Efficient Retirement Plans and Savings Imperative for Employers and Upcoming Retirees
JoTo PR client, Cowden Associates, was featured in a bylined article in CNBC article titled, 40% of American middle class face poverty by the time they reach age 65: Study.
Nearly half of middle-class Americans face a slide into poverty as they enter their retirement, a recent study by the Schwartz Center for Economic Policy Analysis at the New School has concluded. That risk has been driven by depressed earnings, depressed asset values and increased health-care costs — causing 74 percent of Americans planning to work past traditional retirement age. Additionally, both private and public pension plans have been allowed to become seriously underfunded. So, what can be done? Personal savings is obviously a needed conversation. And sponsors of pension plans — whether corporate, governmental or multi-employer — need to ensure they are doing their part.
Employers need to complete an in-depth analysis of their business models, risk management policies, benefit offerings and financial options through a total compensation approach. Finally, pension plan sponsors must continually monitor investment strategies; the impact of potential regulatory changes, including funding and accounting rules; appropriateness of assumptions; and development of funding policies to ensure they are appropriately managing their risk and cost issues, but acting in the most prudent manner for their current employees and current retirees.
Cowden Associates, Inc. headquartered in Pittsburgh, PA, was created in 2001 by the merger of Halliwell and Associates and MMC&P Spectrum Benefits, which was founded by Jere Cowden in 1986. Currently led by President & CEO Elliot Dinkin, Cowden Associates specializes in helping corporate clients find the best solutions, both for the enterprise and for its employees, in regard to compensation, healthcare benefits, retirement and pension issues, and Taft-Hartley fund consulting. Winning Workplaces and the Wall Street Journal have recognized Cowden Associates as a “Top Small Workplace,” a lifetime designation awarded to executives for their ability to build and lead savvy organizations. For more information visit www.CowdenAssociates.com
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