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New Case Studies: Downfalls of Closing Pension Plans
Headline: NIRS Releases Series of Case Studies on Downfalls of Closing Pension Plans
Publication: National Public Pension Coalition
Article Date: Aug 7, 2019
“The National Institute on Retirement Security released a new series of case studies entitled, ‘Enduring Challenges: Examining the Experiences of States that Closed Pension Plans.’ The studies examine four states, Alaska, Kentucky, Michigan, and West Virginia, that have all closed their pension plans and moved newly hired public employees into defined contribution, hybrid, or cash balance retirement systems. NIRS’ findings confirm that closing pension plans and moving new employees to alternative retirement plans worsens funding of pension plans, provides a less secure retirement for public employees, and hurts recruitment and retention efforts.” Read article…
Our calculator will guess how many healthy years of life you have left
Headline: Our calculator will guess how many healthy years of life you have left
Publication: The Conversation
Article Date: Oct 16, 2017
“As the old saying goes, the only things certain in life are death and taxes. While death is inevitable, the quality of life you experience until death is often within an individual’s control.
“This is what our team at the Goldenson Center for Actuarial Research chose to focus on by developing a rigorous measure of quality of life. How many healthy years of life do you have ahead before you become unhealthy?” Read article…
CalPERS faces ‘very serious risk’ in $1.2 billion long-term care case, judge warns
Headline: CalPERS faces ‘very serious risk’ in $1.2 billion long-term care case, judge warns
Publication: Sacramento Bee
Article Date: Aug 14, 2019
“A judge is urging CalPERS to settle a major lawsuit over price increases for its long-term care insurance policies, suggesting the system could have to pay a lot of money if the lawsuit goes to a jury trial in October.” Read article…
Longer lives and ‘lumpy’ expenses force Americans to rethink their retirement-savings math
Headline: Longer lives and ‘lumpy’ expenses force Americans to rethink their retirement-savings math
Publication: USA Today
Article Date: Aug 5, 2019
“People sometimes sit down and say, ‘What are my core monthly bills?’ but that may lead to overlooking unexpected costs like broken appliances or unplanned car repairs. It’s what we call lumpy expenses.” Read article…
New Studies – Increased Taxpayer Costs When States Move Employees Out of Pension Plans
Headline: New Case Studies Find Increased Taxpayer Costs When States Move Employees Out of Pension Plans
Publication: National Institute on Retirement Security
Article Date: Aug 7, 2019
“A new series of case studies finds that states that shifted new employees from defined benefit pensions to defined contribution or cash balance plans experienced increased costs for taxpayers, without major improvements in funding. The research also indicates that the move away from pensions cuts employees’ retirement security and that employers may face increasing challenges hiring and retaining staff to deliver public services.” Read article…