Utah, for instance, is facing a budget shortfall and is switching its retirement plan from a traditional pension to a 401k.
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The best bilingual debater on the government benches, Mr Martin has managed to portray a 70% increase in employee contributions to the government pension plan as investment in retirement rather than a disguised tax.
The first public pension plan, the Northern Mariana Islands Retirement Fund, Saipan, filed for bankruptcy protection in 2012 and will fail in 2014, according to court documents.
True, more folks are running to financial planners these days, driven there by the fear that the large lump sum they got from the company pension plan may not last through their retirement, or by a sense that they haven't the time and knowledge to tend to their growing assets themselves.
Oddly enough, the Gore retirement-savings plan may actually help the future politics of pension reform, despite his dismissal of the subject.
It is estimated that 100 percent of union plan participants and more than 99 percent of non-union plan participants will receive the full amount of normal retirement pension benefits that have already vested.
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Typically your employer or your pension plan administrator can project what you may receive at different retirement dates.
Employees who were within five years of eligibility for retirement remained on the old plan, but everyone else saw a significant change to the pension plan.
With the weakened foundations of Social Security and the decay of the corporate pension plan, we as employers need to step up and promote better investing and retirement planning for our workers.
The days of guaranteed retirement income for life are long gone, and along with them the financial security that the traditional pension plan provided.
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