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“BenefitsLink continues to be the most valuable resource we have at the firm.”
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65 Matching News Items |
| 1. |
National Institute on Retirement Security Comment Letter to DOL on Lifetime Income Illustration in Pension Benefit Statements (PDF)
National Institute on Retirement Security (NIRS) 
Aug. 9, 2013
"NIRS believes that it is important for the Department to make sure that the safe harbor assumptions produce likely outcomes that would be realistic estimates for all employees. For those individuals who would like to see benefit projections based on more aggressive assumptions, those can be completed with often just a few clicks on a website."
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| 2. |
Federal Employees' Retirement System and the Thrift Savings Plan: A Combined Approach to Retirement Security (PDF)
National Institute on Retirement Security [NIRS]
Oct. 25, 2012
"One of the most well-known transformations of a pension system occurred when President Ronald Reagan signed the Federal Employees' Retirement System Act into law on June 6, 1986. This law moved federal employees from the Civil Service Retirement System (CSRS), to a retirement system that integrated Social Security, a DB pension, and a DC savings plan. This issue brief reviews this new system, known as the Federal Employees' Retirement System (FERS). More specifically, this issue brief explores its impact on the funding of benefits and the adequacy of retirement income benefits for federal employees over the last twenty-five years."
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| 3. |
Retirement Security 2015: A Roadmap for Policy Makers (PDF)
National Institute on Retirement Security [NIRS]
Mar. 3, 2015
36 pages. "An overwhelming majority of Americans believe there is a retirement crisis.... Three in four Americans remain highly anxious about their retirement outlook, but the concern has dissipated slightly as the economy has recovered.... Even though Americans feel slightly less stressed about their retirement prospects, support for steady and reliable retirement income from a pension is high and growing.... Americans see retirement benefits as a job feature that is almost as important as salary.... Americans express strong support for pensions for public employees. Few Americans realize that 75 percent of public pension costs are paid for with employee contributions and investment returns.... Protecting Social Security benefits is increasingly important."
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| 4. |
Pensions and Retirement Security 2013: A Roadmap for Policy Makers (PDF)
National Institute on Retirement Security [NIRS]
Feb. 26, 2013
"Americans remain highly anxious about their retirement outlook despite stabilization of the financial markets, declining unemployment and increased consumer confidence.... Americans are highly supportive of pensions and see these plans as a way to improve retirement readiness ... Americans feel that leaders in Washington do not understand their struggles to save for retirement. Americans overwhelmingly would support Congressional action to provide all Americans with access to a new type of privately run pension plan. More than 90 percent would favor a new pension plan that is available to all Americans, is portable from job to job, and provides a monthly check throughout retirement for those who contribute."
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| 5. |
Financial Asset Inequality and Its Implications for Retirement Security (PDF)
National Institute on Retirement Security [NIRS]
Sept. 25, 2019
14 pages. "This issue brief ... finds that financial asset inequality has increased over time.... [U]sing 2016 data, this issue brief finds a similarly skewed ownership of financial assets among the Millennial and Generation X cohorts.... [T]hese households face an increasing retirement savings burden due to the decline of pensions in the private sector and longer life expectancy. The persistent concentration of financial assets among the wealthy, combined with anemic retirement savings among most households, poses a significant economic threat to the retirement security of many working Americans."
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| 6. |
Lessons for Private Sector Retirement Security from Australia, Canada, and the Netherlands (PDF)
National Institute on Retirement Security [NIRS]
May 17, 2017
"This paper ... [outlines] social security and universal, quasi-universal, and voluntary employer-provided retirement plans in Australia, Canada, and the Netherlands.... [W]hile the level of risk borne by employees varies across the three countries' retirement income systems, risks are pooled among workers or offset by employers and government to a greater extent than in the U.S."
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| 7. |
An Update on Retirement Plan Choices for Public Employees and Employers (PDF)
National Institute on Retirement Security [NIRS] and Milliman
Aug. 23, 2017
38 pages. "When given the choice between a primary DB or DC plan, public employees overwhelmingly choose the DB pension plan. DC plans are less cost efficient than DB plans, due to lower investment returns, and the lack of longevity risk pooling. Some states have considered moving employees from a DB-only to a DC-only structure in an attempt to address an unfunded liability. Making this shift, however, does nothing to close any existing funding shortfalls, and can actually increase retirement costs. Traditionally, employers bear most of the risk in DB plans, and employees bear most of the risk in DC plans. The public sector has always had cost sharing in its DB pensions and employees have experienced increases in their portion of plan contribution in recent years."
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| 8. |
Observations on the NIRS Private Retirement System Analysis: Data 'Minding' is In Order
Data 'Points'
Oct. 1, 2018
"Last week the National Institute on Retirement Security released a report ... that claimed that the median retirement account balance among all working individuals is ... $0.00. Moreover, that same report claims that '57 percent (more than 100 million) of working age individuals do not own any retirement account assets in an employer-sponsored 401(k)-type plan, individual account or pension.' ... [M]uch of the data -- and key elements, such as wealth, income, participation and retirement savings -- that underlie the conclusions is 'self-reported' which ... even the report's authors acknowledge '...can be problematic...'.... [C]aution in applying the conclusions seems well-advised."
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| 9. |
Preserving Retirement Income Security for Public Sector Employees (PDF)
National Institute on Retirement Security [NIRS]
July 12, 2016
42 pages. "[M]ost public retirement systems provide new members with a DB pension benefit or a DB benefit in combination with a DC account. Only a very small number of systems provide only a DC benefit.... 71 percent of the plans surveyed credit their members with interest on their contributions if they leave and request a refund.... [A]ll public DB plans allow for the purchase of service credits for prior military service, and more than half of the plans surveyed allow for the purchase of credits for prior out-of-state government service.... A number of plans have features that increase benefits for short or moderate term employees."
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| 10. |
Senate HELP Committee Hearing on the Retirement Crisis in America
Committee on Health, Education, Labor and Pensions, U.S. Senate
Feb. 28, 2024
Video of Feb. 27 hearing. Majority staff report, statement from Ranking Member Sen. Bill Cassidy, M.D. (R-LA), and testimony from: [1] Sara Schambers, UAW Member; [2] Teresa Ghilarducci, The New School for Social Research; [3] Dan Doonan, National Institute on Retirement Security (NIRS); [4] Rachel Greszler, The Heritage Foundation; and [5] Eric Stevenson, Nationwide Retirement Solutions, Nationwide Mutual Insurance Company.
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| 11. |
Public Employee Turnover Trends Following Retirement Reforms in Rhode Island (PDF)
National Institute on Retirement Security [NIRS]
Mar. 20, 2024
"[In 2011,]the Employees' Retirement System of Rhode Island (ERSRI) ... changed from a defined benefit pension plan to a hybrid plan with a reduced pension component and mandatory participation in a 401(k)-style defined contribution plan.... Employee turnover has been consistently higher ... Higher turnover will result in fewer workers providing full careers in their communities ... These increased turnover trends not only dictate how much hiring public employers must undertake, but also the average and median level of experience of their workforce."
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| 12. |
More Bombast from Andrew Biggs on Public Pension Plans
National Council on Teacher Retirement
June 1, 2012
"[Economist Andrew] Biggs takes on the National Institute on Retirement Security (NIRS) and the pension administrators who belong to it. He labels as 'nonsense' the NIRS 'Pensionomics' research that shows how each dollar of pension benefits produces $2.37 in economic output, creating millions of new jobs and billions in additional labor income. According to Biggs, the NIRS research is 'faulty' ... NIRS executive director, Diane Oakley, argues that 'What doesn't make sense is the nation's broken retirement infrastructure.' ... [To] the extent that opponents of DB plans [for teachers in public schools] are reaching out for new reasons to support their 'conversion' arguments could suggest that perhaps some of their older ones are not gaining much traction? One can only hope."
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| 13. |
Generational Views of Retirement in the United States (PDF)
National Institute on Retirement Security [NIRS]
July 19, 2021
16 pages. "Millennials and Generation X are most concerned about the impacts of COVID-19 on their retirement. Across generations, most of those who are concerned about the impacts of the pandemic plan to delay their retirement. ... There is broad support across generations for Social Security, including support for increasing contributions and expanding benefits. All generations have favorable views of defined benefit pensions, with Millennials holding the most favorable views. There is wide agreement generationally that pensions are better than 401(k) plans for providing retirement security, and that everyone should have a pension."
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| 14. |
Financial Security Scorecard: A State-by-State Analysis of Economic Pressures Facing Future Retirees (PDF)
National Institute on Retirement Security [NIRS]
Mar. 4, 2014
"There is room for improvement in all states in one or more measure of financial security for future retirees.... All three potential sources of economic insecurity for future retirees deserve policy attention.... Improving the future financial security of an aging workforce requires ensuring good employment options for older workers.... States must remain vigilant over time." [Includes illustrative charts.]
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| 15. |
The Sources of Retirement Income for Older Americans
National Institute on Retirement Security [NIRS]
Jan. 14, 2020
"[A] large portion (40 percent) of older Americans rely only on Social Security income in retirement while only a small percentage of older Americans (seven percent) receive income from Social Security, a defined benefit pension, and a defined contribution account.... Absent income from defined benefit pensions, the number of poor older households would have increased by 19 percent to more than four million households in 2013.... Without income from defined contribution accounts, the estimated number of poor older households would have increased by five percent."
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| 16. |
The Continuing Retirement Savings Crisis (PDF)
National Institute on Retirement Security [NIRS]
Mar. 12, 2015
"Nearly 40 million working-age households (45 percent) do not own any retirement account assets, whether in an employer-sponsored 401(k) type plan or an IRA.... The average working household has virtually no retirement savings.... Even after counting households' entire net worth -- a generous measure of retirement savings -- two-thirds (66 percent) of working families fall short of conservative retirement savings targets ... Public policy can play a critical role in putting all Americans on a path toward a secure retirement by strengthening Social Security, expanding access to low- cost, high quality retirement plans, and helping low- income workers and families save."
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| 17. |
Retirement Insecurity 2021: Americans' Views of Retirement (PDF)
National Institute on Retirement Security [NIRS]
Feb. 18, 2021
"The COVID-19 pandemic has impacted many Americans' concerns and plans for retirement ... A large swath of Americans is concerned about their economic security in retirement.... Americans are highly supportive of Social Security, and there is some support for expanding the program.... When it comes to pensions, Americans have highly favorable views about their role in the retirement equation and see these plans as better than 401(k) savings accounts."
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| 18. |
Views of Millennial State and Local Government Employees on Their Jobs, Compensation and Retirement (PDF)
National Institute on Retirement Security [NIRS]
Feb. 5, 2020
22 pages. "[1] Despite knowing they could earn a higher salary in the private sector, Millennials working in state and local government are satisfied with their jobs and total compensation. [2] State & local government Millennial employees are planning to stick with their current job, but changing their benefits might push some out the door. [3] Millennials working in state and local government are highly supportive of pensions, and they see the advantages of their benefits beyond retirement. [4] State and local government Millennial employees feel confident about their retirement, but worry about cuts or changes to benefits. [5] State and local government Millennial workers say eliminating pensions has negative consequences."
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| 19. |
The Forgotten Generation: Generation X Approaches Retirement (PDF)
National Institute on Retirement Security [NIRS]
July 16, 2023
26 pages. "Slightly more than half (55%) of Gen Xers are participating in an employer-sponsored retirement savings plan. Fourteen percent of Gen X is covered by a DB plan, and this level is coverage is fairly consistent across gender and race.... The typical Generation X household only has $40,000 in retirement savings in private accounts.... Most Gen Xers, regardless of race, gender, marital status, or income, are failing to meet retirement savings targets."
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| 20. |
How Tax Incentives for Retirement Savings Leave Middle-Class Families Behind (PDF)
National Institute on Retirement Security [NIRS]
May 26, 2022
28 pages. "[T]he level of income replacement from Social Security falls off far more quickly than private savings function to provide adequate retirement income for middle class workers.... The value of tax incentives for saving is much greater for those at higher income levels, who face higher marginal tax rates. These incentives are quite weak for much of the middle class.... Solutions to these inequities should focus on increasing participation in the retirement savings system and ensuring working families also receive adequate incentives to save for retirement."
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