Private: Pension: Global Action on Aging




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Private Pension Issues

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Reports

Articles

63% of Laid Off South Florida Workers Forced to Live Off Retirement Savings, New Study Finds (July 19, 2012)
According to a nationwide survey by the Transamerica Center for Retirement Studies, 63% of workers with 401(k) retirement accounts through their most recent employer are using funds to pay their bills. These individuals were required to pay penalties and taxes on withdrawals from 401(k) accounts. Workers in their 40’s and 50’s reported a median retirement savings of $2,300 in their accounts.

Ford Offers Pension Buyouts to 90,000 Retirees and Former Workers (April 28, 2012)

Ford currently has a US pension obligation of $49 billion. It is now offering one-time lump sum payments to pensioners to buyout any pension obligation Ford has towards them. The same deal will be offered to current waged union workers, subject to an agreement with the United Auto Workers union. The payouts will start later this year. Ford is currently losing money in all other markets but the US.

New Ideas on Pensions: Use States (March 26, 2012)
Labor economist Teresa Ghilarducci advocates for an alternative to single-employer pension: cash-balance pensions offered by companies in a pooled system run and guaranteed by states. This plan could increase pension payouts and also allow employers flexibility in contributions. However, this is a controversial proposal, as it would be run by the states, and some have been criticized for mismanaging public pension systems.