| | Benefits & Administration | | Those Closest to Retirement Feeling Unprepared | | The percentage of Boomers feeling extremely or
very confident they will have enough money to last throughout retirement has
declined significantly, to 27% of Boomers in 2015 from almost four in 10 in
2011. However, 44% believe their financial situation in five years will be
somewhat or greatly improved. “Baby Boomers are more optimistic about the
future, in part due to market gains in the past couple of years, but also
partly because more Boomers remain in the work force still, shoring up
savings,” said Cathy Weatherford, president and CEO of IRI, discussing a
report, “Boomer Expectations for Retirement 2015,” from IRI during a kickoff
call for National Retirement Planning Week.Read more > | | The Michigan Supreme Court has ruled that
pension changes made in 2012 are constitutional. The reforms require school
employees to elect either to contribute 3% of salary to pre-fund health care
benefits or forego retiree health care in lieu of a 2% matching contribution
into the state’s defined contribution plan.Read more > | | Still Hope for In-Plan Lifetime Income Options | | Kelli Hueler, president and CEO, Hueler
Companies, says the No. 1 reason defined contribution (DC) retirement plan
sponsors should make lifetime income solutions available to plan participants
is that they are facing one of most difficult financial decisions they will
have in their lifetime: how to pay themselves without running out of resources
in retirement. “We see a lot of smart, dedicated folks working on new products
for each demographic group,” she tells PLANSPONSOR.Read more > | | Amid high levels of financial stress, a quarter
of Americans believe a financial plan would alleviate their anxiety, a survey
says. Nearly nine in 10 of Americans (86%) say they feel stress when it comes
to their finances, with women (89%) and younger respondents between the ages of
18 and 44 (91%) the most anxious about their finances, according to a survey
conducted by ORC International on behalf of the Certified Financial Planner
Board of Standards.Read more > |
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