pensions

Is Detroit Obliged to Fulfill Its Pension Promises?

Posted on 07/25/2013 by | General News | Comments

Bulletin Today | Money & SavingsBy David A. Lieb of The Associated Press As the once-proud city of Detroit humbles itself in bankruptcy court, its financial future may hinge on this key question: Is the city obliged to its past? Or can Detroit renege on its promises to thousands of retirees for the sake of its present city services? The legal question at the heart of Detroit’s bankruptcy filing has never definitively been answered by the nation’s highest courts. But it could become increasingly important …

States Step Up for Retirement Security

Posted on 07/16/2013 by | AARP Blog Author | Comments

PoliticsAre you saving (enough) for retirement? The numbers paint a worrisome picture – for Americans, our families and the nation. Three-quarters of Americans age 55-64 had less than $30,000 in their retirement accounts as of 2010. And, more than 70 million American workers do not have any type of employer-sponsored retirement plan. Clearly, we need some help to get on the road to retirement savings – and more effective ways to save money for our future. This is where the …

$159M Pension Sets World Record

Posted on 06/26/2013 by | General News | Comments

Bulletin Today | Money & SavingsFrom The Associated Press McKesson’s Chairman and CEO John Hammergren has set a new record in corporate America: Largest pension around. The drug distribution company disclosed in a regulatory filing Friday that Hammergren was entitled to a $159 million lump-sum payment for his pension, had he voluntarily left the company on March 31. The size of his pension was first reported by the Wall Street Journal on Tuesday. Several compensation consultants say it is by far the largest pension for …

Women Face Tough Challenges in Retirement … But Can Overcome Them!

Posted on 04/30/2013 by | AARP Blog Author | Comments

Public Policy Institute | WorkThe writer Oscar Wilde said “When I was young I thought that money was the most important thing in life; now that I am old I know that it is.” This is a great insight into how vital money can be at older ages — when we have a much more difficult time earning money or just can no longer work. A recent report from AARP’s Public Policy Institute, An Uphill Climb: Women Face Greater Obstacles to Retirement Security, highlights …

GM Retirees Must Decide Today On Lump Sum Payout

Posted on 07/20/2012 by | Money and Work | Comments

Bulletin Today | WorkAfter presumably agonizing for weeks over whether to keep their lifetime pension benefit or take a one-time lump-sum payment, some 42,000 General Motors retirees are faced with making that critical decision today. And there is no turning back. No do-overs. GM set Friday as the deadline when it offered its former employees and surviving spouses the choice to retain their monthly pension, which will be switched to an annuity provided by Prudential Insurance, or receive the lump-sum equivalent in one …

The Takeaway: 10 States With Biggest Pension Gaps; Is Yours On the List?

Posted on 06/19/2012 by | Brooklyn, NY | Comments

Bulletin TodayEconomists say state retirement systems should have enough in assets to cover at least 80 percent of the pension money they owe retirees, but few states meet the 80 percent requirement–and some fall far shorter. A new report from the Pew Center on the States looks at the 10 states with the biggest pension gaps as of 2010: