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Bailey Childers talks about the retirement crisis in the U.S.
Source: Leavenworth Times

 

Bailey Childers is executive director of the National Public Pension Coalition. In this Quick 5 interview, she talks about the retirement crisis in the U.S.

1. Bailey, the National Public Pension Coalition recently released a report titled Why Pensions Matter. What did the report examine and what were some of the findings?
The report looks at the long history of public pensions in the United States from their origins in the late 19th century up through the present day. Public pensions have provided a reliable source of retirement security for teachers, firefighters, and other public employees for more than a century. Unfortunately, the shift to 401(k) retirement plans in the private sector over the past 30 years has been detrimental to most working families. It is becoming increasingly clear that 401(k)s have failed to meet the retirement income needs of most working people. This, coupled with nearly half of working Americans receiving no retirement plan through work has left us with a retirement security crisis in America.

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Danielle DiMartino Booth to be a Keynote Speaker at the 2017 IPPFA MidAmerican Pension Conference
Source: IPPFA

Danielle DiMartino Booth to be a Keynote Speaker at the 2017 IPPFA MidAmerican Pension Conference.

Danielle DiMartino Booth is a global thought leader on monetary policy and economics. She is the author of FED UP: An Insider’s Take on Why the Federal Reserve is Bad for America (Portfolio, Feb 2017). FED UP, which rose to #22 on Amazon’s Best Seller List, is currently in its fifth production run.

DiMartino Booth founded Money Strong LLC in 2015. Through her economic consultancy, she has published a weekly newsletter for 132 consecutive weeks. Aside from her vast direct distribution network, more than 100,000 readers enjoy her newsletter on a weekly basis via Linked In, Seeking Alpha, Nasdaq, Talk Markets and dozens of other websites.

DiMartino Booth is also a full-time columnist for Bloomberg View, a business speaker, and a commentator frequently featured on CNBC, Bloomberg, Bloomberg Radio, Fox News, Fox Business News and other major media outlets. DiMartino Booth recently accepted a position as Senior Economic Advisor for Commerce Street Capital.

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Public Pensions Are a Good Deal for Taxpayers
Source: NCPERS

Public pensions are beneficial to taxpayers in a variety of ways that are both under-reported and poorly understood by many observers. In the quest for simple answers to complex questions about public pensions, facile observers routinely overlook salient facts. For example, taxpayers get public services from dedicated nurses, firefighters, teachers, and police officers and pay only 20 cents on the dollar for their retirement benefits. The rest of the money comes from investment earnings and employee contributions. Taxpayers benefit from $3.7 trillion of pension fund assets invested in our economy, providing capital for established businesses and start-ups. Additionally, taxpayers benefit because retirees typically spend their pension checks locally, creating new jobs. Above all, tax revenues created through retiree spending and pension investments may exceed what taxpayers pay into public pensions.

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Tax Information for Members of the Military
Source: IRS

This page provides tax information for current and former military personnel who served in the United States armed forces, uniform services, and under limited circumstances, support organizations.

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Curious Behaviors That Can Ruin Your Retirement
Source: Center for Retirement Research

Curious Behaviors That Can Ruin Your Retirement is an interactive program on behavioral impediments to retirement planning. A host leads users through exercises designed to create an “Aha!” moment as they relate to the behaviors. The host then explains how the behavior can hinder retirement planning and how to cope with it. Users can then go to a “Learn More” page with additional information in various media formats.

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Understanding the Cyber Threat
Source: AT&T & NCSA

 

AT&T and the National Cyber Security Alliance are leading a long-term strategy to increase cybersecurity awareness among elected officials. As part of that effort, we commissioned the Governing Institute—an organization that helps public sector leaders govern more effectively through research, decision support and executive education—to survey 103 state legislators and their staff to understand how lawmakers view their role in this critical issue. The results, published at www.governing.com/cyberfindings, show that awareness is growing. A vast majority of respondents said protecting state computer networks is a priority. But the findings also indicate awareness isn’t necessarily turning into action, at least not yet.

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State and Local Pension Plan Funding Sputters in FY 2016
Source: Center for Retirement Research

The brief’s key findings are:

  • In 2016, the funded ratio of state and local pensions declined under both old and new accounting rules.
  • This decline reflected steady growth in liabilities and slow growth in assets due to poor stock performance.
  • More recently, the revival of the stock market is helping plan assets recover, with funded ratios expected to improve in 2017.
  • But, looking further ahead, funding ratios are projected to remain essentially flat due largely to the current approach of calculating required contributions.
  • Thus, to achieve more meaningful progress, plans need to establish contribution levels that will actually reduce unfunded liabilities.

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2017 Mid-Year Federal & State Pension Legislation Update Webcast
Source: YouTube

 

On Tuesday, July 11, 2017, Hank Kim, executive director of NCPERS, Bailey Childers, executive director of the National Public Pension Coalition (NPPC), and Anthony Roda, partner at Williams & Jensen, discussed state and federal legislation impacting public pensions.

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Corporate Employers Flee Pensions With Gap Topping $375 Billion
Source: Bloomberg BusinessWeek

The vast majority of S&P 500 companies don’t have enough money set aside to meet all their obligations to current and future retirees. There’s a total gap of at least $375 billion for the 200 largest plans. This is how they got here.

1975 to 1999

Assets in U.S. pension plans go from $186 billion to more than $2 trillion. A booming stock market helps the funds grow, since many are largely invested in equities.

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