Now Is The Time To Re-Think Retirement Plan Conventional Wisdom
In a Forbes column, Dan Doonan says that retirement plan design can make or break an employee’s ability to maintain their standard of living in retirement. But over the past several decades, many private sector companies implemented a complete overhaul in retirement plan design, shifting from defined benefit pensions to 401(k)-style defined contribution accounts.
As a result of the shift from pensions to 401(k) accounts, more and more Americans are far off-track in terms of saving enough on their own to ensure a secure retirement. Now may be the time for private sector companies with closed pension plans to take a strategic look at their retirement plan design options. Read the full column here.
Statement on Efforts in Alaska to Restore Pension Benefits to Address Grave Workforce Shortage
Alaska’s effort to restore a pension plan for public workers represents meaningful progress in addressing one of the state’s most pressing challenges: attracting and retaining a stable, experienced public workforce. While Governor Dunleavy has vetoed the legislation, the fact that the measure passed both the House and Senate demonstrates a growing recognition that retirement benefits are not just about retirement security — they also are an essential workforce management tool.
