21 08, 2019

NIRS: No money saved for 4 states that shifted to DC from DB plans

2019-08-21T08:17:37-07:00August 21st, 2019|Categories: 401(k), Defined Benefit Plans|Tags: , |

Four states that shifted to defined contribution from defined benefit plans did not save money, said new and updated case studies from the National Institute on Retirement Security. NIRS researchers updated prior case studies on Alaska, Michigan and West Virginia and created a new study on Kentucky. All of the states have switched new employees to defined contribution-only accounts to deal with pension underfunding and rising costs. According to an NIRS report on the studies, the changes increased overall [...]

24 09, 2018

Retirement Is In Peril For Most Working Class Americans, Warns New Report

2018-09-24T11:16:21-07:00September 24th, 2018|Categories: Retirement|Tags: , |

Retirement is in peril for most working-class Americans cautions a new report by the National Institute on Retirement Security, a Washington think tank. “The American dream of a modest retirement after a lifetime of work now is a middle-class nightmare,” warns the study’s author, NIRS Executive Director Diane Oakley. The report contends nearly four out of five working Americans are falling short of conservative retirement savings targets. Roughly the same number have less than one year’s income saved in [...]

3 03, 2016

Women 80 Percent More Likely Than Men to Be Impoverished in Retirement

2016-03-03T00:39:55-08:00March 3rd, 2016|Categories: Retirement|Tags: |

A new analysis finds that women are far more likely than men to face financial hardship in retirement. A report released today by the National Institute on Retirement Security ( NIRS ) finds that across all age groups, women have substantially less income in retirement than men. For women age 65 and older, the data indicate that their typical income is 25 percent lower than men. As men and women age, men’s income advantage widens to 44 percent by [...]

10 02, 2015

NIRS: Shifting to DC did not save money for states

2015-02-10T23:04:27-08:00February 10th, 2015|Categories: Pension Funding|Tags: , |

Three states that shifted to defined contribution from defined benefit plans did not save money, said new case studies from the National Institute on Retirement Security. NIRS researchers looked at Alaska, Michigan and West Virginia, which switched new employees to defined contribution-only accounts to deal with pension underfunding and rising costs. After looking at demographic changes, benefit costs, actuarially required contributions, plan funding levels and retirement security, NIRS found the switch exacerbated pension funding problems and increased pension costs [...]