Pension Problems

Stories

16 Stories

December 2008
- Retirement Communities Seek Younger Residents
  
  Wall Street Journal | Dec 1, 08 12:15 PM CST
  
  (Newser) - A rash of vacancies caused by the ugly housing market has prompted many retirement communities to consider lowering, or even eliminating, age restrictions, the Wall Street Journal reports. Many of the communities enjoy lower taxes, and child- and teen-free living appeals to some seniors. But what's being call "age desegregation" may be necessary to keep these enclaves afloat during the economic downturn. More »
November 2008
- Companies Desperate to Roll Back Pension Support
  
  New York Times | Nov 20, 08 9:50 AM CST
  
  (Newser) - Wall Street’s meltdown has diminished the value of US pension funds by $250 billion and cash-strapped companies are asking lawmakers to give them relief from rules that require them to make up the losses, reports the New York Times . The rules, designed to strengthen the pension system in the US, were signed into law by President Bush in 2006. More »
- 401(k) Matches Fall Victim to Downturn
  
  BusinessWeek | Nov 13, 08 10:26 AM CST
  
  (Newser) - Shrinking 401(k) accounts may soon seem like a bit of a luxury as more and more companies eliminate matching contributions to the retirement accounts, reports BusinessWeek . Some 2% of firms in a recent survey said they had already cut out the match, and another 4% said they’ll drop it within the next year as the economy worsens. More »
October 2008
- Sinking 401(k)s Raise Debate on How to Save
  
  Washington Post | Oct 12, 08 8:30 PM CDT
  
  (Newser) - Tumbling stock markets have cracked open the piggy bank that many Americans use to store retirement savings—401(k) accounts—sparking fresh debate about how best to save money, the Washington Post reports. Supporters argue that 401(k)s offer bigger rewards than traditional pensions, which are less exposed to market turbulence. But they lose more on average too—between 7.2% and 11.2% over the last year. More »
- Crisis Drains $2T From Retirement Savings
  
  Washington Post | Oct 8, 08 10:31 AM CDT
  
  (Newser) - The financial crisis has drained $2 trillion from Americans' retirement savings over the past 15 months, reports the Washington Post , a 20% drop in the value of pensions and 401(k) plans that may force many to retire later and could spread to the general economy as workers tighten belts further. The decline has renewed debate about whether 401(k) plans, heavily linked to the market and heavily pushed by the government, are smart retirement investments. More »
- As Stocks Sink, New Cash Cows Emerge
  
  Wall Street Journal | Oct 3, 08 12:26 PM CDT
  
  (Newser) - With stocks tanking, 401(k)s plummeting, and the market’s usual safe haven—real estate—at the heart of the current crisis, investors are seeking refuge in unusual investments—everything from parking spaces to comic books to alpacas, the Wall Street Journal reports. A growing number of retirees are taking individual control of their IRAs as Wall Street has failed to safeguard their savings. More »
September 2008
- Retirees Hit Hard by Markets
  
  New York Times | Sep 23, 08 10:43 AM CDT
  
  (Newser) - Among those hardest hit by the financial crisis are retirees, and they have less chance to recover than their younger counterparts, the New York Times reports. As companies have abandoned fixed pensions for 410(k)s, retirees can lose large percentages of their wealth in a short period. And low-risk investments, like bonds, simply don't offer enough income. More »
August 2008
- Wall Street May Scoop Up Troubled Pension Plans
  
  BusinessWeek | Aug 6, 08 11:05 AM CDT
  
  (Newser) - Though still smarting from the subprime debacle, some of the Wall Street’s biggest players are lobbying the government to be allowed to buy up and manage some of the $2.3 trillion in US corporate pension funds, BusinessWeek reports. Many businesses, eager to get the plans off their books, are backing the movement—but consumer advocates have reservations. More »
- Firms Gamble Pensions to Fund Exec Perks
  
  Wall Street Journal | Aug 4, 08 9:18 AM CDT
  
  (Newser) - Companies from CenturyTel to Intel are funneling pension benefits to retired executives at the expense of workers, using a practice that potentially violates tax rules and puts pension plans at risk, reports the Wall Street Journal . Hundreds of millions of dollars in long-term benefits pegged for executives are draining plans at the expense of the rank and file. More »
June 2008
- Many Retirees Will Have Less Than They Think
  
  Economist | Jun 16, 08 5:21 PM CDT
  
  (Newser) - Many employees will enter retirement with a much smaller income than they expect, the Economist reports. By 2014, the amount of money saved in direct-contribution retirement plans—ie 401Ks—will outpace than the amount saved in old-fashioned direct-benefit plans. But workers set contributions to their DC schemes at lower levels than might have been set aside in DC schemes. Add poor investment decisions, and many pensioners could end up with half the retirement income they would’ve drawn under DB. More »
February 2008
- Forgotten Forefathers (Part Two)
  
  Black Athlete Sports Network | Feb 22, 08
  
  If Browns' Hall of Famer Leroy Kelly retired after a 10-year career today, he'd make around $50,000 a year. (If he had the skill and foresight to play baseball instead, that figure would be $180,000 annually.) But pension payments are calculated based on your retirement date, meaning the further back you go, the more laughable your stipend.
- Upshaw Unfazed by NFL's Pension Tension
  
  ESPN | Feb 1, 08 4:45 PM CST
  
  (Newser) - Robbing Peter to pay Paul is not the answer to the NFL's pension woes, at least not in Gene Upshaw's eyes. The NFL Players Association will not take from the pensions of current players to help former players, says the group's leader, who's at the center of a storm of controversy over the issue. "We have to solve it a different way and we will." More »
- As NFL Retirees' Problems Are Acknowledged, Solutions Are Harder To Come By
  
  MSNBC | Feb 1, 08
  
  Nearly 40 former NFL players filed into the largest conference room at the Phoenix Convention Center on Thursday morning. Many walked slowly, a couple with canes, and they eased their massive frames into chairs designed for smaller people.
January 2008
- NFL, Union Must Do the Right Thing by Ex-Heroes
  
  Clarion-Ledger | Jan 27, 08
  
  A large black-and-white photograph from four decades ago hangs on the wall in Ben McGee's living room. It shows McGee, No. 60 in a Pittsburgh Steelers uniform, running past a fallen Gene Hickerson, No. 60 for the Cleveland Browns. McGee, tall and strapping, is charging toward Cleveland quarterback Bill Nelson.
October 2007
- $10 Million Added to NFL Retirees Fund
  
  Associated Press | Oct 24, 07 10:26 PM CDT
  
  (Newser) - The medical fund the NFL established in July for its retired players will receive a $10 million boost. The money will be added to the $7 million already in the fund and be used for joint replacement surgery, cardiovascular screening and assisted living. “We're continuing to work on the other needs of retired players,” said commissioner Roger Goodell, according to the AP. More »
- House to Examine NFL Disability
  
  Baltimore Sun | Oct 12, 07 3:58 PM CDT
  
  (Newser) - The disability system for NFL players will receive additional scrutiny now that a House committee with "serious questions" about it has commissioned a Congressional Research Service study, the Baltimore Sun reports. The committee wants to find "why only a small percentage of former players receive disability benefits in such a dangerous sport," according a letter released today. More »