As Dewey Collapses, Partners and Retirees Face Big Financial Losses
For the law partners at Dewey & LeBoeuf, losing their jobs may be the least of their worries. They are likely to lose the money they were required to invest in the firm. They could lose their pensions.
49% of Americans saving zilch for retirement
America has a serious problem saving for retirement. About 49% of Americans say they aren’t contributing to any retirement plan, according to a new survey conducted by LIMRA, a trade association for the financial services industry.
Countering the Retirement Crisis
To help counter the growing retirement crisis for today’s workers, the Pension Benefit Guaranty Corp. has recently begun to spotlight its often-unnoticed mission “to encourage and preserve retirement plans of U.S. companies.”
Should You Accept a Pension Buyout Offer?
A group of 90,000 former salaried workers at Ford got an interesting offer late last month: In exchange for giving up the right to receive monthly pension benefits for the rest of their lives, the company would instead pay them an up-front lump sum of cash.
The retirement savings crisis
The state of retirement savings in America is in big trouble. According to Fidelity Investments, the average 401(k) balance among its 11.8 million accounts increased to $74,600 at the end of the first quarter 2012, a 62 percent increase since the end of the first quarter 2009. While it’s good news that balances are up, […]
Working Late, by Choice or Not
A record 7.2 million Americans age 65 and older are working — double the number 15 years ago — partly because many older Americans love to work and partly because many feel too financially squeezed to retire.
401(k) Plan Sponsors: Workers Can’t Afford to Retire
The retirement-plan industry regularly extols the virtues of 401(k)s and other retirement investment programs. Yet a survey of the heads of many big employer retirement plans found that nearly 80 percent of them agreed that “the days of working until the age of 65, retiring, and then never having to work again are generally over […]
401(k)s are too risky for retirement
Sharon Edwards of Salem, Oregon, may have to move to Mexico, where the cost of living is cheaper, so she can afford her retirement.
White-collar wars: Detroit Three’s battle over traditional pensions
A “war” is escalating in the automotive industry. And it is not a battle between the blue- and white-collar workers, nor will it be fought in the factories. It is a quiet financial struggle for white-collar retirees, former workers and employees regarding their pensions.
Organizations Urge Protections for Women in Lifetime Retirement Income Options
Eight national women’s organizations and the Pension Rights Center submitted comments to the Department of the Treasury, generally supporting proposed IRS rules aimed at encouraging lifetime income options in retirement plans. Noting that “women are more economically vulnerable in retirement than men,” the groups also made several suggestions to strengthen the rules to better protect […]
Joint comments by eight organizations to the Treasury Department on annuitization and women (05/03/2012)
The American Association of University Women (AAUW), the Feminist Majority Foundation, MANA, A National Latina Organization, the National Association for Female Executives, the National Council of Women’s Organizations, the National Organization for Women, the National Women’s Law Center, OWL-The Voice of Midlife and Older Women, and the Pension Rights Center jointly submitted comments to the […]
Minorities’ Retirement Plans Hit Hard In Tough Economy
Continued economic uncertainty has led many workers to dip into their retirement savings, but minorities have been the hardest hit, according to a report by the Ariel Education Initiative (a nonprofit affiliate of Ariel Investments) and the human resources company Aon Hewitt.
