Pension and retirement plans all over America have lost value.
Other large tax expenditure provisions that I did not include in this experiment include the earned income tax credit, the child credit, the exclusion of employer provided and self-employed health benefits, and the present law treatment of various forms of retirement income and pension plans.
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In Louisiana a new law was passed in August 2004 relating to state and statewide public retirement or pension systems, funds and plans.
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Social Security and pension plans used to provide a base level of retirement income that you could count on.
While Americans are living longer, the extended life spans will make it tougher for workers trying to stretch retirement savings and put additional strains on pension plans.
You can also read our guides to how you could be affected by the end of the default retirement age and plans for a later state pension age.
Mercer, the agency contends, made multiple errors as the state's actuarial consultant when it estimated the amounts that two of the state's retirement plans needed to set aside for health care and pension benefits.
With markets volatile and corporations scaling back defined-benefit pension plans, those in or near retirement are paying high fees to transform plain old variable annuities into a source of guaranteed income for life.
The national debate regarding public pension woes to date has focused almost exclusively upon inadequate funding of these retirement plans and the supposedly unsustainable benefits promised to workers.
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And lately, some companies have been amending their traditional pension plans to offer pre-retirement survivor benefits to domestic partners, she says.
Obama administration officials have been wrestling with the challenge of funding retirement across lengthening lifetimes and amid dwindling traditional "defined-benefit" pension plans.
As companies abandoned pension plans during the 1970s and onward, Americans were slowly pushed to fend for themselves in retirement.
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He attributes this to several factors: the abolition of mandatory retirement in 1986, changes to the government pension that raised benefits for those retiring after 65, and the decline in defined-contribution plans which penalised late retirement in financial terms.
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