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January 2019

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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13Dec

US. Why millions of seniors are still working past the age of 65

Retiring comfortably at 65 is now out of reach for millions of Americans. Tom Coomer was a machinist at the aerospace manufacturer McDonnell Douglas for 29 years, but the plant closed one year before he was due to get his full pension. Now 80 years old, he works as a greeter five days a week at a Walmart in Oklahoma. While Coomer and his wife have downsized their lifestyle, it's still hard for them to make ends meet. They're just...

December 13, 2018
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13Dec

US. Pension Risk Transfer Volume Falls

A LIMRA analyst sees strong demand for small and midsize deals. U.S. life insurers reported a small drop in pension plan buyout annuity sales in the third quarter. Pension risk transfer sales fell to $6.3 billion, down from $6.4 billion in the third quarter of 2017, according to survey data from the LIMRA Secure Retirement Institute. The institute bases the survey results on data from 16 companies that share information about their sales of large, single-premium group annuity contracts. Pension risk transfer volume...

December 13, 2018
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