'Banking error' leads to double pension checks for N.Y. retirees

'Banking error' leads to double pension checks for N.Y. retirees

Article Excerpt: "...over 500,000 state and local retirees were affected. ..."

Resource: www.timesunion.com

The Pension: That Rare Retirement Benefit Gets a Fresh Look

The Pension: That Rare Retirement Benefit Gets a Fresh Look

Article Excerpt: "...In an economy characterized by a volatile stock market and elevated inflation, a sure thing looks better than ever. For some Americans in the labor force right now, that looks like a pension. Striking members of the United Automobile Workers union made waves this year when the union’s leaders demanded the reopening of defined-benefit pension plans for workers hired after late 2007. Although U.A.W. leadership failed to persuade automakers to reopen the plans...Only about one in 10 Americans working in the private sector today participates in a defined-benefit pension plan..."

Resource: www.nytimes.com

Defined-benefit pension plan,Pensions,

Pensions Provide Retirees With Lifetime Income

Pensions Provide Retirees With Lifetime Income

Article Excerpt: "Many Americans used to be able to rely on employer pensions to cover their retirement expenses, but pensions are increasingly rare as employers utilize less expensive alternatives. According to the Federal Reserve, just 22% of non-retired adults had access to a pension as of 2021, the last year for which data is available. But what is a pension, and why is it so advantageous to have one?..."

Resource: www.forbes.com

Closing Pensions For Public Workers Has Proven A Mistake

Closing Pensions For Public Workers Has Proven A Mistake

Article Excerpt: "...State leaders have learned the hard way that ending pension benefits comes with little to be gained and a big price to pay. More specifically, states that shifted new employees from defined benefit pensions to defined contribution or cash balance plans experienced increased costs for taxpayers without significant funding improvements. Also, moving away from pensions results in cuts to public employees’ retirement security..."

Resource: www.forbes.com

Pensions