Pensions EC325
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This document discusses problems facing state pension schemes and potential solutions. It outlines the history and purpose of programs like Social Security. Currently, state pensions face fiscal imbalance as lifespans rise, birth rates fall, and wages stagnate. This puts pressure on pay-as-you-go systems where current workers fund current retirees. Proposed solutions include tax hikes, benefit cuts, raising retirement ages, or shifting to fully funded individual accounts. However, fully funded systems also carry risks around investment choices, costs, and legacy debts. Overall, the document examines challenges facing state pensions and debates between reform options.
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With Jamaicans living 20-25 years beyond the retirement age and a low rate of retirement planning, financing retirement is becoming a looming issue. Is mandatory pensions savings the answer?
Social Security
This document discusses the history and current state of Social Security in the United States. It provides background on how Social Security was established in the 1930s to provide economic security for older Americans. It also discusses criticisms of the current Social Security system and various proposals for reforming it, including partially privatizing accounts or raising taxes. Projections show the system will face a funding shortfall in coming decades as more baby boomers retire.
population Policy.ppt
The document discusses the need for a population policy in India. It outlines the following key points:
1) India's demographic dividend will peak around 2041 but the world's population is aging, so India needs targeted skills training and economic planning to make its growing population productive.
2) India should focus on gradually reducing family sizes through education rather than excessive control measures, and learn from China's one child policy consequences.
3) India has a brief window to benefit from its youth but must invest in their education, skills, health and gender equality or risk a "demographic disaster". Managing population growth through a humane, evidence-based policy is crucial for India's development.
The Entitlement Crisis
This section of Solutions for America outlines the problems facing America in regards to budget control, high taxes, and excessive spending. It then offers ways to fix Medicare, Medicaid and Social Security.
Pensions Core Course 2013: Measures to Increase Coverage in the 2008 Chilean ...
Pensions Core Course 2013: Measures to Increase Coverage in the 2008 Chilean ...Health, Education, Social Protection and Labor World Bank
The 2008 Chilean pension reform aimed to increase coverage of the pension system. Key measures included creating a new solidarity pillar with a basic pension and supplement, mandating contributions from self-employed workers, and providing subsidies for young workers' early contributions and voluntary savings. Initial results showed positive trends in contributory coverage and uptake of the new solidarity benefits. Fiscal costs of 0.4-0.5% of GDP were in line with estimates, and projected to reach 1% of GDP by 2025 primarily due to the new solidarity pillar. The reform took an integrated approach to address high mobility in and out of formal employment and gender inequities in the defined contribution system.Social security
Social Security was created in 1935 and provides retirement, disability, and survivor benefits funded by payroll taxes. It has separate programs for old-age/survivors insurance and disability insurance, each with its own trust fund. While administered by the Social Security Administration, supplemental security income for aged, blind, and disabled is not funded by payroll taxes. As of 2011, over 54 million Americans received monthly Social Security benefits, though certain groups were originally exempt. The program loans surplus tax revenue to the U.S. government, contributing to the national debt which currently exceeds $16 trillion. The future of Social Security remains uncertain with debate around privatizing accounts or continuing the current system.
Pension vs 401(k) study by the National Institute on Retirement Security
The document summarizes case studies of three states - West Virginia, Michigan, and Alaska - that switched public pension plans from defined benefit to defined contribution plans. It finds that in all three states, the switch did not help existing underfunding problems and increased costs. Workers faced greater retirement insecurity, and the best way to address underfunding is through responsible, disciplined full funding of annual requirements. The states that later improved funding and allowed returns to defined benefit plans saw reduced costs and improved funding levels over time.
Unexpected Inflation
This document summarizes a case study about Equinox Asset Management, a new pension fund management company. It discusses targeting medium-sized pension funds between $30-50 million. It recommends choosing an fee structure option where fees are based on fund performance rather than size. This aligns client and manager interests and could be an attractive marketing point. Pension funds provide retirement income but participation is low. Equinox aims to change how pension funds are managed to increase participation and better serve workers.
Showdown in Washington, D.C.
There's a showdown in Washington D.C. and our future is at stake. Which side is your member of Congress on? Prosperity for working families and the middle class? Or more for millionaires and CEO’s ?
Debunking 8 Social Security Myths on its 80th Birthday
August 14 marks the 80th birthday of the Social Security program, which was established in the Social Security Act of 1935. Over the past 80 years, Social Security has provided important cash benefits and income security to seniors, survivors, individuals with disabilities, and their families – including to nearly 60 million people today. Yet Social Security is on a financially unsustainable course – and is not on track to be able to pay full benefits through its 100th birthday.
Sadly, instead of identifying solutions to prevent depletion of the trust funds, many commenters have relied on myths and half-truths to avoid having a conversation about the necessary choices. In this paper, we identify eight such myths – though there are many more
Fiscal policy in an age of inequality
This document discusses fiscal policy in the United States in the context of rising inequality. It makes three key points:
1) Inequality in the US is high and growing, with the top 1% gaining significantly more income than the rest. Government can and should do more to promote equality of opportunity through public investment and insurance programs.
2) Public investment, such as in infrastructure and education, provides jobs and yields high economic returns that complement private sector growth. However, the US underinvests in these areas.
3) The US tax base is inadequate given spending needs. Moderate tax increases coupled with more progressive public spending could help address inequality without steep rate increases. Overall fiscal policy should consider both spending and
Medicare the Way Foward
The medicare program, its origin, current funding challenges, the problems with the Ryan Plan, and how to move the current program foward while cutting costs.
Where's the Money? State and Local Government Finance Forecast - Outlook 2015
"IT’S NOT DOING MORE WITH LESS, IT’S DOING MORE WITH THE SAME." Governing Publisher Mark Funkhouser coined this one in the "Where’s the Money?" briefing on state and local government revenues and budgets. State and local government revenues are up 3.3% overall, but spending next year will be a bit below the pre-Recession peak, and long-term growth rates are going to be lower than projected long-term liabilities (pensions, government retiree healthcare, Medicaid, etc.), even as federal-to-state and state-to-local funds decline. So while we’ve moved beyond doing more with less, the bottom line is still (and for the foreseeable future will be) the bottom line. Finding ways to cut costs, increase efficiencies and fund programs with creative revenue-generating or private-sector partnership solutions will be paramount.
2015-MMI-ViewPoint-Sinsimer-4
This document discusses the retirement challenges facing Baby Boomers and the history of retirement plans in the United States. It describes how the Employee Retirement Income Security Act of 1974 (ERISA) increased regulation of pension funds but also made defined benefit plans costly for employers. Many employers then shifted to defined contribution plans like 401(k)s. However, lawsuits arose over investment returns in these plans. The 401(k) was then accidentally created in a little-noticed provision of the Revenue Act of 1978, which was intended to cut taxes rather than address retirement savings.
FSC Future Leaders Award - Stephen Flegg
This document discusses policy changes that could help insulate Australia from the future economic impacts of an aging population. It identifies three key issues with the current system: 1) inadequate retirement savings among many Australians, 2) a lack of regulation around how superannuation funds are used post-retirement, and 3) inadequacies in the age pension that discourage employment and burden individuals with longevity risk. Reforming contribution caps, increasing financial assistance, regulating post-retirement spending, and restructuring the age pension are some policy solutions proposed to address these issues and better prepare Australia for its aging population.
Module 30 long run implications of fiscal policy
This document discusses the long-term implications of fiscal policy, including deficits and public debt. It explains that discretionary fiscal policy can be used to stabilize the economy in the short-run through expansionary or contractionary policies. However, long-term effects include impacts on the budget balance, debt, and implicit liabilities like Social Security. Running large deficits risks increasing debt levels to a point where a government may default or need to resort to inflation. Governments aim to balance budgets over the business cycle to avoid these problems.
Social sec
This document discusses reforms to the Social Security program in the United States. It notes that Social Security is projected to run out of funds by 2033 due to increasing life expectancies and fewer workers paying into the system compared to retirees receiving benefits. The document proposes means-testing Social Security by gradually phasing out benefits for high-income earners over $50,000 to help close the program's funding gap and extend its solvency by reducing projected shortfalls by around 75%. This phaseout plan aims to target benefits to those most in need while keeping Social Security funded for future generations.
MountainOrMolehill011011
The document discusses West Virginia's other post-employment benefits (OPEB) liability for retiree healthcare. It summarizes that while the costs are growing significantly, the liability is manageable rather than a crisis if put into proper context compared to budget and economic growth. Currently, retiree healthcare costs around $400 million annually but is projected to reach nearly $1 billion by 2025, though state budgets and GDP are also expected to grow considerably. The liability exists because the state has provided subsidized healthcare to retired public employees since the 1970s.
Neath Port Talbot's Poverty Symposium
Deven Ghelani, Director and founder of Policy in Practice, was invited to speak at the Neath Port Talbot Poverty Symposium on the topic of the impact of welfare reform on personal debt and financial resilience.
In his session Deven talked about the general impact of welfare policies on our living standards and how Neath Port Talbot Council is using their own household level data to identify vulnerability, target support and track change. Deven then shared Policy in Practice's new research on transitioning to Universal Credit.
For further information visit www.policyinpractice.co.uk, call 0330 088 9242 or email hello@policyinpractice.co.uk
Strategically Manage the Risk of Saving For Your Retirement retirementplans2 ...
This document provides an overview of retirement planning and retirement plans. It discusses the shift from defined benefit plans to defined contribution plans, putting more responsibility on individuals to save for retirement. It also covers topics like Social Security, healthcare costs, types of retirement accounts (IRA, 401k, etc.), how retirement plans provide tax benefits, and considerations for saving, investing, and managing assets for retirement. The document is intended to help readers understand important aspects of retirement planning and different retirement plan structures.
Similar to Pensions EC325 (20)
Pensions Core Course 2013: Measures to Increase Coverage in the 2008 Chilean ...
Pensions Core Course 2013: Measures to Increase Coverage in the 2008 Chilean ...
Pension vs 401(k) study by the National Institute on Retirement Security
Pension vs 401(k) study by the National Institute on Retirement Security
Debunking 8 Social Security Myths on its 80th Birthday
Debunking 8 Social Security Myths on its 80th Birthday
Where's the Money? State and Local Government Finance Forecast - Outlook 2015
Where's the Money? State and Local Government Finance Forecast - Outlook 2015
Strategically Manage the Risk of Saving For Your Retirement retirementplans2 ...
Strategically Manage the Risk of Saving For Your Retirement retirementplans2 ...
Pensions EC325
- 1. What has caused the current problems facing state pension schemes? Is a shift to funded schemes the best solution?
- 2. The purpose of welfare To provide income support, and therefore a reasonable standard of living for the elderly
- 3. History • The US Social Security programme was conceived in 1935, at the height of the Great Depression (savings were wiped out, and allowed government to borrow) • Government intervention in retirement plans the result of: (a) Paternalism (b) Annuity Market Failures
- 4. Pay As You Go Systems Refers to retirement plans in which payments collected from today’s workers go directly to today’s retirees instead of being invested in order to pay future benefits
- 5. The discussion surrounding PAYG systems • Was viable to implement almost immediately • Risk to individual returns is limited • Low administrative costs • Returns to the programme are dependant on the ’n’ and ‘r’
- 6. The problems currently facing state pension schemes The US Government is facing major fiscal imbalance. In 1950, 12% of people of working age were over 65 years old. By 2020, this number is forecast to be 35%
- 7. Changing circumstances • Dramatic improvement in life expectancy • Reduction in birth rates • Growth in wages has slowed dramatically • Legacy payments
- 8. Changing from PAYG to Fully Funded Social welfare reforms
- 9. Proposed solutions • Raise taxes further • Extend taxable base • Raise retirement age • Lower benefits • Reduce benefits for some groups • Invest in Trust/Mutual Funds • Move to a Fully Funded System (Privatisation)
- 10. Fully Funded Systems Refers to retirement plans in which today’s savings are invested in various assets in order to pay future benefits
- 11. The discussion surrounding fully funded systems • Funded by individual savings and would therefore increase the capital stock of the economy • Investments would match individual risk appetites • Legacy debt would go unpaid • Moral hazard • Make the wrong investment decisions • Higher administrative costs