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Who Goes Bankrupt in America? Increasingly, the Elderly
Headline: Who Goes Bankrupt in America? Increasingly, the Elderly
Publication: MSN
Article Date: Aug 18, 2019
“The elderly are far more visible in U.S. bankruptcy courts these days than in previous generations. Baby boomers 65 and older are racking up far higher levels of debt than their parents, who were raised during the Great Depression, and a growing minority are finding themselves tipping from desperate financial trouble into bankruptcy.” Read article…
California pension mistakes would cost cities — not retirees — under proposed law
Headline: California pension mistakes would cost cities — not retirees — under proposed law
Publication: Sacramento Bee
Article Date: Sep 6, 2019
“Retired California public employees who have received extra retirement income by mistake could be protected from having their pensions reduced under a proposed state law. The proposal targets the mistakes public employers such as cities and schools sometimes make when they calculate workers’ pensions. Senate Bill 266, sponsored by Sen. Connie Leyva, D-Chino, would put the burden of paying for those miscalculations on the public employers.” Read article…
The number of Americans working in their 70s is skyrocketing
Headline: The number of Americans working in their 70s is skyrocketing
Publication: Quartz at Work
Article Date: Jun 3, 2019
“In addition to people being healthier and living much longer, economists say that a combination of financial considerations such as years of stagnant real wages and a shift away from traditional pensions in the private sector are some of the reasons people are working longer.” Read article…
9 ways California’s new retirement plan changes the retirement savings landscape
Headline: 9 ways California’s new retirement plan changes the retirement savings landscape
Publication: MarketWatch
Article Date: Aug 18, 2019
“On July 1, private sector employers in California gained access to an innovative new program that enables them to facilitate retirement savings for their employees. In a state where half of all private sector workers do not have a retirement savings account or participate in a pension, CalSavers stands to make a significant difference in the lives of everyday workers.” Read article…
New Case Studies: Downfalls of Closing Pension Plans
Headline: NIRS Releases Series of Case Studies on Downfalls of Closing Pension Plans
Publication: National Public Pension Coalition
Article Date: Aug 7, 2019
“The National Institute on Retirement Security released a new series of case studies entitled, ‘Enduring Challenges: Examining the Experiences of States that Closed Pension Plans.’ The studies examine four states, Alaska, Kentucky, Michigan, and West Virginia, that have all closed their pension plans and moved newly hired public employees into defined contribution, hybrid, or cash balance retirement systems. NIRS’ findings confirm that closing pension plans and moving new employees to alternative retirement plans worsens funding of pension plans, provides a less secure retirement for public employees, and hurts recruitment and retention efforts.” Read article…