Via Los Angeles Times By Michael Hiltzik For nearly 40 years now, we’ve been hearing that 401(k) plans are the key to a comfortable retirement. By giving a tax break to workers contributing part of their paychecks to their retirement nest eggs, the plans were designed to supplement Social Security benefits and employer pensions. Read the full article. Continue reading Bad news: Your 401(k) won’t give you a decent retirement
Via NBC News By Martha C. White American workers could be losing a collective $2 trillion in lost retirement savings — simply by not rolling over their 401(k) savings accounts when they change jobs. A practice referred to as “forced transfers” or “forced rollovers” is the reason for much of these losses, according to the Employee Benefit Research Institute. Read the full article. Continue reading Wait, Where Did My 401(k) Account Go?
Via The Associated Press COLUMBUS, OHIO Ohio’s largest pension system has voted to cut benefits for retirees. The Columbus Dispatch reports the Ohio Public Employees Retirement System voted Wednesday on the plan that would affect all of its more than 1 million members, current retirees and future ones. Read the full article. Continue reading Pension fund board votes to cut retirees’ benefits
Via US News Money By Rebecca Lake Social Security is an important part of the retirement picture for millions of Americans, both young and old. According to a recent Gallup poll, 25 percent of Americans ages 18 to 29 and 43 percent of those ages 50 to 64 expect Social Security to be a major source of retirement income. Read the full article Continue reading 3 Things That Undermine Social Security Benefits
Via WFAA By Jason Trahan he Dallas Police and Fire Pension system has filed a lawsuit against its former financial consultants and an attorney alleging they all failed to sound alarms about the fund’s risky real estate investments. The suit seeks to recover millions in fees paid to the Townsend Group, based in Ohio, and two of its principals, Richard Brown, of Colorado, and Martin Rosenberg, … Continue reading Dallas police and fire pension sues for millions in fees over bad investment advice
Via usnews.com LEXINGTON, Ky. (AP) — Kentucky‘s second-largest city could have to pay millions more to its police and fire pension fund. The Lexington Herald-Leader reports the Kentucky Supreme Court declined to hear an appeal from the city this week. That means a state Court of Appeals decision ordering the case back to the circuit court will stand. Fayette Circuit Judge Ernesto Scorsone must decide … Continue reading Lexington Could Owe Police, Fire Pension Funds Millions More
Via Lexington Herald Leader By The Associated Press LINCOLN, NEB. – A judge has told Lincoln it must provide the disability pension a former police officer was previously denied. The Lincoln Journal Star reports that Judge Lori Maret agreed with Jonna Conlon, her attorney and her physicians that her back injuries made it impossible for Conlon to continue her career as an officer. Read the article … Continue reading Judge tells city to provide disability pension to ex-officer