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11 Matching News Items

1.  More Households Are Prepared for Retirement, But This Good News Might Not Last
Alicia H.Munnell, via Center for Retirement Research at Boston College Link to more items from this source
Mar. 4, 2024
"The 2022 [National Retirement Risk Index (NRRI)] shows that ... between 2019 and 2022, the share at risk dropped from 47 percent to 39 percent.... Two major contributors to the stunning improvement in the NRRI seem unlikely to persist. First, housing prices are about 14 percent above their long-run trend for the last 30 years, and may well revert to trend over time. Second, 'new saving' is almost certainly a one-shot COVID phenomenon. Indeed, personal saving rates have returned to pre-pandemic levels and so has credit card borrowing."
2.  ESG Investing Limitations for Fiduciaries Confirmed by New Court Ruling
Alicia H. Munnell, via Center for Retirement Research at Boston College Link to more items from this source
Oct. 11, 2023
"[The decision] ... provides much needed clarity to the ESG controversy. Maximizing risk-adjusted returns is an ERISA fiduciary's sole responsibility when it comes to making investment decisions. In pursuing that goal, a fiduciary can adopt a strategy that is 'pro-ESG, anti-ESG, or entirely unrelated to ESG.' But the decision must be solely in terms of maximizing risk-adjusted returns, not collateral benefits.... [S]ubstantial uncertainty still surrounds state and local plans where fiduciaries' ability to maximize risk-adjusted returns may be limited by local laws and pending bills with regard to ESG investing -- both pro and con." [Utah v. Walsh, No. 23-0016 (N.D. Tex. Sep. 21, 2023)]
3.  'Rothification' Would Be Likely to Reduce Retirement Saving (PDF)
Alicia H. Munnell and Gal Wettstein, Via Center for Retirement Research at Boston College Link to more items from this source
Nov. 14, 2017
"As part of tax reform, Congress considered changes to 401(k)s that would require most new contributions to go to a Roth, rather than a traditional, account. This budget gimmick would help pay for tax cuts because Roths are taxed up-front, rather than in retirement. Such a change, however, could also affect how much people save. Some could save more by keeping their contribution steady. Some may save the same by reducing their contribution to maintain their take-home pay. But many, especially those who have lower incomes or are cash-strapped, may overreact and save much less. Rather than risk disrupting the retirement savings system, a better idea is to focus on actions to boost saving and expand access to workplace retirement plans."
4.  DOL's Rule for ESG Investment Hasn't Changed from Trump to Biden
Alicia H. Munnell, via Center for Retirement Research at Boston College Link to more items from this source
June 21, 2023
"Both the final Biden Rule and the final Trump Rule make it very clear that a fiduciary cannot make an investment decision for any other purpose. The Biden Rule says ESG factors can be considered only to the extent that they are relevant to a risk-return analysis, not as collateral benefits. The Trump Rule effectively reaches the same conclusion, but states it in the negative -- ESG factors must not be considered to the extent they are not a 'pecuniary factor.' So why are the Trump and Biden Rules generally perceived as being inconsistent with one another?"
5.  Social Security's Financial Outlook: The 2023 Update in Perspective
Alicia H. Munnell, via Center for Retirement Research at Boston College Link to more items from this source
Apr. 25, 2023
"The 'Missing Trust Fund,' a result of paying excess benefits to early generations, provides a strong case for some general revenue financing. Workers would contribute the amount required in a funded system, and general revenues would compensate for the 'Missing Interest.' Thus, the historical burden would be distributed more broadly, but the sense that workers pay for their own benefits would remain."
6.  Social Security's Real Retirement Age Is 70 (PDF)
Alicia H. Munnell, via the Center for Retirement Research at Boston College Link to more items from this source
Oct. 23, 2013
"Due to increases in Social Security's Delayed Retirement Credit, the effective retirement age is now 70, with monthly benefits reduced for earlier claiming. Benefit levels at 70 appear appropriate given that rising deductions for Medicare and greater benefit taxation have reduced Social Security's net replacement rates. The shift to 70 should be feasible for many workers given increases in lifespans, health, and education. But vulnerable workers forced to claim early will have low benefits and will be particularly harmed by any further cuts. Policymakers need to inform those who can work that 70 is the new retirement age and devise ways to protect those who cannot work."
7.  The Average Retirement Age: An Update (PDF)
Alicia H. Munnell, via the Center for Retirement Research at Boston College Link to more items from this source
Mar. 3, 2015
"Labor force activity among older Americans began rising in the mid-1980s due to: changing Social Security incentives; the shift to 401(k) plans; and improving health, longevity, and education. Updated data, however, suggest that these factors may have played themselves out. As a result, the average retirement age has increased only slightly in the last 10 years: to 64 for men and 62 for women."
8.  Will the Rebound in Equities and Housing Save Retirements? (PDF)
Alicia H. Munnell, Anthony Webb and Rebecca Cannon Fraenkel, via the Center for Retirement Research at Boston College Link to more items from this source
Dec. 3, 2013
"[I]mproving asset markets have only slightly lowered retirement risk because the increases in house prices have been modest, and the more robust growth in stocks mainly benefits the top third of households.... [E]ven with the market rebounds, the picture still looks worse than 2007. [E]ven substantial increases in asset values have only a modest effect on the [National Retirement Risk Index (NRRI)]. Half of American households remain at risk, and the only real solutions are to save more and/or work longer."
9.  The Outlook for Pension Contributions and Profits in the U.S. (PDF)
Alicia H. Munnell and Mauricio Soto, via the Center for Retirement Research at Boston College Link to more items from this source
Sept. 3, 2003
30 pages; working paper. Executive summary is online.
10.  Suspending the Employer 401(k) Match (PDF)
Alicia H. Munnell and Annika Sunden, via the Center for Retirement Research at Boston College Link to more items from this source
July 1, 2003
8 pages. Excerpt: This [brief paper] looks at the nature of the employer match in 401(k) plans, the role that the match plays in individual participation and contribution decisions, the extent to which firms are cutting back on their matching 401(k) contributions, and the implications of the cutbacks for individuals and the plans themselves.
11.  Defined Contribution Plans in the Public Sector: An Update (PDF)
Alicia H. Munnell, Jean-Pierre Aubry, and Mark Carafelli, via the Center for Retirement Research at Boston College Link to more items from this source
Apr. 23, 2014
"Post-2008 changes have been to establish either hybrid plans or cash balance plans, rather than stand-alone defined contribution plans. The changes appear driven by a desire to avoid future unfunded liabilities, to reduce investment and mortality risk, and to help short-tenure workers. Such changes transfer risk to participants, but if the new plans enhance the likelihood of responsible funding, they could also offer some increased security."

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