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Pension News

100 largest public plans’ funding rebounds in April

Funding ratios for the largest public pension plans in the US rebounded significantly in April after suffering the largest quarterly drop recorded by the 100 Public Pension Funding index. Funding for public plans experienced an aggregate 5.92% investment return for the month after the first quarter’s -10.81% return. April’s market gains led to a $200 […]

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What to Do With Your 401(k) if You Get Made Redundant?

If you have been made redundant or furloughed, your entire financial planning will change immediately. For many Americans, due to coronavirus pandemic, being laid off is fast becoming a reality as more than 10 million workers filed for unemployment benefits during March 2020, according to U.S. Department of Labor data. With economic uncertainties increasing, that […]

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How the SECURE Act Impacts Your Retirement

The new SECURE law changes the retirement savings rules and taxes for workers and retirees. The Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed by President Donald Trump in December 2019 and became a law as of Jan. 1, 2020. The new legislation brings changes for long-term retirement savings and impacts all […]

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Pandemic may increase US state pension plan debt to $1.5 trillion

Recent market decreases as a result of the coronavirus pandemic could cause US state pension funds to suffer increased losses of $500 billion, which would bring the overall state pension debt to $1.5 trillion and increase the aggregate funding gap to an all-time high. With most public plans are on track to face fiscal year […]

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US pension funds may pour $400 billion into stocks

US pension funds that delayed rebalancing their portfolios are likely to pour about $400 billion into stocks over the next two quarters, which will provide a potential boost to equity markets damaged by the coronavirus pandemic. Weeks of asset price volatility may have pushed some fund managers to postpone rebalancing portfolios where equity allocations have […]

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Coronavirus is Causing the Public Pension Crisis to Exacerbate

The pandemic has caused the stock markets to plunge handing fund big losses after they increased their risk over the past decade. For many years, the public pension plans have faced a widening gap between what they owe and what they can pay. From the State of California’s public employees’ retirement plan, with more than […]

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Local governments move away from Defined Benefit plans

Introduction As of 2019, 18 states offered something other than the traditional stand-alone defined benefit (DB) plan as their primary retirement plan. In the wake of the 2008 financial crisis, states were more likely to introduce a hybrid and/or cash balance plan rather than a stand- alone defined contribution (DC) plan. But less was known […]

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IRA Contribution Limits for 2020

Retirement savers will be able to defer paying income tax on up to $6,000 in an individual retirement account in 2020. Workers with slightly higher incomes will also be eligible to save for retirement in traditional and Roth IRAs and qualify for the saver’s tax credit. IRA limits for 2020 The IRA contribution limit is […]

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Corporate pensions to end as retirement plans change

The practice of companies sending monthly retirement checks to their former workers is ending, and remaining pension funds are in tough financial shape. Nearly two-thirds of pension funds are considering dropping guaranteed benefits to new workers within the next 5 years. Despite gains in the stock market in 2019, US pension plans are near their […]

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Tighter rules on best practice in switching retirement schemes still divides opinion

The US Securities and Exchange Commission approved new rules regarding the advice savers receive about their investments. The changes, the agency said, would strengthen consumer protection without imposing onerous costs on practitioners. There is uncertainty whether the measures offer sufficient protection to investors deciding whether to transfer retirement funds into other accounts. Money transfers from […]

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There is a retirement crisis in America

Baby boomers, in particular, have not saved nearly enough for retirement. They’re going to live longer than they think, and if trends continue, many will run out of money before they die. There are 3 main components to retirement: Private Savings Pensions Social Security Private Savings: The average 401(k) account value for an investor age […]

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Should I take early 401(k) penalty free now?

Millions of jobs are being lost due to the coronavirus pandemic, how do you cover your expenses in the short term? One option is to take an early distribution from your 401(k), which is now penalty-free for those hit by the pandemic thanks to the stimulus bill. As part of the massive stimulus bill, those […]

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Is your pension safe? More funds fail

Thousands of retirees found out last month that their benefits checks could be cut. And more cuts could be coming. Under a new law, about 100 pension plans might be able to reduce benefits, according to the Pension Benefit Guaranty Corporation. A lot of the workers covered by these funds are union members who’ve worked […]

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