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| Benefits & Administration |
| Gen X More Worried About Retirement than Boomers |
| When it comes to retirement preparation and
investing, members of Generation X (ages 35 to 49) tend to be more worried than
Baby Boomers (ages 50 to 68), a PNC Financial Services Group survey finds. Three
quarters (73%) of Generation Xers agreed with the statement “I worry that
my savings may not hold out for as long as I live,” as opposed to 55% of
Boomers. Eighty-four percent of all survey respondents fear that health care
costs will be too expensive in retirement, topping the list of all concerns
among respondents. Generation X is slightly more worried than boomers (89% vs.
83%).Read more > |
| According to Towers Watson, 2014 was a bad year
for private U.S. pensions. The company’s annual analysis of the top 100
corporate defined benefit (DB) plans found that the Towers Watson Pension 100
(TW Pension 100) had lost 8% of their average funded status at the close of
last year—a fall from 90.2% at year-end 2013 to 80.2%. Aggregate funded status
numbers for DB plans overall are similar—89% to 81% for that same
period—despite the fact that the value of plan assets rose, the study found.
Many of the gains the plans had made in 2013 were lost, and the funding
shortfall, which had shrunk that year to $128 billion, from $297 billion in
2012, ballooned back to $248 billion.Read more > |
| CalPERS to Adjust Contributions for Increased Longevity |
| The California Public Employees’ Retirement
System (CalPERS) Finance and Administration Committee recommended the Board of
Administration adopt new pension contribution rates for State of California and
school employers that are less than originally projected, but up from the
2014-15 Fiscal Year (FY). The changes in the rates for the 2015-16 FY are
driven primarily by payroll growth, salary increases, and retirees living
longer.Read more > |
| Financial anxiety can shoot tentacles into the
workplace, according to PwC US’s 2015 Employee Financial Wellness Survey, with
one in five respondents admitting that issues with personal finances are a
distraction at work. Fewer than half think they will be able to retire when
they desire, and employees’ top financial concerns are having enough emergency
savings and being able to retire when they want.Read more > |
