Mandatory worker retirement plans gain momentum with California legislation

Photo via AARP

The movement to require employers to offer retirement plans to their workers just took a big leap forward. California Governor Jerry Brown signed legislation last week launching the state’s Secure Choice plan – a government-sponsored retirement savings vehicle that would be offered to employees of most companies that do not have their own workplace retirement […]

Military prepares for overhaul in retirement benefits

Photo by Fort Rucker via Flickr.

U.S. Armed Forces – Get Ready to Salute the 401(k). The military, which currently has a traditional defined benefit plan, will adopt a new hybrid program next year that blends an existing defined benefit for career personnel with a matching contribution to a 401(k)-style account aimed at covering those who don’t make a lifelong career […]

Pages: 1 2 3

Decade after landmark pension law, changes still needed

PPA-signed-150px

Next week marks the 10th anniversary of a landmark federal law with a hopeful name – the Pension Protection Act of 2006. Has the law lived up to its name? The anniversary is an apt time to consider changes still needed to improve the retirement security of American workers. The track record of the Pension […]

Will government workers facing Social Security cuts get relief?

Washington-slider

Relief may soon be on the way for more than 2 million Americans who face big cuts in their Social Security benefits simply because they worked in government jobs that come with a pension. The reductions stem from two little-understood rules, the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). Both are designed […]

Threatened Teamster pensions safe for now – but what comes next?

Pension-rally-150px

Should the pension of a retired truck driver – or his widow – be cut by one-third or more because the plan is in trouble? Doing no harm to current retirees is a basic tenet of sound retirement policy, as well as basic fairness. But legislation passed in 2014 opened the door to the possibility […]

Is a mandatory U.S. retirement saving plan in your future?

Women-retirement-saving-150px

Make a list of the most toxic words in American politics, and “employer mandate” certainly would be in the top 10. Requiring employers to provide health insurance to workers is one of the most controversial features of the Affordable Care Act – along with the requirement that individuals buy insurance. But a mandatory retirement savings […]

PBGC premium hike puts another nail in pensions’ coffin

Pension

Congress pounded one more nail in the coffin of traditional pensions earlier this month – and it didn’t have to happen. In one of the most misguided retirement policy moves in recent memory, the Bipartisan Budget Act of 2015 signed last week by President Barack Obama increases the odds that more pension plan sponsors will […]

CEO pensions are larger than yours – much larger

cash-150-px

Most fast food workers don’t earn enough to retire with much of a pension. Then there is David Novak, executive chairman of YUM Brands (YUM.N), the conglomerate that runs Taco Bell, Pizza Hut, and KFC outlets. Novak’s total retirement holdings, including deferred compensation, are worth $234 million – more than any other Fortune 500 chief executive. Novak […]

White House throws in the towel on auto-IRA, and turns attention to the states

IRA-slider

The White House is throwing in the towel on its stalled initiative to extend retirement saving accounts to millions of workers who currently aren’t covered by employer plans. Instead, the Obama Administration is turning its attention to helping states close the coverage gap. That’s one headline that surfaced at the recent White House Conference on […]

When life events intervene in your retirement plan

Clock-150x220

Financial plans typically assume a normal retirement age in the mid-60s or beyond, but life events have a way of intervening. Half of all retirees say they left the workforce earlier than planned, according to the 2015 Retirement Confidence Survey conducted by the Employee Benefit Research Institute. The key culprits include health problems or disability […]