In another shot in the war over public pension costs, a California think tank has created a website listing the retirement benefits of participants, including those of CalPERS, the nations largest system.
An analysis of older unemployed Americans found those with access to Social Security or pension benefits were more likely to stop searching for a job than those who dont.
States need to regularly check on pension obligations and liabilities and other long-term expenses to ensure funding obligations are met, said a report.
The Grand Canyon Institute, based in Phoenix, said switching employees from a traditional pension plan would likely cause shortfalls as contributions from employees dried up.
T.D. Ameritrade Trust Co. said it relied on input from RIAs to create the retirement plan strategy, which combines recordkeeping, custody and third-party administration.
Its a little bit of a shock to discover that many retirement plan sponsors are clueless about just what they need to do to make sure they dont run afoul of the regulations.
We found that in all 10 states, the total annual cost of corporate subsidies, tax breaks and loopholes exceeds the total current annual pension costs for the main public pension plans administered by the states, a report stated.
The bankruptcy last year of the maker of Twinkies and other treats left the benefits of more than 700 participants in the Baltimore-based Bakery and Sales Drivers Local 33 Industry Pension Fund imperiled.
A survey, which looked at 220 companies with 5.8 million employees, found that by the end of the year 62 percent of plans expected to match their investments to their liabilities.