Author: dcadmin
Older Americans Act celebrates an anniversary
Today marks the 44th anniversary of the Older Americans Act, a federal grant program that helps millions of older adults throughout the country. One of the programs funded by the Older Americans Act is the Administration on Aging’s Pension Counseling and Information Program, which supports regional pension counseling projects around the country. These nonprofit counseling projects provide […]
A retirement reality check
A new study released by the Ariel Education Initiative and Hewitt Associates and funded by the Rockefeller Foundation confirms what many researchers and retirement policy experts have known for a while now: When it comes to providing retirement income, 401(k) plans just aren’t cutting it for many minorities. The study finds that African Americans and […]
Relighting the match
Last week Zep Inc. announced plans to reinstate its 401(k) matching contributions. This move comes six months after the company suspended its match and cut executive pay to reduce costs. At the time, Zep’s CEO said that restoring the match would be the top priority when the company returned to profitability. Currently, Zep is restoring […]
Pension Tension: Bankruptcy and Pensions
The recent bankruptcies of Chrysler and General Motors have caused a lot of workers to be concerned about their pensions. While Chrysler has now emerged from bankruptcy GM is still going through the bankruptcy process and the question. “What will happen to my pension?” is very much on the minds of workers and retirees in […]
Does it have to be all or nothing?
For the past several months, the PRC has been maintaining a list of companies that have reduced or stopped matches to their 401(k) plans. When the economy takes a turn for the worse as it has in the past year, companies view cutting 401(k) matches as an easy way to reduce costs. Recently, Business Management […]
Success!
Today the IRS announced new tax “withholding adjustment procedures” for pension plans today, repairing a problem that we raised in a letter to the Treasury Department on April 1. As we wrote last month, the Making Work Pay Tax Credit is designed to stimulate the economy by having employers withhold less taxes from employees’ paychecks. […]
NFL punts on pensions
The NFL, what many (including this avid sports fan) consider to be the nation’s favorite and most popular sport’s league, has taken an action that could potentially undermine the retirement security of it workers and retirees. I’m not talking about the retirement security of the league’s highly paid players – players are covered by a […]
Financial Analyst: Be Wary of the ‘Cult of Equities’
There’s a firmly-ingrained notion among many investors that stocks outperform bonds over the long term by an average of 5 percent. This view isn’t based on reality but “myth.” At least that’s what contrarian financial analyst and money manager Robert D. Arnott, chairman of Research Affiliates says. Arnott, who reviewed data going back to 1801, […]
Older Americans Month
Today, May 1, marks the start of Older Americans Month. What better a day to discuss the retirement security of older Americans? Not so long ago retirement security was thought of as a three-legged stool, consisting of employer-sponsored pensions, personal savings and Social Security. Today the only leg of that stool that remains intact is Social Security. More […]
Mother Jones for Mother’s Day
With Mother’s Day approaching, it seems only fitting that I put in a plug for the current edition of Mother Jones magazine. Its cover asks, “Who Ran Away With Your 401(k)?” and the issue is required reading for anyone interested in the future of retirement income. In the lead story, “Who Shredded Our Safety Net?“, […]
Unequal Pay = Unequal Pensions
Today, April 28, is Equal Pay Day, in recognition of the fact that on average women earn less than men. For women, as former Congresswoman Patricia Schroeder once noted, this discrimination throughout their lives “strikes its cruelest blow at the end.” The Lily Ledbetter Equal Pay Act of 2009 will not only help close the […]
Pension information for automotive industry retirees
Are you a retiree from the auto industry? The Pension Benefit Guaranty Corporation, the federal agency that guarantees pensions, has provided helpful information for retirees of Ford, General Motors, Chrysler, and other car companies. The PBGC guarantees pension benefits up to a certain limit for retirees of companies that have gone bankrupt and are unable […]
