US Archives - Page 84 of 213 - Pension Policy International

25AugAugust 25, 2023

Retirement Security: Income and Wealth Disparities Continue through Old Age

By GAO Income and wealth inequality in the United States have increased over the last several decades. We looked at whether these trends continue for older Americans as they age. We compared income and wealth for all older households from 1989 through 2016 and found households in the top 20% saw disproportionately greater gains than other households. We also looked at income and wealth for a group of older Americans as they aged. We found disparities in income decreased, possibly due to...

August 25, 2023

Aging, Books, Books, Reports2023, Equality, Income, US

25AugAugust 25, 2023

Global Pension Risk Transfer Monitor: Record H1 Transaction Volumes in UK and US

-The Legal & General Group’s Global Pension Risk Transfer (PRT) businesses – Legal & General Retirement Institutional (LGRI), the United Kingdom’s longest-serving active PRT provider and Legal & General Retirement America (LGRA), a leading provider of pension risk solutions in the United States – today released the latest edition of the Global PRT Monitor, which analyses industry trends and market outlooks in the UK and US. In the US, the Monitor found that last year’s record momentum for US transactions...

August 25, 2023

NewsPension Management, Risk, UK, US

24AugAugust 24, 2023

U.S. PRT sales totaled $16.2 billion in Q2, more than doubling Q1 volume

U.S. pension risk transfer sales totaled $16.2 billion in the second quarter, more than doubling the volume from the previous quarter, a LIMRA survey found. The total volume in the second quarter also exceeded the volume during the same period last year by 31%, according to the survey. The increase in buyout volume from $12.3 billion in the second quarter of 2022 was primarily due to a single transaction. On May 1, Dallas-based AT&T Inc. announced the third-largest U.S. buyout transaction in history,...

August 24, 2023

NewsPension Management, Risk, US

23AugAugust 23, 2023

US. CalPERS CIO Nicole Musicco says pension fund taking cautious approach to China

The California Public Employees' Retirement System is being cautious in its approach to China because of the political blowback it could face for betting on a geopolitical rival of the U.S., according to Chief Investment Officer Nicole Musicco. "We're being mindful about our exposure in China right now," Ms. Musicco said during an episode of "Bloomberg Wealth with David Rubenstein" — and she added that the pension fund giant is taking pains to "avoid having any big losses if we...

August 23, 2023

NewsChina, Investment, US

22AugAugust 22, 2023

US. ‘Staggering’ Number of Adults Don’t Know How Long Retirements Last

They found that less than 40% of adults correctly identified the average lifespan at retirement age. “Longevity literacy is particularly important since retirement income security inherently involves planning, saving, and preparing for a period that is uncertain in length,” Surya Kolluri, head of the TIAA Institute, said in a statement. “Our research clearly demonstrates a lack of longevity literacy among the vast majority of U.S. adults. Improving this can promote better retirement security and mitigate longevity risk.” The researchers said there...

August 22, 2023

NewsFinancial Literacy, Retirement Planning, US

21AugAugust 21, 2023

US. Pension Risk Transfer Deals Hit Record Level in First Half of 2023

In the first half of 2023 plan sponsors completed a record 289 pension-risk transfer transactions totaling $22.4 billion in premiums, according to a report from Aon, the largest PRT adviser. Aon predicted that the full year would see $40 billion in PRT deals, noting that the PRT market typically is busiest in a year’s second half. The report declared: “The pipeline continues to be robust, and we are hearing a lot of interest from plan sponsors. We expect a busy second half...

August 21, 2023

NewsPension Management, Risk, US

21AugAugust 21, 2023

US. Pension funds in their best shape since just before the last two stock-market crashes

How do you lose more than $400 billion and still end up better off than you were before? Easy. You run a pension fund. America's top corporate pension funds have broken into surplus this year for the first time since 2007, just before the global financial crisis, despite disastrous 2022 investment losses on the stock and bond markets. The reason? Even while markets plunged, rocketing inflation has also led to soaring long-term interest rates. And thanks to accounting rules, pension funds can...

August 21, 2023

NewsPension Management, US

18AugAugust 18, 2023

The Transitional Impact of State Pension Reform

By Jordan Pandolfo & Kurt Winkelmann We use an overlapping generations framework to evaluate the transitional impact of state pension reform on public and private workers, and apply this analysis to all fifty U.S. states. We consider (i) closing the pension plan to new entrants, (ii) reducing benefits together with wage increases and (iii) suspending cost-of-living-adjustments (COLAs). While each reform effectively reduces long run taxes, variation in fiscal and demographic features creates significant differences in state outcomes. Closing the plan...

August 18, 2023

Articles, Pension Reform2023, Pension Reform, Public Policy, US

18AugAugust 18, 2023

Public Employee Pensions and Municipal Insolvency

By Sean Myers This paper studies how municipal governments jointly manage spending, credit market borrowing, and public employee pensions. I model governments as levered investors who must meet non-defaultable pension obligations and may value government spending more than citizens. I quantify the model using California city-level data, including a new record of fiscal emergencies, tax increases required to maintain essential services. After the financial crisis depleted pension funds, cities engaged in excessive risk-taking: the fiscal emergency option encouraged gambling for...

August 18, 2023

Articles, System Sustainability2023, Funding, Pension Management, Public Pensions, Risk, US

18AugAugust 18, 2023

US. Industry awaits SEC vote on private fund advisers rule

The SEC is scheduled to vote on a controversial rule Aug. 23 that would require enhanced disclosure from private fund advisers and prohibit certain fee arrangements — and industry players are watching closely. In its agenda for the Aug. 23 meeting, the regulatory agency said it plans to consider adopting the rule it proposed back in February 2022. Specifically, the rule proposal would require private fund managers to provide quarterly statements to its investors, revealing more information on fees, expenses and performance. It would...

August 18, 2023

NewsRegulation, US

August 2023