General Motors Corp. CEO Dan Akerson also said he would consider offering a pension buyout to GM's more than 400,000 hourly retirees and dependents as a way to reduce the $134 billion pension obligation on its books, which Akerson said is the largest of any U.S. company. This month, GM said it will offer a buyout to some of its salaried retirees.Read More
More than half of Transamerica Retirement Survey respondents say they don't think they are building a sufficient nest egg—a percentage consistent for all ages of workers.Read More
General Motors Co., in a statement, said the moves should reduce its U.S. pension liability by about $26 billion, a major step in its bid to reduce the $134 billion pension obligation on its books, which GM says is the largest pension liability for any U.S. corporation.
The median amount that LGBT survey participants have saved is $150,000, 17 percent, of the $900,000 they expect to need. The average American has saved about 13 percent of the anticipated needed amount, according to the Wells Fargo study.
Among defined benefit plans offered to new hires, 54 percent are hybrid plans such as cash balance plans, which combine elements of defined benefit and defined contribution plans, but legally are defined benefit plans.Read More
Retirement accounts that remain after a worker leaves are an annoyance to plan sponsors and a burden for company administrators.Read More
Gun-shy employees are keen on investments that provide guaranteed income, though there is little interest in diversification.
Putnam Investments' Robert Reynolds laid out a three-point plan—making Social Security solvent, providing employer savings programs to everyone who pays Social Security taxes and raising workplace savings rates to 10 percent—that he said should be addressed in every federal campaign.
Before a plan can be terminated, it needs to have all the funds necessary to pay benefits to employees. Once that happens, plan sponsors can start the process of shutting down the plan.Read More