US Archives - Page 88 of 207 - Pension Policy International

29MarMarch 29, 2023

US. Retirement Figures in DOL Budget’s SECURE 2.0 Implementation Plan

The Department of Labor (DOL) in its budget proposal for fiscal year 2024 seeks funding to implement SECURE 2.0, and that includes retirement-related priorities. The DOL seeks $4,672,000 to Implement SECURE 2.0. The DOL indicates that it has no choice but to do so. The Consolidated Appropriations Act of 2023, notes the DOL, included mandates for implementing SECURE 2.0, and that included “a wide range of retirement-focused issues.” However, they add, the Act “did not appropriate any additional resources for implementation.” SECURE...

March 29, 2023

NewsRegulation, savings, US

27MarMarch 27, 2023

The 10 Years Before Retirement Are Critical. How to Be Ready

While retirement planning is a decadeslong endeavor, the way you handle your final decade before leaving the workforce will have a critical impact on how ready you’ll be when that day finally arrives. “It hits about 10 years out—this train is coming to me,” says Danielle Byrd Thompson, a financial professional at Equitable Advisors in Washington, D.C. “It’s like a time clock is starting.” Of course, that final stretch is far easier to navigate when the stock market cooperates. From 2009...

March 27, 2023

NewsRetirement Planning, US

24MarMarch 24, 2023

Retirement preparedness during uncertain times

By Fidelity 2023 RSA Executive Summary Fidelity’s Retirement Savings Assessment is built upon comprehensive data from more than 3,500 survey responses that are run through the extensive retirement planning platform Fidelity uses every day with customers. The result: a numerical indicator showing whether savers are on track to meet estimated retirement income needs. The score places households into four categories on the preparedness spectrum, based on a household’s ability to cover estimated retirement expenses in a down market. Read book here

March 24, 2023

Books, Books, Savings2023, Financial Literacy, Retirement Planning, savings, US

24MarMarch 24, 2023

COVID-19 Private Pension Withdrawals and Unemployment Tenures

By Tristram Sainsbury, Robert V. Breunig & Timothy Watson This is the first study to evaluate the effects of early pension withdrawal policies on tenures on unemployment payments in the COVID-19 context. We use a novel set of linked whole-of-population administrative records to examine more than half-a-million Australians who found themselves newly on an unemployment payment in the initial months of the COVID-19 pandemic. We estimate that receiving a lump sum of up to A$10,000 from superannuation accounts at the...

March 24, 2023

Articles, Labor Market2022, Australia, COVID-19, Private Pensions, US, Withdrawals

23MarMarch 23, 2023

Americans less prepared for retirement amid financial uncertainty – Fidelity

Americans are less prepared for retirement than they were during the start of the COVID-19 pandemic, according to Fidelity Investment's 2023 retirement saving assessment study. According to the study, which was released Tuesday and examined the responses of 3,569 retirement savers that are run through Fidelity's retirement planning platform, the typical American saver is on target to have only 78% of the income needed to cover expenses during retirement. That is down from 83% at the beginning of 2020, when...

March 23, 2023

NewsRetirement Planning, savings, US

22MarMarch 22, 2023

U.S. General Accountability Office probing collapse of St. Clare’s pension fund

The U.S. Government Accountability Office, an investigative arm of Congress, is probing the alleged mismanagement of a depleted pension fund that wiped out retirement plans for more than 1,100 former employees of the now-closed St. Clare's Hospital in Schenectady. State Assemblyman Angelo Santabarbara disclosed the federal investigation on Wednesday and said he learned of it this week during a meeting with staff members with the House Committee on Education and Workforce. They had met "to discuss potential federal solutions regarding...

March 22, 2023

NewsInvestment, Pension Management, supervision, US

22MarMarch 22, 2023

How Investors Can Prepare for a Recession

The likelihood that the U.S. enters a recession has been growing as the Fed continues to fight inflation by raising interest rates. Recessions, significant periods of broad decline in economic activity, are inevitable, but still occur relatively infrequently (the U.S. has only experienced seven recessions in the last 50 years). Compared to typical periods of economic expansion, recessions are also relatively brief, averaging roughly six months to two years in length. However, recessions can cripple household wealth and set investors...

March 22, 2023

NewsInvestment, US

21MarMarch 21, 2023

US. Biden uses first veto to defend rule on ESG investing

U.S. President Joe Biden on Monday rejected a Republican proposal to prevent pension fund managers from basing investment decisions on factors like climate change, in the first veto of his presidency. "I just signed this veto because the legislation passed by the Congress would put at risk the retirement savings of individuals across the country," Biden said in a video posted on Twitter. The bill cleared Congress on March 1, when the Senate voted 50-46 to adopt a measure to overturn...

March 21, 2023

NewsESG, Investment, Regulation, US

21MarMarch 21, 2023

US. Some Public Pension Funds Are Pulling Back on Private Equity

Some U.S. public pension and investment funds are pulling back on private equity after a decade of state and local retirement systems aggressively pursuing the expensive, risky and hard-to-trade asset class. Maryland’s $65 billion retirement system is investing less new money in private equity. At Alaska’s $77 billion state fund, the investment chief wants to cancel a planned ramp-up. And the $615 million pension fund of Mendocino County, Calif., last month opted against introducing private equity to its investment mix. “We...

March 21, 2023

NewsInvestment, Public Pensions, US

17MarMarch 17, 2023

Politicians Make Poor Asset Managers

Not that long ago, state legislators of various stripes told their state pension systems they must immediately divest of any portfolio investments tied to companies doing business in South Africa. The apartheid debate was front and center for nearly every public pension fund in the country. Several funds went along with the political demands, but most did not. Pension officials took the view that bowing to divestment demands would be a complete surrender of their independent, fiduciary responsibilities owed...

March 17, 2023

NewsCorporate Governance, ESG, Investment, US

March 2023