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From Plansponsor

In the wake of the financial crisis of 2008, public pension plans made several reforms, including benefit cuts, and increases in the age and tenure required to claim benefits. And, some state and local governments have contemplated moving to a defined contribution (DC) plan structure. A report from the National Conference on Public Employee Retirement Systems (NCPERS) suggests that if these reforms continue, it will result in economic losses. NCPERS contends that lawmakers do not understand how public pensions work. Read

Looking at the U.S. specifically, the shortfall of retirement savings needed is growing at a rate of $3 trillion each year, and will reach $137 trillion by 2050, according to the World Economic Forum. Read

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