2 05, 2014

Pension reform bill dies in Senate

2014-05-02T00:18:34-07:00May 2nd, 2014|Categories: Pension Reform|Tags: , , |

For the second year in a row, one of House Speaker Will Weatherford’s top priorities, an overhaul of the state’s pension system, failed on the Senate floor. Last year, the plan to steer more state employees toward private pension funds and away from the traditional defined benefit plan was defeated in a 22-18 vote by Democrats and Republicans backed by unions. This year, the measure didn’t even get that far. After a series of legislative maneuvers showed that there [...]

13 03, 2014

Okla. House OKs defined contribution pension bill

2014-03-13T22:10:36-07:00March 13th, 2014|Categories: 401(k)|Tags: , , |

Many new state workers would have 401(k)-style retirement plans rather than traditional public employee pension plans under a measure the Oklahoma House passed on Tuesday. The House approved the measure 57-42 and sent it to the state Senate, which has already passed similar legislation. House members also voted 90-0 for a bill that would give many state workers their first pay raise in seven years and revamp state worker compensation. Legislative leaders have said the measure is intertwined with [...]

13 03, 2014

Obama To Cut Non-Union Military Pensions By 10%

2014-03-13T22:10:52-07:00March 13th, 2014|Categories: Retirement|Tags: , , , |

Barack Obama has been a staunch supporter of defined benefit pensions for government employees, but his administration is now working on a plan to convert at least part of military retiree pensions from defined benefit payments to 401(k)-style defined contribution accounts.  The obvious difference is that most public employees are unionized, but the military is not because their code of honor has no room for strikes and collective bargaining.  After our heroes fought with honor and distinction for 13 years in Iraq and [...]

13 03, 2014

Workplace pensions could be reinvigorated by DA schemes

2014-03-13T21:51:52-07:00March 13th, 2014|Categories: Retirement|Tags: , , , , |

The UK’s workplace pensions market could be reinvigorated and the concept of ‘risk-sharing’ in pensions boosted if the Government were to prioritise adjusting key pieces of existing pension legislation as part of its Defined Ambition plans, says Mercer. The consultancy says that rather than attempting to create a new regime to stimulate the growth of, for example, Collective Defined Contribution schemes (CDCs), focus should be on revising current regulations to allow existing Defined Benefit (DB) and Defined Contribution (DC) [...]

12 03, 2014

Thomas Mackell: ‘Pensions Are On the Chopping Block: It’s Them Against Us’

2014-03-12T21:34:48-07:00March 12th, 2014|Categories: Pension Reform|Tags: , , , , |

Over the last few years a wealth of information has been presented in the media and from think tanks and elsewhere that deal with the changing face of the workplace. More and more we read and we hear from our family members, friends or associates that they fear that they won’t be able to retire. They won’t be able to retire because they cannot afford to do so. Why is that the case? There is a plague spreading throughout [...]

11 03, 2014

11 Reasons Why America’s Baby Boomers Don’t Have
The Money To Retire

2014-03-11T00:17:15-07:00March 11th, 2014|Categories: Retirement|Tags: , , |

It’s no great secret that America is getting older. But John Stoltzfus, chief market strategist at Oppenheimer, says the retirement investment landscape is worse than people think. “No one wants to talk about just how unprepared the Baby Boomer generation is for the years when they will no longer be able to work,” Oppenheimer’s John Stoltzfus told Business Insider in a recent interview. Now he’s laying out reasoning. Here’s Stoltzfus’ 11 reasons to be concerned about this aging demographic: […]

24 02, 2014

Company pension shift reinforces need to plan for retirement

2014-02-24T21:51:49-08:00February 24th, 2014|Categories: Retirement|Tags: , , |

The growing shift away from defined benefit pension plans is reinforcing the need for Canadians to more actively plan for their retirement, financial experts say. For decades, most workers relied on a promise of how much they would receive in retirement from their company pensions. Barring a corporate bankruptcy or dramatic underfunding, workers knew far in advance their retirement income from the company pension, plus the Old Age Security and Canada Pension Plan. Any gap with retirement needs could [...]

14 01, 2014

Fix state pension plan or reality will

2014-01-28T22:54:23-08:00January 14th, 2014|Categories: Pension Reform, Retirement|Tags: , , , |

This is the second in a two-part editorial series concerning the underfunded state employees’ pension system and the steps necessary to repair it. Throughout the private sector, companies have amended traditional defined benefit pension plans. In some cases, workers have seen pension benefits frozen and are forced to move into 401(k) plans to help save for their own retirement. For many others, these self-funded accounts, sometimes with employer matching contributions and sometimes not, are the only resource to prepare [...]

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