Nearly two-thirds (62%) of respondents to a survey say they are "very likely" to transfer some or all of their pension obligations to an insurance company once their DB plan becomes well-funded.
Tag: defined benefit plan
"Having a plan in place to manage their finances can help retirees feel confident about spending their assets and address the fears that may be holding them back,” says Marcy Keckler, vice president of financial advice strategy at Ameriprise Financial.
The blueprint calls for nine design features of the new contract.
Those who are contributing less than 3% to a retirement plan are on track to replace 59% of their income in retirement, whereas those who contribute 10% or more are on track to replace 128% of their income, an analysis from Empower found.
This enables corporations to expense their contributions at a higher tax rate, according to Cerulli.
Nearly half would like a digital retirement coach, an Accenture survey found.
Northern Trust amended its benefit formula in 2012 and provided a transitional benefit that assumed salary increases of 1.5% per year, and the court found expectations of higher salary increases was not part of an “accrued benefit.”
This is a pre-approved plan that meets IRS requirements.
Facing several uncertainties in the health care industry, organizations are looking to revamp their retirement plans to attract talent.
The consultancy identifies 10 investment-related terms rendered outdated by change.
According to a Sears announcement, following the making of a $407 million contribution, it will be nearly relieved of the obligation to make further contributions to the pension plans for approximately two years.