07-13T15:33:44+00:00

The National Coordinating Committee for Multiemployer Plans sent the following letter to Congress on June 25, 2018. Click here to view the Horizons Actuarial Services Report.   Dear Ladies and Gentlemen:  On May 24, 2018 the National Coordinating Committee for Multiemployer Plans (NCCMP) provided the Joint Select Committee on Solvency of Multiemployer Pension Plans with a submission that provided detailed answers to each of the questions that the Committee Members asked during April 18, 2018 hearing.  In it, we expressed [...]

The Impact of Alternative Discount Rates on Multiemployer Pension Plan Funding2018-07-13T15:33:44+00:00
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