For employers who offer plans, the most common type of plan offered today is the defined contribution plan. As defined benefit pension plans vanish, millions of employees must turn to making investment and savings choices to fund their . But others save too little, invest too conservatively or don't participate at all. A recent confidence survey by the Employee Benefit Research Institute found that Americans as a whole aren't putting money into savings or investments, yet the survey also found that half of those employees expect to rely on their savings from 401(k) accounts or other investments. Here are plans to consider: 1. 401(k) plans, 2. 403(b) plans, 3. 457(b) plans, 4. Roth 401(k)/Roth 403(b) plans, 5. Keogh plans, 6. simplified employee...
David Mack, a spokesman for the Washington, D.C.-based group, said it is asking Congress to create federal tax incentives that encourage Americans to invest retirement assets in life annuities. More people are managing their own retirement accounts or hiring someone to do so as companies shift from - traditional pensions, or a defined benefit plan that promises a specified monthly benefit at retirement, to defined contribution plans, such as a 401(k) plan.
A western Pennsylvania lawmaker is introducing legislation that would convert the pensions of his 252 colleagues in the Legislature from a defined-benefit plan to a defined contribution plan, such as a 401(k). Practicing what we preach is essential if we are to restore the credibility of the General Assembly, which will be especially important over the next several years as we face projected multi- billion dollar deficits," says Rep. Tim Krieger (R-Westmoreland).
...-sharing, savings, or deferred compensation plan, or any combination of such plans, of the employer... to any such plan or make rollover contributions, such benefit shall be adjusted in accordance with... whether the retirement income plan is a defined contribution plan or a defined benefit plan. Defin...
THE Congressional Research Service reported that 69 percent of households headed by people 55 to 64 had less than $100,000 in their retirement accounts in 2007 - before 401(k) plans took a huge hit from the economic meltdown. Furthermore, only half the workers in the nation participate in an employer-sponsored plan, be it a defined-benefit pension or a defined-contribution plan such as the 401(k).
...), enacted in 1974, established a pension plan termination insurance program whereby the Pension ...'s sole obligation is to pay the contributions required by the collective-bargaining agreements, ... that `if a worker has been promised a defined pension benefit upon retirement - and if he has fu...
Annuities may be essential to solving the core problem of modern retirement: that individuals are being forced to manage more and more investment and longevity risk. The most common replacement for the traditional defined-benefit plan is a defined-contribution plan, such as a 401(k) or 403(b), which enables savings but generally does not address the issue of investment risk and longevity risk upon retirement. Annuity product innovation now allows for a guaranteed lifetime income stream without transferring the contract value to an insurer, as is done with traditional annuitization. Given this marketplace reality, and that life expectancy is longer than ever, today's annuities certainly should be considered as a potential solution to the challenges of investment and longevity risk.
This article examines the development of Japanese voluntary employer-sponsored retirement plans with an emphasis on recent trends. Before 2001, companies in Japan offered retirement benefits as lump-sum severance payments and/or benefits from one of two types of defined benefit (DB) pension plans. One DB plan type was based on an earlier occupational pension model used in the United States. The other DB plan type allowed companies to opt out of the earnings-related portion of social security. Landmark laws passed in 2001 introduced a new generation of occupational retirement plans to employers and employees, creating three new DB plan designs and two new defined contribution types of plans. Since that time, the mix of employer-sponsored retirement plans offered in Japan has changed si...
The most recent version of GASB's Comprehensive Implementation Guide, updated through June 30, 2007, was just released in September. SGAS 49, Accounting and Financial Reporting for Pollution Remediation Obligations, directs that liabilities arising from pollution remediation obligations be presented net of anticipated, but as yet unrealizable, recoveries. The new Q&A clarifies that this requirement has no effect on the corresponding presentation in the statement of cash flows. SGAS 25, Financial Reporting for Defined Benefit Pension Plans and Note Disclosures for Defined Contribution Plans, directs that each individual pension plan normally be accounted for separately. The same is true for other postemployment benefit (OPEB) plans reported in conformity with SGAS 43, Financial Repor...
In 2002 [Darnell D. Jackson] was selected by Dollar and Sense magazine as a 21st Century America Best and Brightest Financial Advisor, and he has also been featured in numerous national Merrill Lynch advertising campaigns. Publications and magazines include The Wall Street Journal, Business Week, Barron's, Fortune, Forbes, Detroit Free Press, On Wall Street, Merrill Lynch Advisor magazine, Conde Nast Traveler magazine, Architectural Digest magazine, Vanity Fair magazine, the Michigan Chronicle and more. As a media trained advisor, Jackson has been nationally featured on DBS broadcasts (internal television network) discussing "niche marketing." He has been featured in radio, print and television. He recently made an appearance on WDIV Channel 4 Morning News to discuss "Alternative Giftin...
... has extensive public and private retirement plan experience, customized defined benefit plan constrruction and defined contribution plan asset management, which includes administrati...
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