All articles tagged with #pension
Illinois Governor J.B. Pritzker signed a $55.1 billion FY26 budget, marking the seventh consecutive balanced budget, emphasizing fiscal discipline, investments in education, health, and social programs, and fully meeting pension obligations without raising taxes for working families.
Former Atlanta Braves player Gary Cooper is petitioning for a one-day contract with the team to qualify for a MLB/MLBPA pension. Cooper's 42-day stint in the majors fell short of the 43-day requirement for pension eligibility. An online petition has garnered nearly 8,000 signatures in support of his cause. Cooper, now 67, lives a modest lifestyle and works as a landscaper. The Braves have previously helped another player in a similar situation, and Cooper has received support from the community and local officials.
Former Atlanta Braves player Gary Cooper is petitioning the team to re-sign him for just one day so he can qualify for an MLB pension after falling one day short during his brief stint with the team in 1980. The story has gained attention, with Savannah Mayor Van Johnson supporting the cause and an online petition calling for the Braves to offer Cooper a one-day contract. Cooper, who has fallen on hard financial times, is hoping for the team's support as he seeks to secure his pension.
Former Atlanta Braves outfielder Gary Cooper is one day short of qualifying for his MLB pension after spending 42 days in the major leagues. A petition and GoFundMe campaign are pushing for the Braves to hire Cooper to a one-day coaching staff contract, similar to the team's past signing of Satchel Paige, in order to secure his pension. Despite being denied twice by MLB and MLBPA, Cooper's community and supporters are rallying behind him to give him a chance for Day 43.
Gary Cooper, a former MLB player, missed out on qualifying for a pension by just one day due to a rainout, and now, 44 years later, a petition is advocating for him to be given a one-day contract on the Atlanta Braves' coaching staff to rectify the situation. The petition, with nearly 5,000 signatures, aims to help Cooper, who currently struggles financially, to qualify for the MLB pension. The initiative has garnered support from the Savannah Mayor and seeks to address Cooper's long-standing predicament.
IBM has replaced its 401(k) match with a portable "retirement benefit account" that resembles a traditional pension, providing a 6% guaranteed return for the first three years and a guaranteed return equal to the 10-year Treasury rate from 2027 to 2034. The move could influence other companies to reconsider their retirement plans, as the new benefit aims to automatically save for retirement without employee contributions and diversify retirement portfolios. This shift reflects a growing interest in pension-like benefits among job seekers and addresses the retirement readiness crisis faced by many workers.
IBM has introduced a new retirement benefit account, similar to a pension, in place of its 401(k) match, causing a stir in the retirement industry. Employees will have 5% of their salary put into this account, with the option to take a lump sum or receive lifetime annuity payments. This move aims to address concerns about outliving retirement savings and reflects a trend towards guaranteed income options in the industry.
A retiree with a substantial pension and investment portfolio is considering whether to claim Social Security at Full Retirement Age (FRA) or delay until age 70 to increase benefits. The retiree is in a strong financial position with no debt and a healthy income from part-time work. A break-even analysis suggests it would take 12.5 years to recoup the benefits if delayed until 70. Factors to consider include the guaranteed nature of Social Security as inflation-protected income, potential survivor benefits for the spouse, and the growth of retirement accounts if untouched. The retiree is advised to explore various retirement income scenarios, consider tax implications, and possibly adjust asset allocation to balance growth and risk, potentially with the help of a financial planner.
Early retirement is becoming increasingly concentrated among wealthier individuals, according to a report by the Institute for Fiscal Studies. Financial necessity often drives employment among those with average levels of wealth, who work until they reach pension age. The key factor in achieving early retirement is money, and individuals must consider whether they can afford the lifestyle they desire. Saving early and implementing lifestyle changes are crucial, as is having non-pension savings to bridge the gap until state pension age. Housing costs, such as high mortgage payments, can deplete pension savings rapidly, so downsizing may be an option. Investing and taking calculated risks can also help position individuals for early retirement. However, many people exhibit complacency when it comes to pension savings, often relying on default contribution rates set by employers, when ideally they should be saving between 12% and 15% of their total earnings.
Many pension-eligible workers, including public employees, are unaware of the complex Social Security rules that can reduce their benefits. The Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) are two rules that affect workers who receive pensions from jobs where they did not pay into Social Security. These rules often come as a surprise to retirees, leading to financial difficulties and adjustments in their standard of living. Congress is considering the Social Security Fairness Act, which aims to eliminate both the WEP and GPO. In the meantime, affected workers must navigate the complicated rules and may face benefit overpayments due to incorrect or incomplete information. Experts suggest reviewing Social Security statements regularly and tracking personal earnings and pension benefit information to ensure accuracy.
Legislators are pushing for the repeal of the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), which currently reduce Social Security benefits for public workers who receive a pension. About 6% of workers are not covered by Social Security, including state and local government employees. However, fully repealing these provisions would cost an estimated $150 billion over the next decade and could disproportionately benefit workers with both traditional and non-traditional occupations. Additionally, concerns arise regarding the 3.2% increase in Social Security benefits in 2024, as retirees worry it may not keep up with rising costs and trigger benefit cuts.
America's largest public pension has increased its investments in electric vehicle stocks, further expanding its already substantial bet on the EV industry.
A 47-year-old individual with a $5,000-per-month pension, $180,000 mortgage, and $419,000 in savings is seeking advice on whether to hire a financial adviser. While some aspects of their financial situation can be managed independently, the complexity of optimizing pension timing, aligning investment portfolios, and considering various scenarios may warrant professional guidance. A fee-only fiduciary adviser, such as a certified financial planner, is recommended for personalized answers and comprehensive financial planning. Actively managed investments are unlikely to outperform the market, so low-cost, diversified index funds are suggested. Life insurance may not be necessary if no one relies on their income, and REITs can be a diversification option. Delaying the pension benefit until IRS retirement age is advised, and with a moderate-to-aggressive risk tolerance, directing some savings towards market investments is suggested.
Oregon's pension and retirement system has sold off some of its major holdings, including stocks from chipmakers Nvidia and Intel, as well as automakers Ford and GM.
French workers, activists, students and political opposition parties on Tuesday took part in nationwide strikes and demonstrations over changes to the country's retirement system. President Emmanuel Macron recently forced through a controversial plan to raise the retirement age in France from 62 to 64. In the U.S., retirement income can come from a combination of Social Security benefits, company-sponsored programs such as a 401(k), an individual retirement account (IRA), profit-sharing schemes or another type of private, tax-advantageous retirement savings plan. The average Social Security retirement benefit in 2023 is an estimated $1,827 a month, according to AARP. The average monthly state pension payment in France is about $1,327, according to France's Centre of European and International Liaisons for Social Security, or Cleiss.