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January 2019

03Jan

Funded status of largest U.S. corporate pension plans slipped in 2018, Willis Towers Watson analysis finds

Fourth quarter decline in stock market derailed improved funding trend for year The funded status of the nation's largest corporate pension plans slipped at the end of 2018 as a sharp decline in the stock market during the fourth quarter offset what looked to be a second consecutive year of improved funding, according to an analysis by Willis Towers Watson (NASDAQ:WLTW), a leading global advisory, broking and solutions company. Willis Towers Watson examined pension plan data for 389...

January 3, 2019
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03Jan

Pensions Among the Victims of Stocks’ Worst Year Since 2008

The average U.S. corporate pension plan lost 4.7 percent last year after stocks tanked in the fourth quarter, according to Willis Towers Watson. Steep year-end declines in U.S. stocks left America’s largest public companies deeper in the hole for their pension obligations, according to analysis by consulting firm Willis Towers Watson. Pension funding levels for Fortune 1000 companies dipped to an estimated 84 percent after a volatile fourth quarter culminated in sharp losses in December. The Standard & Poor's...

January 3, 2019
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03Jan

US. Lawsuit filed claims Transamerica Corporation is misusing retirement funds

A lawsuit between Transamerica Corporation and Sanford Heisler Sharp, LLP filed on December 28, alleges the company violated its duties under ERISA and abused employees' trust by mismanaging their retirement funds. The lawsuit claims the company invested employee retirement savings into funds that consistently underperform in their investment benchmarks and similar funds. Documents allege Transamerica has cost its employees millions of dollars in retirement savings that were a part of the Transamerica 401(k) Plan. Plaintiffs Jeremy Karg, Matthew R....

January 3, 2019
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02Jan

New Survey Finds Americans’ Spending Habits Are Ruining Their Retirement

Americans Spend More Than $5,000 a Year on Non-Necessities The survey asked respondents how much they spent annually on the following six categories: Eating out and food deliveryCoffeeAlcoholRide-sharing services and taxisClothing and accessoriesEvents (e.g. concerts, sports) On average, respondents spent $5,339 annually on all of those expenditures combined. The biggest source of nonessential spending is eating out, takeout and food delivery. Respondents said they spent an average of $2,167 a year on food that they didn’t prepare at home....

January 2, 2019
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December 2018

21Dec

US. Bill Would Allow Use of Retirement Plans to Provide Student Loan Repayment Benefits

The Retirement Parity for Student Loans Act would permit 401(k), 403(b), and SIMPLE retirement plans to make matching contributions to workers as if their student loan payments were salary reduction contributions. Senators Ron Wyden, D-Oregon, and Ben Cardin, D-Maryland, have introduced legislation that would allow 401(k), 403(b) and SIMPLE retirement plan sponsors to use their plans to provide student loan repayment benefits to employees. According to a summary of the bill, The Retirement Parity for Student Loans Act would...

December 21, 2018
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20Dec

US. MetLife settles Massachusetts case over unpaid pensions

MetLife Inc will pay a US$1 million fine to resolve claims that it made misleading statements to investors in failing to pay pension benefits to thousands of retirees it improperly treated as "presumed dead." Massachusetts Secretary of the Commonwealth William Galvin announced the settlement on Wednesday. The deal resolves an administrative case that Galvin's office filed against MetLife in June. As part of the settlement, Galvin's office said that MetLife will provide payments, with interest, to hundreds of Massachusetts...

December 20, 2018
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19Dec

US. The states where pensions are safe and where they’re in trouble

Kentucky’s public pension, which was at risk of benefit cuts, may be saved Kentucky has one of the worst public pension plans in the country, but it’s just been saved from getting even worse. The state’s Supreme Court ruled against a reform law that would have cut benefits for public employees, including teachers, law enforcement, firefighters, social workers and government workers. Under the law, workers hired between 2003 and 2008 would have to pay 1% of their salaries for retiree health...

December 19, 2018
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18Dec

US. Tax-Efficient Retirement Withdrawal Strategies

Earlier this year Fidelity reported that the number of 401K millionaires hit an all time high of 168,000 and the number of IRA millionaires hit 156,000. Now that the 76 million Baby Boomers are starting to retire and reach the age of Required Minimum Distributions - planning for tax efficiently drawing down their savings is becoming a bigger concern. Additionally many people believe we may be in a once in a generation window of low taxes , and that...

December 18, 2018
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17Dec

US. Shareholders call on ExxonMobil to set greenhouse gas reduction targets

A number of institutional investors in ExxonMobil Corp (XOM.N) have said they will file a shareholder resolution which calls on the world’s largest oil company to set targets for lowering its greenhouse gas emissions. The call, led by the New York State Common Retirement Fund (NYSCRF) and the Church Commissioners of England (CCE), comes in the wake of shareholder moves at other major energy firms seeking to make them more responsive to climate change and its impact on the business. The...

December 17, 2018
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16Dec

Informing Retirement Savings Decisions: A Field Experiment on Supplemental Plans

By Robert L. Clark (North Carolina State University - Poole College of Management), Robert G. Hammond (North Carolina State University), Melinda Sandler Morrill (North Carolina State University - Department of Economics), Christelle Khalaf (North Carolina State University) Although supplemental saving plans can be an important part of an individual's financial security in retirement, contribution rates remain low, particularly among those with lower salaries and less education. We report findings from an intervention that provided information on key aspects of the...

December 16, 2018
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