US Archives - Page 115 of 207 - Pension Policy International

18AprApril 18, 2022

US. The age for required withdrawals from retirement accounts could go higher. Here’s who would benefit

Required minimum distributions, or RMDs, are amounts that must be withdrawn annually from qualified retirement savings accounts. If the RMD age is raised to 75 from 72, it would provide more time to move assets to a Roth individual retirement account, which comes with no RMDs during the owner’s lifetime. There are some instances when you may not want to convert money from a traditional 401(k) plan or IRA to a Roth. Some future retirees could end up getting...

April 18, 2022

News2022, US, Withdrawals

18AprApril 18, 2022

US. Labor Department announces new ERISA Advisory Council members

The Department of Labor on Friday appointed seven members to its ERISA Advisory Council. It also announced that Peter Wiedenbeck, the Joseph H. Zumbalen professor of the law of property at Washington University School of Law, will serve as chairman of the 15-member council in 2022. Megan Broderick, senior director for global retirement and financial well-being at PepsiCo., will serve as vice chairwoman, according to a Labor Department news release. The council's new appointees, who will each serve three-year terms, are: ...

April 18, 2022

News2022, Regulation, US

15AprApril 15, 2022

Bad Retirement Savers Expect to Die Young

By Allison Bell What workers think about their retirement savings is closely related to how long they think they will live, according to a new Club Vita life expectancy survey. Workers who said that their savings would be enough to pay for a comfortable retirement agreed with Club Vita about how long they might live. Workers who said their savings would be too small to pay for a comfortable retirement predicted that they would die about 7.1 years earlier than Club Vita would have...

April 15, 2022

News, OP Ed, SliderAging, Pension design, savings, US

15AprApril 15, 2022

US. Mexican immigrants have to work longer due to inadequate Social Security benefits, study finds

Mexican immigrants are a critical part of the American workforce, but they are also financially vulnerable. As Emma Aguila explains in new research she co-authored in the Journal of Pension Economics and Finance, Mexican immigrants face greater obstacles in securing social security benefits and therefore have to work later into life. Equally important, Aguila and her colleagues, Zeewan Lee and Rebeca Wong, found Mexicans who do receive those benefits are more likely to rely on them compared to non-Hispanic white populations. However, an...

April 15, 2022

News, Slider2022, Equality, Health, Social Security, US

14AprApril 14, 2022

Underfunded Public Sector Pension Plans, Social Security Participation, and the Retirement Decisions of Public Employees

By Leslie E. Papke I analyze the effects of public pension parameters, Social Security coverage, and state pension fund sustainability on the retirement of public employees. I use data from the Health and Retirement Study, including personal early and normal retirement eligibility and state of residence. I develop a state-level measure of effective public pension plan sustainability that reflects both the degree of public plan underfunding and a state’s ability to fund the plan with its own resources. Using the...

April 14, 2022

Articles, System Sustainability2022, Funding, Public Pensions, Social Security, US

14AprApril 14, 2022

US. Retirees less worried about financial risk than younger people

As the pandemic passes the two-year mark, there seems to be an emerging gap in the financial security of younger Americans compared with their retired counterparts, new survey findings suggest. Americans who have yet to retire and are still balancing careers, family and saving are feeling more worried about their financial future than they did at this point last year and are significantly less confident than current retirees. In fact, nearly two-thirds (63%) of non-retirees said they fear running out of...

April 14, 2022

News2022, Financial Literacy, Risk, US

13AprApril 13, 2022

US. New York pension leaders back calls for less fossil fuel financing

New York pension officials on Monday said they will support shareholder resolutions filed at major banks seeking quick cuts to financing of new fossil fuel development, pushing climate issues to the fore of another springtime shareholder meeting season. Shareholders should support resolutions filed at Bank of America Corp, (BAC.N) Goldman Sachs Group Inc (GS.N) and four other banks "in order to mitigate the systemic risks posed by unfettered climate change," according to a statement sent by a representative of New...

April 13, 2022

News2022, Investment, US

12AprApril 12, 2022

US. Corporate Pension Risk Minimization Is Going to Become Increasingly Inefficient, Says JPM Strategist

Corporate pensions are better funded than ever, according to a new study released by JP Morgan. The data shows that the top 100 corporate pensions in the United States have finally surpassed the average funded levels achieved pre-2008. The average top-100 corporate plan today is 96.4% funded. Currently, over 70% of the plans studied were at their highest-funded levels ever since the Great Recession. Read also US. Retirees less worried about financial risk than younger people But the strategies that work...

April 12, 2022

News2022, Funding, Risk, US

12AprApril 12, 2022

Retirement Plan Participants Want Their Investments to Make a Difference

Plan sponsors might consider building an investment lineup to meet the growing demand for sustainable options from defined contribution retirement plan participants. Nearly three-quarters (74%) of retirement plan participants said they would increase their contribution rate if offered sustainable investments, compared to 69% in 2021, according to the Schroders 2022 U.S. Retirement Survey. They said they want their investments to be aligned with their values (87%), and that they see environmental, social and governance investments as a driver of performance...

April 12, 2022

News2022, ESG, savings, US

11AprApril 11, 2022

Changes in Retirement Savings during the COVID Pandemic

By Elena Derby, Lucas Goodman, Kathleen Mackie, & Jacob Mortenson This paper documents changes in retirement saving patterns at the onset of the COVID-19 pandemic. We construct a large panel of U.S. tax data, including tens of millions of person-year observations, and measure retirement savings contributions and withdrawals. We use these data to document several important changes in retirement savings patterns during the pandemic years relative to the years preceding the pandemic or the Great Recession. First, unlike during the...

April 11, 2022

Articles, Savings2022, COVID-19, Public Policy, Taxation, US

April 2022