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"The expanding wealth chasm is putting retirement even further out of reach for working Americans."

NEW RESEARCH FINDS GROWING FINANCIAL ASSET INEQUALITY

Persistent Concentration of Financial Assets Among the Wealthiest Coupled with Low Savings Poses Retirement Threat to Working Americans

Among Baby Boomers, Top 25 Percent Own 91 Percent of Financial Assets; Similar Inequality

Among GenX and Millennial Generations

Webinar on Tuesday, October 1st at 2 PM ET to Review Findings

WASHINGTON, D.C., September 25, 2019 - A new research brief finds that financial asset inequality among Americans continues to increase, and the inequality is consistent across generations. This wealth inequality, combined with dangerously low retirement savings among most households, poses a significant threat to retirement for working Americans.

The new analysis indicates that from 2004 to 2016, the share of financial assets owned by the top 25 percent of Baby Boomer households grew from 86 percent to 91 percent. Meanwhile, the share of assets owned by the bottom 50 percent of Baby Boomer households shrank from three percent in 2004 to below two percent in 2016.

Among GenX households, the wealthiest top 25 percent owned 87 percent of financial assets in 2016. Millennials in 2016 reached a comparable degree of financial asset concentration, with 85 percent of financial assets owned by the wealthiest 25 percent.

These findings are detailed in a new research brief from the National Institute on Retirement Security, Financial Asset Inequality and Its Implications for Retirement Security, available here.

A webinar reviewing the findings is scheduled for Tuesday, October 1, 2019, at 2:00 PM ET. Register at no charge here.

"The expanding wealth chasm is putting retirement even further out of reach for working Americans," said Tyler Bond, NIRS manager of research and co-author of the research brief. "Fewer and fewer workers are offered pensions, which means they must amass enough financial assets on their own to last through retirement. But our research shows this just isn't happening. Instead, financial assets increasingly are concentrated among the wealthiest Americans, and there is a growing inequality in access to employer-sponsored plans that serve as a vital pillar of our retirement infrastructure. Unless something changes, retirement will become a luxury, and many Americans will miss out on this aspect of the American Dream."

"There's strong evidence that financial asset inequality will continue to grow worse in the coming decades," said Nari Rhee, director of the Retirement Security Program at UC Berkeley Center for Labor Research and Education and report co-author. "Financial asset concentration among the wealthiest Gen X households is growing at least as fast as it did among Baby Boomers. And Millenials seem to have achieved comparable degree of financial asset concentration at much younger ages than GenXers and Baby Boomers," she explained.

A 2018 NIRS report found deeply inadequate retirement savings levels among working age Americans. More specifically, an analysis of U.S. Census Bureau data reveal that the median retirement account balance among all working individuals is $0.00, and 57 percent of working age individuals do not own any retirement account assets in an employer-sponsored 401(k)-type plan, individual account or pension.

This new issue briefreproduces the methodology of a 2006 Government Accountability Office (GAO) report, Retirement of Baby Boomers is Unlikely to Precipitate Dramatic Decline in Market Returns, but Broader Risks Threaten Retirement Security. The purpose of the report was to consider the likelihood of a meltdown in financial markets caused by Baby Boomers selling their financial assets to finance their retirement. GAO concluded that this was highly unlikely because the ownership of financial assets among Baby Boomers was highly concentrated at the top of the wealth spectrum.

Today's new issue brief also recommends three well-established public policies to help improve retirement security for working Americans:

Strengthen and expand Social Security.
Support state efforts to establish state-facilitated retirement savings plans in order to facilitate asset building among the roughly half of U.S. private sector workers who lack access to a workplace retirement plan.
Promote and improve the federal Saver's Credit to help build the retirement savings of low income households.

The National Institute on Retirement Security is a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy as a whole. Located in Washington, D.C., NIRS' diverse membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at www.nirsonline.org. Follow NIRS on Twitter @NIRSonline.

Contact:

Kelly Kenneally | kkenneally@nirsonline.org | 202.256.1445

###

NATIONAL INSTITUTE ON RETIREMENT SECURITY

1612 K Street, NW, Suite 500 * Washington DC 20006

www.nirsonline.org

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Noteworthy from NIRS

October 7, 2019

NEW Issue Brief Finds Growing Financial Asset Inequality Across Generations

A new research brief finds that financial asset inequality among Americans continues to increase, and the inequality is consistent across generations. This wealth inequality, combined with dangerously low retirement savings among most households, poses a significant threat to retirement for working Americans.

The new analysis indicates that from 2004 to 2016, the share of financial assets owned by the top 25 percent of Baby Boomer households grew from 86 percent to 91 percent. Meanwhile, the share of assets owned by the bottom 50 percent of Baby Boomer households shrank from three percent in 2004 to below two percent in 2016.

Among GenX households, the wealthiest top 25 percent owned 87 percent of financial assets in 2016. Millennials in 2016 reached a comparable degree of financial asset concentration, with 85 percent of financial assets owned by the wealthiest 25 percent.

“The expanding wealth chasm is putting retirement even further out of reach for working Americans,” said Tyler Bond, NIRS manager of research and co-author of the research brief. “Fewer and fewer workers are offered pensions, which means they must amass enough financial assets on their own to last through retirement. But our research shows this just isn’t happening.”

The research is available here. Watch a webinar replay here. Read the press release here.

Save the Date! NIRS' 11th Annual Retirement Policy Conference set for March 2020

Mark your calendars for Monday, March 2-Tuesday, March 3, 2020, for our 11th annual policy conference, 2020 Vision: The Future of Retirement, in Washington, D.C. Again this year, this conference is exclusive to NIRS members, and will feature top thought leaders discussing their insight on retirement policy trends and research. This event is also an opportunity to engage with peers from across the nation working to strengthen the country's retirement infrastructure.

Watch your email for more details on registration and reserving your hotel room at the Westin City Center. Information on last year's conference is available here. We look forward to engaging with you at the conference.

In the News

NIRS remains an important source of information for the news outlets covering retirement security issues. Below are a few highlights.

A Retirement Revised podcast hosted by Reuters personal finance columnist Mark Miller dives into NIRS new research with Dr. Nari Rhee on growing financial asset inequality in the U.S. and what that means for retirement.

PlanSponsor reports on new NIRS research that finds financial asset inequality in the U.S. is growing, and it is exacerbating the retirement savings crisis.

In a Washington Post column, NIRS executive director explains that states that have shortchanged their pension contributions in the past will have to develop and stick to sound funding practices in the future.

A column in the Wyoming Tribune Eagle includes NIRS data on the economic impact of the pensions for local economies. Pension plan benefits "support 5,103 jobs in Wyoming, supporting nearly $206.8 million in income for those employees. Pension benefit spending also supports $792.3 million in total economic output and $367.3 million in direct economic impact in our state."

An Arkansas Business column cites NIRS research on the challenges women face in retirement. "This, coupled with higher medical costs associated with living longer, means women are 80% more likely to face poverty by age 65."

Membership Renewal

We appreciate our members' ongoing support of NIRS research and education programs.

We recently transitioned to a membership management service called Wild Apricot with the goal of streamlining the membership renewal cycle. If you are a member and have not received an email explaining this transition, or if you have any questions or feedback, please contact Nicole Dascenzo at nicole@nirsonline.org. All membership renewal invoices will be sent through this platform later this month.

If you're not currently a NIRS member and are interested in supporting our mission, please contact Nicole at membership@nirsonline.org.

We also invite you to visit the membership section of our website to learn about member benefits and opportunities.

The National Institute on Retirement Security

1612 K Street, NW, Suite 500 | Washington, DC 20006

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Please join us for webinar today, Tuesday, October 1, 2019, at 2:00 PM reviewing a new research brief that finds financial asset inequality among Americans continues to increase. The research also indicates that the inequality is consistent across generations. And combined with dangerously low retirement savings among most households, the gap poses a significant threat to retirement.

During the webinar, we will review the findings detailed in our new research, Financial Asset Inequality and Its Implications for Retirement Security, available here.

Register for the webinar at no charge here.

The new analysis indicates that from 2004 to 2016, the share of financial assets owned by the top 25 percent of Baby Boomer households grew from 86 percent to 91 percent. Meanwhile, the share of assets owned by the bottom 50 percent of Baby Boomer households shrank from three percent in 2004 to below two percent in 2016.

Among GenX households, the wealthiest top 25 percent owned 87 percent of financial assets in 2016. Millennials in 2016 reached a comparable degree of financial asset concentration, with 85 percent of financial assets owned by the wealthiest 25 percent.

Here are the webinar details:

What:	Webinar on NEW Research: Financial Asset Inequality and Its Implications for Retirement Security
Date:	Tuesday, October 1, 2019
Time:	2:00 PM ET
Speakers:	Dan Doonan NIRS Executive Director Tyler Bond NIRS Research Manager Report Co-Author Nari Rhee Director of the Retirement Security Program, UC Berkeley Center for Labor Research and Education Report Co-Author
Registration:	https://register.gotowebinar.com/register/5634463131440064269

We look forward to engaging with you on this webinar. In the meantime, please contact us if you have questions or comments.

NATIONAL INSTITUTE ON RETIREMENT SECURITY

1612 K Street, NW, Suite 500 * Washington DC 20006

www.nirsonline.org

NIRS, 1612 K Street NW, Suite 500, Washington, DC 20006

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Please join us for webinar tomorrow, Tuesday, October 1, 2019, at 2:00 PM reviewing a new research brief that finds financial asset inequality among Americans continues to increase. The research also indicates that the inequality is consistent across generations. And combined with dangerously low retirement savings among most households, the gap poses a significant threat to retirement.

During the webinar, we will review the findings detailed in our new research, Financial Asset Inequality and Its Implications for Retirement Security, available here.

Register for the webinar at no charge here.

The new analysis indicates that from 2004 to 2016, the share of financial assets owned by the top 25 percent of Baby Boomer households grew from 86 percent to 91 percent. Meanwhile, the share of assets owned by the bottom 50 percent of Baby Boomer households shrank from three percent in 2004 to below two percent in 2016.

Among GenX households, the wealthiest top 25 percent owned 87 percent of financial assets in 2016. Millennials in 2016 reached a comparable degree of financial asset concentration, with 85 percent of financial assets owned by the wealthiest 25 percent.

Here are the webinar details:

What:	Webinar on NEW Research: Financial Asset Inequality and Its Implications for Retirement Security
Date:	Tuesday, October 1, 2019
Time:	2:00 PM ET
Speakers:	Dan Doonan NIRS Executive Director Tyler Bond NIRS Research Manager Report Co-Author Nari Rhee Director of the Retirement Security Program, UC Berkeley Center for Labor Research and Education Report Co-Author
Registration:	https://register.gotowebinar.com/register/5634463131440064269

We look forward to engaging with you on this webinar. In the meantime, please contact us if you have questions or comments.

NATIONAL INSTITUTE ON RETIREMENT SECURITY

1612 K Street, NW, Suite 500 * Washington DC 20006

www.nirsonline.org

NIRS, 1612 K Street NW, Suite 500, Washington, DC 20006

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NEWS

Amid Worker Shortages, New Research Examines Public Employees Views on Jobs, Pay and Benefits

Public Employees Committed to Public Service Despite High Stress and Lower Salaries; Say Benefits are Key Recruitment and Retention Tool & Cuts Could Drive Them Out of Public Workforce

85% of State & Local Millennial Employees Plan to Stay With Employer Until Eligible for Retirement

Webinar on Nov. 18th at 2 PM ET to Review Findings

Register Here

"Healthcare and pension benefits were the single most important workforce tool I had to keep our schools staffed with experienced teachers and education workers like bus drivers and librarians."

WASHINGTON, D.C., Nov 12, 2019 - At a time when state and local governments are struggling to attract and retain employees to deliver vital taxpayer services, a new national poll finds that retirement and healthcare benefits are critically important job features, more so than salary. These benefits are viewed as a powerful recruitment and retention tool, with nearly all state and local workers (93 percent) saying that pensions incentivize public workers to have long public service careers, and 94 percent agreeing that a pension is a good tool for attracting and retaining employees.

The research also finds that cutting benefits could have severe workforce consequences. Some 73 percent say they would be more likely to leave their job if their pension were cut, and 79 percent say they would be more likely to leave their job if their healthcare benefits were cut. Also, nearly all (92 percent) state and local employees say eliminating pensions for the public workforce will weaken governments' ability to attract and retain qualified workers, while the vast majority say eliminating pensions would weaken public safety and the U.S. education system.

And in contrast to conventional wisdom that Millennials are "dissatisfied job hoppers," 84 percent of Millennials working in state and local government are satisfied with their current job. Nearly three-fourths (74 percent) say a pension benefit is a major reason they chose a public sector job, while 85 percent say they plan to stay with their current employer until they are eligible for retirement or can no longer work.

These findings are contained in new research, State and Local Employee Views on Their Jobs, Pay and Benefits, available here.

The findings are published by the National Institute on Retirement (NIRS) and based on research conducted by Greenwald & Associates. NIRS also has published three professions fact sheets that provide a deeper dive on the views of teachers, firefighters and law enforcement professionals. The findings will be reviewed during a webinar on Monday, November 18, 2019, at 2:00 PM ET. Register at no charge here.

"It's clear from the research that public service is important to state and local workers like teachers, nurses, police officers, and firefighters. They serve despite high job stress and lower salaries. And it's equally clear that healthcare and retirement benefits have a magnetic effect on public employees," said Dan Doonan, NIRS executive director. "Understanding at a deep level these employee preferences and concerns will best position state and local policymakers to recruit and retain qualified, experienced employees that taxpayers depend upon."

Wyoming firefighter Kevin Reddy said, "Serving as a firefighter for the past 18 years in Wyoming is an honor, and it gives me great satisfaction to help my fellow citizens during terrifying situations. Firefighters are committed to protecting lives and property, and we are equally committed to our communities - from coaching children's sports teams to volunteering with local charities."

"When we are on the job," Reddy said, "firefighters are protecting our fellow citizens and providing for our families. A key part of our compensation is a pension, which we contribute to throughout our career. A pension provides financial security in retirement, and it also provides important death and disability benefits for firefighters and their families. Pensions also play a critical role in recruiting and retaining firefighters here in Wyoming, so it's important to offer these retirement benefits. I plan to stay on the job as long as I'm able, and I appreciate having a pension at the end of my career."

"When I served as a school superintendent in Kentucky, one of the most difficult challenges we faced was attracting and keeping teachers, particularly in rural areas," said Tim Abrams, executive director of the Kentucky Retired Teachers Association. "Healthcare and pension benefits were the single most important workforce tool I had to keep our schools staffed with experienced teachers and education workers like bus drivers and librarians. And as we've seen recently in Kentucky, educators fully understand their pension and healthcare benefits are critically important to their financial security."

The key research findings are as follows:

State and local employees place a high value on serving the public and their community, and are generally satisfied with their job despite high stress. The vast majority (89 percent) of state and local employees are satisfied with the ability to serve the public aspect of their job. Some 85 percent are satisfied with their jobs, while 71 percent say their jobs are stressful.
Benefits are among the most important job features for state and local employees. Health insurance is very important to 78 percent of state and local employees, and retirement benefits are very important to 73 percent. Salary is less important, at 71 percent.
State and local employees have mixed views on the competitiveness of their salary and compensation, but the vast majority agree they could earn a higher salary in the private sector and a pension factors into the competitiveness of their compensation. Only 22 percent of state and local employees say their salaries are very competitive, and 80 percent say they could earn a higher salary in the private sector.
Benefits are viewed as a powerful recruitment and retention tool across state and local government professions. Nearly all state and local workers (93 percent) say pensions incentivize public workers to have long public service careers, while 94 percent say offering a pension is a good tool for attracting and retaining employees. The vast majority of state and local employees (89 percent) say they plan to stay with their current employer until they are eligible for retirement or can no longer work.
State and local government employees overwhelmingly have favorable views of pensions, with lasting retirement income and monthly checks the most important features. Some 94 percent of state and local employees have favorable views of defined benefit pensions.
Most public workers feel they will be financially secure in retirement, but the vast majority of state and local employees are highly concerned about cuts to retirement benefits & government officials underfunding of pension plans. Nearly three-fourths (72 percent) of state and local employees are confident they will be financially secure in retirement. But, 86 percent are concerned about cuts to their retirement benefits while 85 percent are concerned about government officials underfunding their pension.
Cutting state and local employee benefits could drive them out of the public workforce. More than half of state and local employees (58 percent) say that switching them out of a pension into an individual retirement plan, like a 401(k)-style plan, would make them more likely to leave their job. Some 73 percent say they would be more likely to leave their job if their pension were cut, and 79 percent say they would be more likely to leave their job if their healthcare benefits were cut.
State and local employees say eliminating pensions has risks. Nearly all (92 percent) state and local employees say eliminating pensions for the public workforce will weaken governments' ability to attract and retain qualified workers to deliver public services. The vast majority (83 percent) say eliminating pensions would weaken public safety. Similarly, 87 percent say eliminating pensions would weaken the U.S. education system.
Millennials working in state and local government generally share the views of Baby Boomers and GenXers on their job, serving the public, pay, and benefits. Some 84 percent of Millennials working in state and local government are satisfied with their current job, while 90 percent say they are committed to serving the public. Most (80 percent) Millennial state and local employees say they could earn a higher salary in the private sector. Nearly three-fourths (74 percent) of Millennial state and local employees say a pension benefit is a major reason they chose a public sector job, while 85 percent say they plan to stay with their current employer until they are eligible for retirement or can no longer work.

Conducted by Greenwald & Associates, information for this study was collected from online interviews between August 22 through September 12, 2019. Sample was selected using two online panel providers, with 1,118 public sector employees aged 18 and older completing the survey to include 362 teachers, 284 police officers, 204 firefighters and 268 other public sector employees. The final data were weighted by age, gender, and personal income to reflect the demographics within each of these professions, and also weighted to reflect the distribution of these professions within the public sector workforce.

The National Institute on Retirement Security is a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy as a whole. Located in Washington, D.C., NIRS' diverse membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at www.nirsonline.org. Follow NIRS on Twitter @NIRSonline.

Contact:

Kelly Kenneally | kkenneally@nirsonline.org | 202.256.1445

###

NATIONAL INSTITUTE ON RETIREMENT SECURITY

1612 K Street, NW, Suite 500 * Washington DC 20006

www.nirsonline.org

NIRS, 1612 K Street NW, Suite 500, Washington, DC 20006

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We hope you can join us for a webinar on Monday, November 18, 2019, at 2:00 PM to review the findings of our latest research report, State and Local Employee Views of Their Jobs, Pay and Benefits.

At a time when state and local governments are struggling to attract and retain employees to deliver vital taxpayer services, this new national poll finds that retirement and healthcare benefits are critically important job features, more so than salary.

These benefits are viewed as a powerful recruitment and retention tool, with nearly all state and local workers (93 percent) saying that pensions incentivize public workers to have long public service careers, and 94 percent agreeing that a pension is a good tool for attracting and retaining employees.

The findings are published by the National Institute on Retirement Security and based on research conducted by Greenwald & Associates.

NIRS also has published three professions fact sheets that provide a deeper dive on the views of teachers, firefighters and law enforcement professionals.

The report finds that:

State and local employees place a high value on serving the public and their community, and are generally satisfied with their job despite high stress.

Benefits are among the most important job features for state and local employees.

State and local employees have mixed views on the competitiveness of their salary and compensation, but the vast majority agree they could earn a higher salary in the private sector.

Benefits are viewed as a powerful recruitment and retention tool.

Cutting state and local employee benefits could drive them out of the public workforce.

Millennials working in state and local government generally share the views of Baby Boomers and GenXers on their job, serving the public, pay, and benefits.

Here are the webinar details:

What:	Webinar on New Research: State and Local Employee Views on Their Jobs, Pay and Benefits
Date:	Monday, November 18, 2019
Time:	2:00 PM ET
Speakers:	Dan Doonan, NIRS Executive Director Tyler Bond, NIRS Research Manager and Report Co-Author
Registration:	https://register.gotowebinar.com/register/3123351197885565965

The National Institute on Retirement Security is a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy as a whole. Located in Washington, D.C., NIRS' diverse membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at www.nirsonline.org.

NATIONAL INSTITUTE ON RETIREMENT SECURITY

1612 K Street, NW, Suite 500 * Washington DC 20006

www.nirsonline.org

NIRS, 1612 K Street NW, Suite 500, Washington, DC 20006

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Noteworthy from NIRS

November 14, 2019

NEW Research Examines State and Local Employees' Views on Their Job, Pay, Benefits | Webinar on Nov. 18th

Results from our new national poll reveal that despite high stress and lower salaries, state and local employees are committed to their jobs and highly value their retirement and healthcare benefits.

The research is available here.

Register for the November 18th webinar here.

State and Local Employee Views on Their Jobs, Pay and Benefits indicates that 93 percent of state and local workers believe that pensions incentivize public workers to have long public service careers.

This research also finds that retirement benefits are viewed as a powerful recruitment and retention tool—73 percent of those polled say that they would be more likely to leave their job if their pension benefits were cut. Further, the vast majority believe that cutting these benefits could have severe consequences on the public sector workforce.

Download profession fact sheets that take a deeper dive on the views of teachers, firefighters and law enforcement professionals.

Read the press release here.

Read Route 50 coverage of the report here.

Save the Date! NIRS Annual Retirement Policy Conference set for March 2-3, 2020 in Washington, D.C.

Save the date! NIRS' annual members only retirement policy conference, 2020 Vision: The Future of Retirement, will kick off with a cocktail reception on the evening of Monday, March 2, 2020.

On Tuesday, March 3, NIRS members will engage with retirement experts and thought leaders on improving Americans' retirement security outlook.

Registration will open later this month. Attendance is complimentary for NIRS members, so please renew for 2020 if you haven't done so already. If you aren't a NIRS member and would like to attend and receive the full range of member benefits, please contact Nicole Dascenzo at membership@nirsonline.org.

Research Highlight | Center for Retirement Research Study on Increased Savings and the NRRI

A new issue brief from the Center for Retirement Research at Boston College analyzes how increased savings among American families might affect the National Retirement Risk Index (NRRI).

Read the CRR issue brief here.

Currently, 50 percent of working-age households in America risk falling short during retirement. While modest increases to 401(k) contribution rates or access to an employer-sponsored retirement plan would provide families with some relief, CRR found that the only way to make significant progress in retirement savings is to increase the amount saved and work for two years longer than planned, which would cut the number of vulnerable households by nearly half.

A NIRS report from earlier this year, Retirement Insecurity 2019: Americans’ Views of the Retirement Crisis, found that 65 percent of Americans say they will have to work past retirement age in order to guarantee a secure retirement.

Read the NIRS March 2019 report here.

In the News

NIRS remains an important source of information for the news outlets covering retirement security issues. Below are a few highlights.

A Route Fifty article highlights one of the key findings from new NIRS public employee research -- across Baby Boomers, Generation X, and Millennials, public employees have positive attitudes toward their retirement benefits.

A Forbes column explaining how recent college graduates can make the most of their financial situation cites NIRS research. "A 2018 report from the National Institute on Retirement Security found that 66% of millennials have no retirement savings."

A Fox Business report cites NIRS research on the expanding wealth gap facing retired Americans. From 2004-2016, the share of wealth owned by the top five percent of Baby Boomers increased from 52 percent to 60 percent.

A Reuters column cites research showing that the share of wealth owned by the top five percent of Baby Boomers grew from 52 percent in 2004 to 60 percent in 2016.

A Market Watch column discusses whether Millennials are destined to live longer and retire poorer than past generations. "According to the National Institute on Retirement Security, only 55% of Millennials are eligible to participate in an employer-sponsored retirement plan, compared with 77% of Gen X and 80% of baby boomers."

Efficient Gov reports on new NIRS research. "Amid public sector worker shortages, a new report from the National Institute on Retirement reveals just how crucial pensions are for recruiting and retaining firefighters, law enforcement officers, teachers and other critical public service roles."

A Yahoo Finance report cites NIRS research that 2/3 of millennials have nothing saved for retirement. Despite this, and the fact that only half of American workers participate in retirement plans at work, a survey found that most presidential candidates are hesitant to address the issue at a federal level.

Renew 2020 Membership

We appreciate our members' ongoing support of NIRS research and education programs.

Invoices for 2020 membership renewals were sent out last month via a new management system, Wild Apricot. If you have not received an email or have any membership questions, please contact Nicole Dascenzo at nicole@nirsonline.org.

If you're interested in becoming a NIRS member and supporting our mission, please contact Nicole at membership@nirsonline.org.

Visit the membership section of our website to learn about member benefits and opportunities.

The National Institute on Retirement Security

1612 K Street, NW, Suite 500 | Washington, DC 20006

www.nirsonline.org | info@nirsonline.org

202.457.8190

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We hope you can join us for a webinar on Monday, November 18, 2019, at 2:00 PM to review the findings of our latest research report, State and Local Employee Views of Their Jobs, Pay and Benefits.

At a time when state and local governments are struggling to attract and retain employees to deliver vital taxpayer services, this new national poll finds that retirement and healthcare benefits are critically important job features, more so than salary.

These benefits are viewed as a powerful recruitment and retention tool, with nearly all state and local workers (93 percent) saying that pensions incentivize public workers to have long public service careers, and 94 percent agreeing that a pension is a good tool for attracting and retaining employees.

The findings are published by the National Institute on Retirement Security and based on research conducted by Greenwald & Associates.

NIRS also has published three professions fact sheets that provide a deeper dive on the views of teachers, firefighters and law enforcement professionals.

The report finds that:

State and local employees place a high value on serving the public and their community, and are generally satisfied with their job despite high stress.

Benefits are among the most important job features for state and local employees.

State and local employees have mixed views on the competitiveness of their salary and compensation, but the vast majority agree they could earn a higher salary in the private sector.

Benefits are viewed as a powerful recruitment and retention tool.

Cutting state and local employee benefits could drive them out of the public workforce.

Millennials working in state and local government generally share the views of Baby Boomers and GenXers on their job, serving the public, pay, and benefits.

Here are the webinar details:

What:	Webinar on New Research: State and Local Employee Views on Their Jobs, Pay and Benefits
Date:	Monday, November 18, 2019
Time:	2:00 PM ET
Speakers:	Dan Doonan, NIRS Executive Director Tyler Bond, NIRS Research Manager and Report Co-Author
Registration:	https://register.gotowebinar.com/register/3123351197885565965

The National Institute on Retirement Security is a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy as a whole. Located in Washington, D.C., NIRS' diverse membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at www.nirsonline.org.

NATIONAL INSTITUTE ON RETIREMENT SECURITY

1612 K Street, NW, Suite 500 * Washington DC 20006

www.nirsonline.org

NIRS, 1612 K Street NW, Suite 500, Washington, DC 20006

SafeUnsubscribe™ @

Forward this email | Update Profile | About our service provider

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We hope you can join us today, Monday, November 18, 2019, at 2:00 PM for a webinar to review the findings of our latest research report, State and Local Employee Views of Their Jobs, Pay and Benefits.

At a time when state and local governments are struggling to attract and retain employees to deliver vital taxpayer services, this new national poll finds that retirement and healthcare benefits are critically important job features, more so than salary.

These benefits are viewed as a powerful recruitment and retention tool, with nearly all state and local workers (93 percent) saying that pensions incentivize public workers to have long public service careers, and 94 percent agreeing that a pension is a good tool for attracting and retaining employees.

The findings are published by the National Institute on Retirement Security and based on research conducted by Greenwald & Associates.

NIRS also has published four fact sheets that provide an overview on the views of state and local employees, teachers, firefighters and law enforcement professionals.

The report finds that:

State and local employees place a high value on serving the public and their community, and are generally satisfied with their job despite high stress.

Benefits are among the most important job features for state and local employees.

State and local employees have mixed views on the competitiveness of their salary and compensation, but the vast majority agree they could earn a higher salary in the private sector.

Benefits are viewed as a powerful recruitment and retention tool.

Cutting state and local employee benefits could drive them out of the public workforce.

Millennials working in state and local government generally share the views of Baby Boomers and GenXers on their job, serving the public, pay, and benefits.

Here are the webinar details:

What:	Webinar on New Research: State and Local Employee Views on Their Jobs, Pay and Benefits
Date:	Monday, November 18, 2019
Time:	2:00 PM ET
Speakers:	Dan Doonan, NIRS Executive Director Tyler Bond, NIRS Research Manager and Report Co-Author
Registration:	https://register.gotowebinar.com/register/3123351197885565965

The National Institute on Retirement Security is a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy as a whole. Located in Washington, D.C., NIRS' diverse membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at www.nirsonline.org.

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""The bill will expand access to retirement plans for part-time workers, and this is likely to improve retirement plan access for nearly 30 million Americans shut out of workplace savings plans."

WASHINGTON, D.C., December 19, 2019 - At a time when working Americans are struggling to save for retirement, the National Institute on Retirement Security (NIRS) commends the U.S. Senate and House of Representatives for bi-partisan passage of the spending bill with provisions of the Setting Every Community Up for Retirement Enhancement (SECURE) Act.

Despite deep political polarization, research indicates that Americans are united in their concern about retirement. In overwhelming numbers, Americans agree the nation faces a retirement crisis, with Democrats at 80 percent, Republicans at 75 percent, and Independents at 75 percent.

"The bill will expand access to retirement plans for part-time workers, and this is likely to improve retirement plan access for nearly 30 million Americans shut out of workplace savings plans," said Dan Doonan, NIRS executive director. "Today, about half the workforce lacks access to workplace retirement plans, which are critically important for empowering Americans to save for their future. Providing these employees with a vehicle to save will begin to address the massive retirement savings deficit facing the U.S."

According to the Bureau of Labor Statistics, some 27.56 million people were employed on a part-time basis in November 2019. Also, NIRS research indicates the nation faces a retirement crisis: the median retirement account balance among all working individuals is $0.00. The data also indicate that 57 percent (more than 100 million) of working age individuals do not own any retirement account assets in an employer-sponsored 401(k)-type plan, individual account or pension.

"Another important element of the bill will support Americans working for small businesses. The SECURE Act sets the stage for small businesses to join together to offer retirement plans while offering tax credits to companies that provide such retirement plans. Nearly half of small businesses don't offer retirement plans, so the legislation should spur change," Doonan explained.

"Other provisions of the bill will enable Americans to save longer and better manage their nest egg once they have retired," Doonan stated. "Given that we are living longer, it is important that the legislation will allow those aged 70.5 to continue saving in an Individual Retirement Account (IRA) if they continue to work while also increasing the age for beginning required minimum distributions from 70.5 to 72."

More information on the nation's retirement savings shortfall is available in a recent report, Retirement in America | Out of Reach for Most Americans?. Data on the growing problem of financial asset inequality across generations is available here.

The National Institute on Retirement Security is a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy as a whole. Located in Washington, D.C., NIRS' diverse membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at www.nirsonline.org. Follow NIRS on Twitter @NIRSonline.

Contact:

Kelly Kenneally | kkenneally@nirsonline.org | 202.256.1445

###

NATIONAL INSTITUTE ON RETIREMENT SECURITY

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Noteworthy from NIRS

January 3, 2020

Best-Selling Author Alissa Quart to Keynote NIRS 11th Annual Retirement Policy Conference

We're pleased to announce that best-selling author Alissa Quart will keynote our 11th annual retirement policy conference, 2020 Vision: The Future of Retirement.

At the conference, Alissa will provide insight from her book, Squeezed | Why Our Families Can't Afford America. She will discuss systemic causes of why the middle class is going broke -- life is 30 percent more expensive that it was 20 years ago, skyrocketing education and healthcare costs, and disappearing pensions.

Scheduled for for March 2-3, 2020, at The Westin City Center in Washington, D.C., this event is exclusive to NIRS members.

Registration for the conference is included in 2020 membership, and we invite you to you learn about joining NIRS here. Please contact Nicole Dascenzo at nicole@nirsonline.org if you have questions about renewing your membership.

The conference also will feature keynote and panel discussions on critical retirement issues -- unique challenges facing women, the impact of pensions in rural areas, and how pensions intersect with workforce management.

Learn more about the 2020 conference and past events here.

NIRS Applauds Bipartisan Passage of Retirement Legislation

At a time when working Americans are struggling to save for retirement, the National Institute on Retirement Security commends the U.S. Senate and House of Representatives for the bi-partisan passage of the spending bill with provisions of the Setting Every Community Up for Retirement Enhancement (SECURE) Act.

Despite deep political polarization, research indicates that Americans are united in their concern about retirement. In overwhelming numbers, Americans agree the nation faces a retirement crisis, with Democrats at 80 percent, Republicans at 75 percent, and Independents at 75 percent.

“The bill will expand access to retirement plans for part-time workers, and this is likely to improve retirement plan access for nearly 30 million Americans shut out of workplace savings plans,” said Dan Doonan, NIRS executive director. “Today, about half the workforce lacks access to workplace retirement plans, which are critically important for empowering Americans to save for their future. Providing these employees with a vehicle to save will begin to address the massive retirement savings deficit facing the U.S.”

Read the NIRS statement here.

NEW Research Explores State and Local Government Spending on Retirement Systems

A new issue brief from the National Association of State Retirement Administrators (NASRA) finds that on a nationwide basis, contributions made by state and local governments to pension trust funds accounted for 4.7 percent of direct general spending.

The research reports that although pensions in most states do not comprise a significant portion of aggregate state and local spending, spending on pensions by states varies widely - from less than two percent to nearly ten percent. And, some municipalities have reported higher pension costs as a percentage of their budget.

According to NASRA, the variation in pension spending levels among states is attributable to such factors as differences in benefit levels; variations in the size of unfunded pension liabilities; the level of commitment by the state and its local government plan sponsors to make required pension contributions; the portion of the state's population that lives in an urban area; and the fiscal condition of government plan sponsors.

Download State and Local Government Spending on Public Employee Retirement Systems here.

Kaiser Family Foundation Finds Rising Out-Of-Pocket Health Care Expenditures for Many Medicare Recipients

While our research finds that Americans are struggling to save for retirement, a new study from the Kaiser Family Foundation reveals that increasing healthcare costs in retirement are putting even more pressure on the pocketbooks of many older Americans.

How Much Do Medicare Beneficiaries Spend Out of Pocket on Health Care? calculates that in in 2016, those with traditional Medicare spent an average of $5,460 out of pocket for health care expenses, including premiums, cost sharing, and costs for services not covered by Medicare. And, half of all traditional Medicare beneficiaries spent at least 12 percent of their total per capita income on health care.

The research indicates that while Medicare has helped make health care more affordable, many beneficiaries face high out-of-pocket costs. Moreover, some groups face substantially higher out-of-pocket costs: women, those aged 85 and over, those with multiple chronic conditions, and those without supplemental coverage.

Read more about the research here.

NEW Research Coming Soon | Register for "Examining the Nest Egg" Webinar on Jan. 15th

Later this month, NIRS will release a new report, Examining the Nest Egg: The Sources of Retirement Income for Older Americans. This forthcoming report explores the sources of retirement income for older Americans to determine just how many older Americans actually achieve the "three-legged stool" of retirement savings: Social Security, a defined benefit pension, and individual savings, typically through a defined contribution plan.

This report also considers how sources of retirement income vary according to different demographic characteristics including gender, race, and educational attainment. Additionally, the analysis examines how different sources of retirement income affect poverty status and the likelihood of older Americans experiencing a material hardship, such as food insecurity, during retirement.

During the webinar, report co-authors Dr. Frank Porell, University of Massachusetts Boston, and Tyler Bond, NIRS research manager, will review the findings and respond to questions.

Watch your email and our website for the report release.

In the meantime, we invite you to register for here the webinar scheduled for Wednesday, January 15, 2020, at 2:00 PM ET.

NIRS Staff Discusses Pensions, Millennials and COLAs

On November 20th, NIRS staff discussed key retirement research findings at the Alliance for Retired Americans' Pension Symposium in Washington, D.C.

At the event, Dan Doonan, NIRS executive director, reviewed research on the the advantages of defined benefit pension plans while Tyler Bond, NIRS research manager, discussed the retirement challenges facing Millennials. Click here to view video recordings of this event.

And earlier in the month, Bond testified before Oklahoma lawmakers at the State Capitol for an interim study committee examining a potential increase in cost-of-living adjustments (COLA) for public sector retirees.

At the hearing, Bond explained that retirees spend their pension checks on everyday needs like food, medicine, their rent or mortgage. He detailed how all of this spending cycles back into local economies, reporting that NIRS research found that the spending of these pension benefits supported 24,160 jobs in Oklahoma in 2016. Moreover, retirees’ expenditures from these benefits supported $3.5 billion in total economic output in Oklahoma in 2016.

NIRS In the News

NIRS remains an important source of information for the news outlets covering retirement security issues. Below are a few highlights.

A New York Times column exploring the aging of America says there is a need to rethink the way we live. "The median savings of people in their middle age is just $15,000, according to the National Institute on Retirement Security. Social Security plus $15,000 presents a scary prospect for those who hope for a decent standard of living throughout the average 20-year American retirement."

A PlanSponsor article cites NIRS research showing that financial asset inequality is growing and is, in part, worsened by unequal access to employer-sponsored retirement plans.

A News 9 article details a hearing on pension reform in Oklahoma. NIRS research manager, Tyler Bond, testified that pensions and cost of living adjustments are a benefit to the local economy.

A St. Louis Post-Dispatch article cites NIRS research on retirement savings averages among Americans. "According to the National Institute on Retirement Security, 57 percent of Americans have no retirement savings at all."

Public News Service reports on new NIRS research. "Defined benefit pensions are a major factor for recruiting and retaining new teachers in [Kentucky], and according to new research by the National Institute on Retirement Security, more than 96% of teachers say whittling away pensions would drastically affect the state's ability to attract new teachers to the profession."

401K Specialist cites NIRS research that finds even when accounting for an individual’s entire net worth—considered a generous measure of retirement savings—more than three-fourths (77 percent) of Americans fall short of conservative retirement savings targets for their age and income based on working until age 67.

Happy New Year!

As another decade comes to a close, we thank you for your interest in retirement security issues and our work.

We are pleased that there have been steps in the right direction to improve the retirement outlook of working Americans -- from more state-sponsored retirement plans to new federal legislation. But many challenges remain to overcome the growing problem of retirement asset and coverage inequality.

We look forward to working with you in 2020 to continue delivering reliable research that will lead to sensible policy solutions.

In the meantime, please accept our best wishes for a happy and healthy 2020!

The National Institute on Retirement Security

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Please join us for a webinar on Thursday, February 13, 2020, at 2:00 PM ET for a webinar to review the findings of a new report that finds most state and local Millennial employees (85 percent) plan to stay in their job until they retire or can no longer work.

This nationwide poll also finds that Millennials' job loyalty would alter if their benefits were changed. Some 78 percent say their healthcare benefits is one reason they chose a position in the public sector, and 77 percent say they would be more likely to leave their job if this benefit were cut.

Similarly, a high number of these Millennials (84 percent) say that a pension benefit is the reason they stay in a state and local government job. These Millennials say that cutting their pension benefits would make them more likely to leave their state or local government job (71 percent).

Register here.

These findings are contained in a new Issue Brief, Millennial State & Local Government Employee Views on Their Jobs, Compensation & Retirement, available here.

This research provides a deeper analysis of NIRS' November 2019 opinion research report, and it drills down to examine the views of Millennials working in state and local government. The Millennials survey data reveals that:

Despite knowing they could earn a higher salary in the private sector, Millennials working in state and local government are satisfied with their jobs and total compensation.

State & local government Millennial employees are planning to stick with their current job, but changing their benefits might push some out the door.

Millennials working in state and local government are highly supportive of pensions, and they see the advantages of their benefits beyond retirement.

State and local government Millennial employees feel confident about their retirement, but worry about cuts or changes to benefits.

State and local government Millennial workers say eliminating pensions has negative consequences.

Here are the webinar details:

What:	Webinar \| NEW Research: Millennial State & Local Government Employee Views on Their Jobs, Compensation & Retirement
Date:	Thursday, February 13, 2020
Time:	2:00 PM ET
Speakers:	Dan Doonan, NIRS Executive Director Tyler Bond, Report Co-Author and NIRS Research Manager
Registration:	Register at no charge here

NATIONAL INSTITUTE ON RETIREMENT SECURITY

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NEWS

40% of Older Americans Rely Solely on Social Security for Retirement Income

Only 7% of Retirees Have Ideal Situation of Income from Three Sources: Social Security, Pension & Savings

Social Security Kept More Than 7.5 Million Households Out of Poverty, Reduced Public Assistance Costs by $10 billion

Pensions Kept Nearly One Million Retirees Out of Poverty, Reduced Public Assistance Costs by $4 Billion

Webinar on January 15th at 2:00 PM ET

Register Here

"The findings reveal that Social Security has a profound role to play in preventing elder poverty. The analysis indicates that if Social Security income had been just ten percent higher in 2013, there would have been about 500,000 fewer poor older households."

WASHINGTON, D.C., January 14, 2020 - Only a small percentage of older Americans, seven percent, receive income from Social Security, a defined benefit pension, and a defined contribution account. Retirement income from these three sources is widely considered to be the ideal situation to ensure retirement security, particularly for the middle class. Retirees with these three sources of income are far less likely to face poverty and economic hardship.

A new report also finds that a large portion (40 percent) of older Americans rely only on Social Security income in retirement. Social Security alone is not considered sufficient for a secure retirement, and it was not intended to stand alone. Typically, benefits from Social Security replace approximately 40 percent of pre-retirement income. Most financial planners recommend at least a 70 percent income replacement rate for retirees, while others say this should be even higher given longer lifespans and rising health costs. In fact, the analysis indicates that if Social Security income had been ten percent greater in 2013, there would have been about 500,000 fewer older households in poverty.

These findings are contained in a new report from the National Institute on Retirement Security (NIRS), Examining the Nest Egg: The Sources of Retirement Income for Older Americans. The report is co-authored by Tyler Bond, NIRS manager of research, and Dr. Frank Porell, University of Massachusetts Boston professor emeritus.

Download the report here.
Register here for a webinar scheduled for Wednesday, January 15, 2020, at 2:00 PM ET.

The analysis also finds that without income from Social Security in 2013, the number of poor older U.S. households would have increased by more than 200 percent to 11 million households. Absent income from defined benefit pensions, the number of poor older households would have increased by 19 percent to more than four million households in 2013. Defined contribution plans, however, are less powerful at keeping older households out of poverty than pensions and Social Security because fewer near-poor households have assets in 401(k)-style defined contribution accounts and income from those accounts provided a smaller portion of total income. Without income from defined contribution accounts, the estimated number of poor older households would have increased by five percent.

This report examines the sources of retirement income for older Americans to determine how many older Americans achieve the "three-legged stool" of retirement savings: Social Security; a DB pension plan; and individual savings, typically through a DC account. Additionally, this report considers how sources of retirement income vary by gender, race and education. The study also estimates how different sources of retirement income impact poverty status, hardship, and public assistance and Medicaid costs.

More specifically, the impact of retirement income on public assistance and Medicaid costs, Social Security again had the strongest impact. Without Social Security income in 2013, the number of older households receiving public assistance would have increased by nearly 45 percent, while the number of older persons receiving Medicaid would have increased by more than 40 percent. Without income from pensions, the number of older households receiving public assistance would have increased by almost 19 percent, and the number of older persons receiving Medicaid would have increased by more than 15 percent. The impact of defined contribution income receipt was smaller for both measures.

Without income from defined benefit pensions, the combined costs for public assistance and Medicaid benefits to older households would have increased by almost $13.5 billion in 2013. Without Social Security income, combined costs would have increased by nearly $34 billion in 2013.

"The findings of this research reveal that Social Security has a profound role to play in preventing elder poverty," said Dan Doonan, NIRS executive director. "Our analysis indicates that if Social Security income had been just ten percent higher in 2013, there would have been about 500,000 fewer poor older households. Accordingly, protecting and expanding Social Security should be a top priority for policymakers interested in the financial of security of America's middle class and to keep them from falling into poverty."

"But Social Security alone is not enough to provide a secure retirement," Doonan cautioned. "It is clear from the data that pensions serve an important function in keeping working families in the middle class in retirement, more so than DC accounts that disproportionately benefit higher income Americans. The most surefire way to achieve a secure retirement is to have income from all three sources. But this just isn't the case for most older Americans today, and we are on a treacherous path for the future with dwindling pensions and proposals to cut to Social Security."

The report's key findings are as follows:

Only a small percentage of older Americans, 6.8 percent, receive income from Social Security, a defined benefit pension, and a defined contribution plan.

A plurality of older Americans, 40.2 percent, only receive income from Social Security in retirement.

Roughly equal numbers of older Americans receive income from defined benefit pensions as from defined contribution plans. This is likely to change in the future as fewer private sector workers have access to defined benefit pensions now than in the past.

Defined benefit pensions have a much greater poverty- reducing effect than defined contribution plans. This may be partly due to the fact that recipients of defined contribution income tend to have much higher net worth than the recipients of defined benefit income.

Unmarried older men and unmarried older women receive retirement income from similar combinations of sources, but the older men consistently have higher incomes than the older women. Both unmarried men and women have lower retirement incomes than married older men and women.

Race and educational attainment both have very strong roles to play in determining retirement outcomes. Whites have consistently higher retirement incomes than blacks or Hispanics, and those with a college degree have significantly higher retirement incomes than those with only a high school education. Race and educational attainment also intersect in meaningful ways.

Expanding Social Security benefits would be a potent poverty-reducing tool for policymakers to implement to fight elder poverty.

The study data were drawn from the first wave of the re-engineered 2014 Survey of Income and Program Participation (SIPP) and the 2014 Social Security Administration (SSA) Supplement on Retirement, Pensions, and Related Content. It includes an analysis of all respondents to both the SIPP and SSA Supplement who were age 60 years or older, and who worked fewer than 30 hours per week or not at all. It also includes all households with a householder age 60 or older, where neither the householder nor the spouse/partner worked 30 or more hours per week or didn't work at all.

The National Institute on Retirement Security is a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy as a whole. Located in Washington, D.C., NIRS' diverse membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at www.nirsonline.org. Follow NIRS on Twitter @NIRSonline.

Contact:

Kelly Kenneally | kkenneally@nirsonline.org | 202.256.1445

###

NATIONAL INSTITUTE ON RETIREMENT SECURITY

1612 K Street, NW, Suite 500 * Washington DC 20006

www.nirsonline.org

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Please join us for a webinar on Wednesday, January 15, 2020, at 2:00 PM ET for an in-depth review of forthcoming research, Examining the Nest Egg: the Sources of Retirement Income for Older Americans.

Scheduled for release on January 14th, this report will explore the sources of retirement income for older Americans to determine just how many older Americans actually achieve the "three-legged stool" of retirement savings: Social Security, a defined benefit pension, and individual savings, typically through a defined contribution plan.

REGISTER HERE

This report also considers how sources of retirement income vary according to different demographic characteristics including gender, race, and educational attainment. Additionally, the analysis examines how different sources of retirement income affect poverty status and the likelihood of older Americans experiencing a material hardship, such as food insecurity, during retirement. The report measures how many seniors would be pulled out of poverty if Social Security were to be increased modestly.

During the webinar, we will provide an in-depth review of the research and respond to your questions.

Here are the details:

What:	Webinar: Review of New Research Examining the Nest Egg: the Sources of Retirement Income for Older Americans
Date:	Wednesday, January 15, 2020
Time:	2:00 PM ET
Speakers:	Tyler Bond, Report Co-Author and NIRS Manager of Research Frank Porell, PhD., Report Co-Author and Professor Emeritus of Gerontology at University of Massachusetts Boston
Registration:	Register at no charge here.

NATIONAL INSTITUTE ON RETIREMENT SECURITY

1612 K Street, NW, Suite 500 * Washington DC 20006 * 202.457.8190 info@nirsonline.org

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National Institute on Retirement Security, 1612 K Street NW, Suite 500, Washington, DC 20006

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"The findings reveal that Social Security has a profound role to play in preventing elder poverty. The analysis indicates that if Social Security income had been just ten percent higher in 2013, there would have been about 500,000 fewer poor older households."

Please join us for a webinar today, Wednesday, January 15, 2020, at 2:00 PM ET on a new report that finds only a small percentage of older Americans, seven percent, receive income from Social Security, a defined benefit pension, and a defined contribution account.

During the webinar, we will review the findings of our latest research, Examining the Nest Egg: The Sources of Retirement Income for Older Americans. The report is co-authored by Tyler Bond, NIRS manager of research, and Dr. Frank Porell, University of Massachusetts Boston professor emeritus.

Download the report here.
Register at no charge here.

This report considers how sources of retirement income vary by gender, race and education. The study also estimates how different sources of retirement income impact poverty status, hardship, and public assistance and Medicaid costs.

The analysis also finds that without income from Social Security in 2013, the number of poor older U.S. households would have increased by more than 200 percent to 11 million households. Moreover, if Social Security income had been ten percent greater in 2013, there would have been about 500,000 fewer older households in poverty.

Here are the details:

What:	Webinar \| Examining the Nest Egg: The Sources of Retirement Income for Older Americans
When:	Wednesday, January 15, 2020 at 2:00 PM ET
Speakers:	Tyler Bond, Report Co-Author & NIRS Manager of Research Dr. Frank Porell, Report Co-Author & University of Massachusetts Boston Professor Emeritus
Registration:	Register at no charge: https://register.gotowebinar.com/register/8501010893471561229

The report's key findings are as follows:

Only a small percentage of older Americans, 6.8 percent, receive income from Social Security, a defined benefit pension, and a defined contribution plan.

A plurality of older Americans, 40.2 percent, only receive income from Social Security in retirement.

Roughly equal numbers of older Americans receive income from defined benefit pensions as from defined contribution plans. This is likely to change in the future as fewer private sector workers have access to defined benefit pensions now than in the past.

Defined benefit pensions have a much greater poverty- reducing effect than defined contribution plans. This may be partly due to the fact that recipients of defined contribution income tend to have much higher net worth than the recipients of defined benefit income.

Unmarried older men and unmarried older women receive retirement income from similar combinations of sources, but the older men consistently have higher incomes than the older women. Both unmarried men and women have lower retirement incomes than married older men and women.

Race and educational attainment both have very strong roles to play in determining retirement outcomes. Whites have consistently higher retirement incomes than blacks or Hispanics, and those with a college degree have significantly higher retirement incomes than those with only a high school education. Race and educational attainment also intersect in meaningful ways.

Expanding Social Security benefits would be a potent poverty-reducing tool for policymakers to implement to fight elder poverty.

The study data were drawn from the first wave of the re-engineered 2014 Survey of Income and Program Participation (SIPP) and the 2014 Social Security Administration (SSA) Supplement on Retirement, Pensions, and Related Content. It includes an analysis of all respondents to both the SIPP and SSA Supplement who were age 60 years or older, and who worked fewer than 30 hours per week or not at all. It also includes all households with a householder age 60 or older, where neither the householder nor the spouse/partner worked 30 or more hours per week or didn't work at all.

NATIONAL INSTITUTE ON RETIREMENT SECURITY

1612 K Street, NW, Suite 500 * Washington DC 20006

www.nirsonline.org

NIRS, 1612 K Street NW, Suite 500, Washington, DC 20006

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Please join us for a webinar on Wednesday, January 15, 2020, at 2:00 PM ET for an in-depth review of forthcoming research, Examining the Nest Egg: the Sources of Retirement Income for Older Americans.

Scheduled for release on January 14th, this report will explore the sources of retirement income for older Americans to determine just how many older Americans actually achieve the "three-legged stool" of retirement savings: Social Security, a defined benefit pension, and individual savings, typically through a defined contribution plan.

REGISTER HERE

This report also considers how sources of retirement income vary according to different demographic characteristics including gender, race, and educational attainment. Additionally, the analysis examines how different sources of retirement income affect poverty status and the likelihood of older Americans experiencing a material hardship, such as food insecurity, during retirement. The report measures how many seniors would be pulled out of poverty if Social Security were to be increased modestly.

During the webinar, we will provide an in-depth review of the research and respond to your questions.

Here are the details:

What:	Webinar: Review of New Research Examining the Nest Egg: the Sources of Retirement Income for Older Americans
Date:	Wednesday, January 15, 2020
Time:	2:00 PM ET
Speakers:	Tyler Bond, Report Co-Author and NIRS Manager of Research Frank Porell, PhD., Report Co-Author and Professor Emeritus of Gerontology at University of Massachusetts Boston
Registration:	Register at no charge here.

NATIONAL INSTITUTE ON RETIREMENT SECURITY

1612 K Street, NW, Suite 500 * Washington DC 20006 * 202.457.8190 info@nirsonline.org

www.nirsonline.org

National Institute on Retirement Security, 1612 K Street NW, Suite 500, Washington, DC 20006

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"Clearly, benefits are a driving force behind Millennials decision to seek and stay with a career in public service."

85% OF MILLENNIALS WORKING IN STATE & LOCAL GOVERNMENT PLAN TO STICK WITH THEIR EMPLOYER, BUT BENEFIT CHANGES COULD PUSH THEM OUT THE DOOR

Most Millennials Working in State and Local Government Satisfied with Job Despite Knowing They Could Earn More in the Private Sector

Webinar to Review Findings on February 13th at 2 PM ET

WASHINGTON, D.C., February 5, 2020 - As governments struggle to fill jobs that deliver vital public services, new research from the National Institute on Retirement Security(NIRS) finds that Millennials working in state and local government are satisfied with their jobs and intend to stay with their employers so long as their benefits are not cut.

In a nationwide poll of state and local employees, 84 percent of Millennials say they are satisfied with their job. This high job satisfaction among state and local Millennial employees comes despite sentiment that they could earn a higher salary in the private sector. Most Millennials in state and local government (80 percent) believe they could earn a higher salary working in the private sector, and only about one on four see their salary as very competitive.

The research also finds that state and local Millennial employees (85 percent) say that they plan to stay in their job until they retire or can no longer work. But, Millennials' job loyalty would alter if their benefits were changed. Some 78 percent say their healthcare benefits is one reason they chose a position in the public sector, and 77 percent say they would be more likely to leave their job if this benefit were cut.

Similarly, a high number of Millennials (84 percent) say that a pension benefit is the reason they stay in a state and local government job. These Millennials say that cutting their pension benefits would make them more likely to leave their state or local government job (71 percent).

These findings are contained in a new Issue Brief, Millennial State & Local Government Employee Views on Their Jobs, Compensation & Retirement, available here. This research provides a deeper analysis of NIRS' November 2019 opinion research report, and it drills down to examine the views of Millennials working in state and local government. A webinar is scheduled for Thursday, February 13, 2020, to review the findings and respond to questions. Register at no charge here.

The Millennials survey data reveals that:

Despite knowing they could earn a higher salary in the private sector, Millennials working in state and local government are satisfied with their jobs and total compensation. The vast majority (84 percent) are satisfied with their job. One in four say their salary is very competitive, but most (80 percent) say that their total compensation package (salary and benefits) is competitive.

State & local government Millennial employees are planning to stick with their current job, but changing their benefits might push some out the door. Most Millennials (85 percent) in state and local government say that they plan to stay in their job until they retire or can no longer work. Some 77 percent say they would be more likely to leave their job if their healthcare were cut. A high number of Millennials (84 percent) say that a pension benefit is the reason they stay in a state and local government job, and 71 percent say that cutting their pension benefits would make them more likely to leave their state or local government job.

Millennials working in state and local government are highly supportive of pensions, and they see the advantages of their benefits beyond retirement. Some 97 percent of Millennials in state and local government have favorable views of pensions, and more than three-fourths (77 percent) say that they prefer pensions over 401(k) accounts. Millennials see the value of pensions beyond providing retirement security. Some 92 percent of state and local Millennials agree pensions serve a role in incentivizing long public service careers, while 94 percent say that pensions serve as effective tools for recruiting new employees to state and local government jobs

State and local government Millennial employees feel confident about their retirement, but worry about cuts or changes to benefits. Most Millennials (74 percent) working in state and local government say they are confident that they will be financially secure in retirement. But, 85 percent say they are concerned about potential pension benefit cuts, and 84 percent expressed concern about government officials underfunding pension contributions. More than three-fourths of state and local Millennial employees (77 percent) say they are concerned about cuts to their cost-of-living adjustments.

State and local government Millennial workers say eliminating pensions has negative consequences. Nearly all agree (92 percent) that eliminating pensions will weaken government's ability to recruit and retain workers to deliver public services. The vast majority (86 percent) say that eliminating pensions will weaken public education, and most Millennials (82 percent) in state and local government agree that eliminating pensions will weaken public safety.

"The key takeaway from this research is that Millennials understand the tradeoff between pay and benefits that often comes with a public sector job. Clearly, benefits are a driving force behind Millennials decision to seek and stay with a career in public service," said Dan Doonan, NIRS executive director.

"As Baby Boomers retire and Millennials dominate the workforce, it's imperative that government employers attract talented younger employees committed to public careers that keep our communities healthy and safe and educate our children. Benefits play a key role in workforce loyalty for Millennials, turning jobs into careers," Doonan explained.

In 2016, Millennials became the largest generation in the U.S. labor force. According to the U.S. Bureau of Labor Statistics, more than 22.5 million U.S. workers are government employees with 2.8 million at the federal level, 5.1 million at the state level, and 14.6 million at the local. In 2019, 32 percent of state and local employees were Millennials. More than half (58 percent) of state and local public employees work in education, while 13 percent work in public safety, and 12 percent work in health and safety.

"But despite state and local Millennial employee high satisfaction with their benefits, governments have been cutting back on health and retirement plans or shifting more costs to employees. We hope this research will inform the policy debate on Millennial preferences, thereby helping government employers make informed decisions related to the public workforce and benefits. More benefit cuts could have unintended and detrimental consequences -- like driving Millennials out the door and harming public services," Doonan said.

Conducted by Greenwald & Associates, information for this study was collected from online interviews between August 22 through September 12, 2019. Sample was selected using two online panel providers, with 1,118 public sector employees aged 18 and older completing the survey to include 362 teachers, 284 police officers, 204 firefighters and 268 other public sector employees. The final data were weighted by age, gender, and personal income to reflect the demographics within each of these professions, and also weighted to reflect the distribution of these professions within the public sector workforce.

The National Institute on Retirement Security is a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy as a whole. Located in Washington, D.C., NIRS' diverse membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at www.nirsonline.org. Follow NIRS on Twitter @NIRSonline.

Contact:

Kelly Kenneally | kkenneally@nirsonline.org | 202.256.1445

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Please join us for a webinar today, Thursday, February 13, 2020, at 2:00 PM ET for a webinar to review the findings of a new report that finds most state and local Millennial employees (85 percent) plan to stay in their job until they retire or can no longer work.

This nationwide poll also finds that Millennials' job loyalty would alter if their benefits were changed. Some 78 percent say their healthcare benefits is one reason they chose a position in the public sector, and 77 percent say they would be more likely to leave their job if this benefit were cut.

Similarly, a high number of these Millennials (84 percent) say that a pension benefit is the reason they stay in a state and local government job. These Millennials say that cutting their pension benefits would make them more likely to leave their state or local government job (71 percent).

Register here.

These findings are contained in a new Issue Brief, Millennial State & Local Government Employee Views on Their Jobs, Compensation & Retirement, available here.

This research provides a deeper analysis of NIRS' November 2019 opinion research report, and it drills down to examine the views of Millennials working in state and local government. The Millennials survey data reveals that:

Despite knowing they could earn a higher salary in the private sector, Millennials working in state and local government are satisfied with their jobs and total compensation.

State & local government Millennial employees are planning to stick with their current job, but changing their benefits might push some out the door.

Millennials working in state and local government are highly supportive of pensions, and they see the advantages of their benefits beyond retirement.

State and local government Millennial employees feel confident about their retirement, but worry about cuts or changes to benefits.

State and local government Millennial workers say eliminating pensions has negative consequences.

Here are the webinar details:

What:	Webinar \| NEW Research: Millennial State & Local Government Employee Views on Their Jobs, Compensation & Retirement
Date:	Thursday, February 13, 2020
Time:	2:00 PM ET
Speakers:	Dan Doonan, NIRS Executive Director Tyler Bond, Report Co-Author and NIRS Research Manager
Registration:	Register at no charge here

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Please join us for a webinar tomorrow, Thursday, February 13, 2020, at 2:00 PM ET for a webinar to review the findings of a new report that finds most state and local Millennial employees (85 percent) plan to stay in their job until they retire or can no longer work.

This nationwide poll also finds that Millennials' job loyalty would alter if their benefits were changed. Some 78 percent say their healthcare benefits is one reason they chose a position in the public sector, and 77 percent say they would be more likely to leave their job if this benefit were cut.

Similarly, a high number of these Millennials (84 percent) say that a pension benefit is the reason they stay in a state and local government job. These Millennials say that cutting their pension benefits would make them more likely to leave their state or local government job (71 percent).

Register here.

These findings are contained in a new Issue Brief, Millennial State & Local Government Employee Views on Their Jobs, Compensation & Retirement, available here.

This research provides a deeper analysis of NIRS' November 2019 opinion research report, and it drills down to examine the views of Millennials working in state and local government. The Millennials survey data reveals that:

Despite knowing they could earn a higher salary in the private sector, Millennials working in state and local government are satisfied with their jobs and total compensation.

State & local government Millennial employees are planning to stick with their current job, but changing their benefits might push some out the door.

Millennials working in state and local government are highly supportive of pensions, and they see the advantages of their benefits beyond retirement.

State and local government Millennial employees feel confident about their retirement, but worry about cuts or changes to benefits.

State and local government Millennial workers say eliminating pensions has negative consequences.

Here are the webinar details:

What:	Webinar \| NEW Research: Millennial State & Local Government Employee Views on Their Jobs, Compensation & Retirement
Date:	Thursday, February 13, 2020
Time:	2:00 PM ET
Speakers:	Dan Doonan, NIRS Executive Director Tyler Bond, Report Co-Author and NIRS Research Manager
Registration:	Register at no charge here

NATIONAL INSTITUTE ON RETIREMENT SECURITY

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Noteworthy from NIRS

February 6, 2020

Millennial State & Local Employees Plan to Stay with Job Unless Benefits Cut | Webinar on Feb. 13th

As governments struggle to fill jobs that deliver vital public services, new research finds that Millennials working in state and local government are satisfied with their jobs and intend to stay with their employers so long as their benefits are not cut.

In a nationwide poll of state and local employees, 84 percent of Millennials say they are satisfied with their job. The research also finds that state and local Millennial employees (85 percent) say that they plan to stay in their job until they retire or can no longer work.

But, Millennials’ job loyalty would alter if their benefits were changed. Some 78 percent say their healthcare benefits is one reason they chose a position in the public sector, and 77 percent say they would be more likely to leave their job if this benefit were cut. Similarly, Millennials say that cutting their pension benefits would make them more likely to leave their state or local government job (71 percent).

These findings are contained in a new Issue Brief, Millennial State & Local Government Employee Views on Their Jobs, Compensation & Retirement, available here.

A webinar is scheduled for Thursday, February 13, 2020, at 2:00 p.m. ET to review the findings and respond to questions. Register at no charge here.

Dr. Juliette Cubanski to Discuss Rising Healthcare Costs at Annual Policy Conference

We are pleased to announce Dr. Juliette Cubanski with the Kaiser Family Foundation will deliver a keynote on a topic that is further complicating retirement–rising healthcare costs. Dr. Cubanski also will provide insight from her research, How Much Do Medicare Beneficiaries Spend Out of Pocket on Health Care?

You won't want to miss hearing from other keynote presenters, Alissa Quart and Dr. Christian Weller, and a number of other experts and thought leaders. We will discuss unique challenges facing women in retirement, how pensions can be used as a workforce management tool, and the findings of our new report on the economic impact of pensions in small towns across America.

Scheduled for for March 2-3, 2020, at The Westin City Center in Washington, D.C., this event is exclusive to NIRS members and special invited guests.

Register here.

Attendance at the conference is included in 2020 membership, and we invite you to you learn about joining NIRS here. Please contact Nicole Dascenzo at nicole@nirsonline.org if you have any questions about the conference or supporting our work.

Learn more about the 2020 conference and past events here.

CRR Research Finds Social Security to be the Most Equal Form of Retirement Wealth

New research from The Center for Retirement Research at Boston College finds that without Social Security, a white household has five to seven times the wealth of a minority household. When Social Security is factored in, this gap is reduced to two to three times the wealth.

Social Security is a Great Equalizer examines the role of Social Security on the retirement wealth of racial and ethnic minorities.

Recent NIRS research finds similar results when it comes to the disparity between white and minority retirement readiness. In Examining the Nest Egg, NIRS found that the median total retirement income for persons over the age of 60 working fewer than 30 hours per week was $23,292 for non-Hispanic white persons, while it was significantly lower for Hispanic persons and non-Hispanic black persons: $13,560 and $16,863, respectively.

Examining the Nest Egg Webinar Replay Now Available

A webinar replay now is available if you missed the recent webinar reviewing new research, Examining the Nest Egg: The Sources of Retirement Income for Older Americans. Watch it here.

We also have posted additional information regarding the report methodology here.

Please note that the analysis was conducted using the first wave of the re-engineered 2014 Survey of Income and Program Participation (SIPP) and the 2014 Social Security Administration (SSA) Supplement on Retirement, Pensions, and Related Content. We intentionally selected these data sources because of concerns among the research community that some national data sets – particularly the Current Population Survey (CPS) – under report retirement income.

Also, the report intentionally does not consider wages as income from retirement sources because the goal of the research is to evaluate the adequacy of the nation’s retirement infrastructure. Wages are only included in the total income, but not as a form of income from retirement sources.

NIRS In the News

NIRS remains an important source of information for the news outlets covering retirement security issues. Below are a few highlights.

CNBC features the Examining the Nest Egg report in two articles available here and here.

A Washington Post column discusses the Social Security reform plans of two major 2020 presidential candidates, former Vice President Joe Biden and Vermont Senator Bernie Sanders. "As the National Institute on Retirement Security pointed out... [Social Security] is the only income source for 40 percent of retirees over the age of 60."

An Anchorage Daily News article reports on the unique retirement situation facing many Alaskan teachers, who receive no Social Security benefits. This is particularly worrisome for Tier III employees, who contribute to a defined contribution retirement plan. "On top of not having access to (defined benefit) in Alaska, they don’t have access to Social Security,” Dan Doonan, Executive Director of NIRS said.

A Yahoo Finance video cites NIRS research showing that 40% of retirees rely solely on Social Security in retirement.

A Forbes column cites NIRS research in discussing the concerning outlook on retirement security. "The most surefire way to achieve a secure retirement is to have income from a three-legged stool of a defined benefit pension plan, a 401(k) combined with other personal savings and Social Security, asserts the NIRS study. Yet only about 7 percent of seniors have that ideal combo."

A Benefits Pro article maps out what employers should know about new requirements for state-run retirement plans. Americans are critically underprepared for retirement, and NIRS research has found that 57% of working-age households have no retirement assets.

A Jefferson City News Tribune article details ways in which Americans can improve their outlook on retirement as the average lifespan continues to increase. The three-legged stool, which is a combination of Social Security, a defined benefit pension, and individual savings, is the ideal situation for retirement. This article cites NIRS research finding that only 6.8 percent of Americans achieve this outcome.

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MEDIA ADVISORY

NATIONAL INSTITUTE ON RETIREMENT SECURITY HOSTS 11th ANNUAL RETIREMENT POLICY CONFERENCE ON MARCH 3rd

Event Features Keynote by Alissa Quart, Author of Best-Selling Book, Squeezed: Why Our Families Can''t Afford America

New Research To Be Released on Economic Impact of Pensions on Rural and Small Towns Across America

Live Webcast Via Facebook

February 27, 2020, Washington, D.C. - The National Institute on Retirement Security (NIRS) will hold its 11th Annual Retirement Policy Conference on Tuesday, March 3, 2020, in Washington, D.C. At the event, retirement policy leaders will discuss key challenges impeding retirement security for average Americans and consider pragmatic policy solutions that can to strengthen the nation''s weakened retirement infrastructure.

The event will be live webcast via Facebook at https://www.facebook.com/NIRSResearch/ beginning at 9:15 AM ET.

The event is open to the news media, NIRS members and invited guests. Members of the news media can register here. The full conference agenda is available here.

At the event, bestselling author Alissa Quart will deliver the opening keynote, providing insight from her book, Squeezed: Why Our Families Can''t Afford America. She will discuss systemic causes of why the middle class is going broke: life is 30 percent more expensive than it was 30 years ago, education and healthcare costs have skyrocketed, and pensions are disappearing. Conference attendees will receive a complimentary copy of Squeezed and an opportunity to engage with Alissa during a book signing.

Retirement and economic security expert Christian Weller, Professor at the University of Massachusetts-Boston and Senior Fellow at the Center for American Progress, will deliver a keynote on a topic that is garnering significant attention from 2020 presidential candidates - Social Security. Dr. Weller will provide an overview of these proposals that go beyond just shoring up Social Security, but look at ways to expand these benefits as Americans are struggling to save for retirement.

Dr. Juliette Cubanski with the Kaiser Family Foundation will deliver a keynote address on a topic further complicating retirement-rising healthcare costs. She also will provide insight from the findings featured in her new issue brief, How Much Do Medicare Beneficiaries Spend Out of Pocket on Health Care?

At the conference, NIRS will release new research detailing the economic impact of pensions on America''s small towns and rural communities. A panel conversation will preview upcoming NIRS research that updates a report on the unique challenges facing women in retirement. Other panels will examine the critical role that pensions play as a workforce management tool in a labor market that finds employers struggling to recruit and retain employees.

What: 11th Annual Retirement Policy Conference: 2020 Vision: The Future of Retirement

Date: Tuesday, March 3, 2020

Time: 8:00 AM - 2:30 PM ET

Location: The Westin City Center, 1400 M Street N.W., Washington, D.C.

Registration: News media registration is available here.

The National Institute on Retirement Security is a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy as a whole. Located in Washington, D.C., NIRS'' diverse membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at www.nirsonline.org. Follow NIRS on Twitter @NIRSonline.

Contact:

Kelly Kenneally | kkenneally@nirsonline.org | 202.256.1445

###

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Webinar | Nov 16th at 2:00 PM ET

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Webinar | How Changes to Actuarial Standards Will Impact Pension Reporting

Please join us for a webinar on Monday, November 16, 2020, at 2:00 PM ET.

During this session, experts will discuss recent and proposed changes to actuarial standards that will impact the pension liability and risk measures that we will see in the future.

Attendees will learn what changes are coming, and panelists will weigh-in on the types of information they see as useful for bringing about better decision making.

REGISTER AT NO CHARGE HERE

Speakers include:

Dan Doonan, National Institute on Retirement Security
Flick Fornia, Pension Trustee Advisors
Joe Newton, Gabriel Roeder Smith and Company; and
Todd Tauzer, Segal

Visit the Special Webinar Series web page for updates on scheduled sessions and to access replays of past webinars.

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W E B I N A R

Oct. 21 at 2 PM ET

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Please join us for a webinar on Wednesday, October 21, 2020, at 2:00 PM ET to review a new report, Accessing Long-Term Care Coverage Through Medicaid: The Safety Net For Seniors Facing Unmanageable Costs.

This report from the National Institute on Retirement Security (NIRS) examines the complex rules and multiple pathways for receiving Medicaid coverage across the nation. The report focuses on the long-term care needs of older Americans and their options for accessing care. It also reviews an innovative long-term care social insurance program in Washington State that is projected to reduce Medicaid expenses and offers policy solutions to address the rising costs of long- term care.

REGISTER HERE

Webinar speakers include:

Tyler Bond, NIRS Research Manager
Dan Doonan, NIRS Executive Director
Izidora Skračić, NIRS Research Intern

The report offers four policies to address the unpredictable yet potentially catastrophic costs of long- term care needs:

Long-term care proposals should provide universal coverage based on need. Washington State is piloting a social insurance program to provide coverage for long-term care costs, and this could serve as an example for other states or even a federal program.
The programmatic bias toward institutional care over home or community-based care should be eliminated. HCBS costs less than institutional care and is generally preferred by beneficiaries and their caregivers.
A stronger focus on healthy aging for all should include the integration of healthcare and social services and accountable care systems focused on long-term health.
The ability of older adults to remain in their communities and live independently should be facilitated by public policy.

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Webinar | July 28th at 3 PM ET

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Webinar | Factors First: A Risk-Based Approach to Harnessing Alternative Sources of Income

Please join us for a webinar on Tuesday, July 28th at 3:00 PM ET with Nuveen on how institutional investors can capitalize on the yield of alternatives by focusing on the idiosyncratic risks that drive returns.

During the webinar, you will hear how investors can stitch together multi-asset portfolios in an efficient and coherent fashion. The session also will cover why a risk factor-based approach works well for alternative asset classes; how to capitalize on the yield and diversification benefits of alternatives; and how institutional investors can leverage the factor-based approach for multi-asset portfolio construction.

Speakers include:

Dan Doonan, Executive Director, National Institute on Retirement Security
Nathan Shetty, Head of Multi-Asset Portfolio Management, Nuveen

Register at no charge here.

Visit the Special Webinar Series web page for updates on scheduled sessions and to access replays of past webinars.

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W E B I N A R

The Growing Burden of Retirement

September 16th | 2:00 PM ET

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We invite you to join us for webinar to review a new study from the National Institute on Retirement Security (NIRS), The Growing Burden of Retirement: Rising Costs and More Risk Increase Uncertainty, available here. The webinar is scheduled for today, Wednesday, September 16, 2020, at 2:00 PM ET.

The report finds that the burden of preparing for retirement is increasing as workers face more risk and rising costs. Escalating housing, healthcare, and long-term care costs in retirement are creating retirement obstacles for Americans. Also, the shift from pensions to 401(k) plans has pushed more retirement risk onto workers. The report offers policy solutions to help improve retirement outcomes.

REGISTER HERE

Speakers include Tyler Bond, NIRS research manager, and Dan Doonan, NIRS executive director.

The National Institute on Retirement Security is a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers and the economy as a whole. Located in Washington, D.C., NIRS’ diverse membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at www.nirsonline.org. Follow NIRS on Twitter @NIRSonline.

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Please join us for a webinar on Thursday, April 16, 2020, at 1:00 PM ET for a discussion on interest rates & market volatility stemming from the coronavirus.

Register Here

As markets continue to experience extreme volatility swings, it''s leaving investors with a number of key questions about portfolio re-balancing, potential shifts in asset allocation and what the future market implications of COVID-19 may be.

During the session, we will discuss:

The progression of COVID-19
Strategic and tactical portfolio considerations around growth, volatility and interest rates
Current market risk cases and their potential impact on portfolios

Here are the webinar details:

What:	Webinar \| Coronavirus, Interest Rates & Volatility - Where Do We Go from Here?
Date:	Thursday, April 16, 2020
Time:	1:00 PM ET
Speakers:	Dan Doonan, Executive Director, National Institute on Retirement Security Jim McDonald, Chief Investment Strategist, Northern Trust Asset Management Erick Noensie, PhD, Senior Healthcare Analyst, Northern Trust Asset Management
Registration:	Register at no charge here.

The National Institute on Retirement Security is a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy as a whole. Located in Washington, D.C., NIRS'' diverse membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at www.nirsonline.org. Follow NIRS on Twitter @NIRSonline.

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Please join us for a webinar today, Wednesday, June 3, 2020, at 11:00 AM ET for a conversation with experts from Baillie Gifford on COVID-19 and to learn about other countries'' responses.

The session also will provide an update on the current economic situation, the impact on financial markets, and the current investment environment.

Register Here

Here are the webinar details:

What:	Webinar \| The COVID-19 Crisis: A Comparison of Global Responses & Implications for Economies & Financial Markets
Date:	TODAY \| Wednesday, June 3, 2020
Time:	11:00 AM ET
Speakers:	Dan Doonan, Executive Director, National Institute on Retirement Security James Carver, Investment Manager, Baillie Gifford Scott Lothian, Investment Manager, Baillie Gifford
Registration:	Register at no charge here.

The National Institute on Retirement Security is a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy as a whole. Located in Washington, D.C., NIRS'' diverse membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at www.nirsonline.org. Follow NIRS on Twitter @NIRSonline.

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N E W S

New Report Examines Medicaid’s Critical Role in Providing Long-Term Care Coverage for Older Americans

Report Offers Policy Solutions To Address Unpredictable and Potentially Catastrophic Costs Of Long-Term Care

Webinar on October 21st to Review Findings

WASHINGTON, D.C., October 14, 2020 – With healthcare and long-term care costs rising at much higher rates than wages or salaries, it is becoming more difficult for Americans to afford the costs of long- term care. These unpredictable costs, combined with low levels of savings, mean many older American families find themselves forced to spend down their assets so they are eligible for long-term care coverage under Medicaid.

At the same time, the rules governing access to long-term care coverage through Medicaid are complex and vary widely from state-to-state. For most families, navigating this process is complicated and burdensome at a time when they likely are experiencing a health crisis.

A new report from the National Institute on Retirement Security (NIRS), Accessing Long-Term Care Coverage Through Medicaid: The Safety Net For Seniors Facing Unmanageable Costs, examines the complex rules and multiple pathways for receiving Medicaid coverage across the nation. The report focuses on the long-term care needs of older Americans and their options for accessing care. It also reviews an innovative long-term care social insurance program in Washington State that is projected to reduce Medicaid expenses and offers policy solutions to address the rising costs of long- term care.

This report is authored by Izidora Skračić, NIRS research intern, Tyler Bond, NIRS research manager, and Dan Doonan, NIRS executive director.

Download the report here. A webinar is scheduled for Wednesday, October 21, 2020, at 2:00 PM ET to review the findings and respond to questions.

REGISTER HERE

“Today, few individuals, employers, or governments have a plan in place to finance seniors’ long-term care needs, even as the cost of services is increasing,” said Dan Doonan, NIRS executive director. “Already, we know that retirement income and savings often are woefully inadequate to cover what can be prohibitively expensive long-term care costs.”

“As a result, too many older Americans are forced to spend down their savings so they can qualify for long-term care under Medicaid. This is an expensive, overly-complicated, and inhumane approach. We hope this report provides state and federal policymakers with new ways to think about providing long-term care as the nation ages,” Doonan explained.

The report offers four policies to address the unpredictable yet potentially catastrophic costs of long- term care needs:

Long-term care proposals should provide universal coverage based on need. Washington State is piloting a social insurance program to provide coverage for long-term care costs, and this could serve as an example for other states or even a federal program.
The programmatic bias toward institutional care over home or community-based care should be eliminated. HCBS costs less than institutional care and is generally preferred by beneficiaries and their caregivers.
A stronger focus on healthy aging for all should include the integration of healthcare and social services and accountable care systems focused on long-term health.
The ability of older adults to remain in their communities and live independently should be facilitated by public policy.

The report considers an innovative social insurance program in Washington State to address the challenge of long-term care needs. Under the program that launches in 2022, Washington residents will pay 58 cents of every $100 into the long-term care trust fund. After ten years, residents can claim up to $100 a day in benefits, with a lifetime cap of $36,500. While a lifetime cap of $36,500 may seem small, it could go a long way for the many older Americans with more manageable long-term care needs. Importantly, Washington State expects to reduce Medicaid costs with this program.

Long-term care (LTC) comprises a broad range of paid and unpaid care assistance that people need when experiencing difficulties completing self-care tasks. Some 69 percent of seniors will require some type of long-term services and supports. Long-term care insurance surged in popularity in the 1990s, but insurance companies exited the market in large numbers in the 2000s. The number of insurers selling long-term care policies shrank from over 100 in the 1990s to less than 15, currently covering only seven million Americans.

The National Institute on Retirement Security is a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers and the economy as a whole. Located in Washington, D.C., NIRS’ diverse membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at www.nirsonline.org. Follow NIRS on Twitter @NIRSonline.

Media Contact: Kelly Kenneally | kkenneally@nirsonline.org | 202.256.1445

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N E W S

Rising Risk Coupled with Escalating Housing, Healthcare and Long-Term Care Costs Increasingly Threaten Americans’ Financial Security in Retirement

New Report from the National Institute on Retirement Security Offers Four Policy Solutions to Strengthen Retirement Outcomes

Webinar on September 16 to Review Findings

WASHINGTON, D.C., September 9, 2020 – The burden of preparing for retirement is increasing as workers face more risk and rising costs. Escalating housing, healthcare, and long-term care costs in retirement are creating retirement obstacles for Americans. Also, the shift from pensions to 401(k) plans has pushed more retirement risk onto workers.

These findings are detailed in a new study from the National Institute on Retirement Security (NIRS), The Growing Burden of Retirement: Rising Costs and More Risk Increase Uncertainty, available here. Authored by Tyler Bond, NIRS research manager, and Dan Doonan, NIRS executive director, this report provides a roadmap to the many hurdles that are making it increasingly difficult to achieve a financially secure retirement.

A webinar is scheduled for Wednesday, September 16, 2020, at 2:00 PM ET to review the findings and respond to questions.

REGISTER HERE

“Taken together, rising costs and the challenge of accumulating and investing savings are making retirement an unsolvable puzzle for most Americans,” said report co-author Tyler Bond. “We’re on a path to a predictable and unfortunate outcome – millions of working Americans unable to meet their basic needs in retirement. This report details the complex burdens and pitfalls facing workers who often are trying their best to prepare for retirement. We find that four public policies would substantially improve Americans’ retirement outcomes: addressing long-term care costs, creating stronger tax provisions, improving lifetime benefit options, and expanding Social Security,” Bond explained.

“Absent a serious rebuilding of America’s retirement infrastructure, these systemic problems will be unsurmountable for too many families,” said report co-author Dan Doonan. “Instead, policymakers can take steps now to build forward-looking solutions that enable Americans to be self-sufficient as they age. Otherwise, older Americans will be forced to turn to their families or government programs to meet their most basic needs. That is a burdensome, costly and unsustainable approach,” Doonan said.

The report finds that:

Saving early and continuously during working years is difficult for many workers. While organizations offer suggested retirement savings targets for each age, many workers may struggle to meet them, even if they have a desire to save.

Workers face market timing, interest rate, and longevity risks when they approach retirement age. Any of these risks can derail carefully laid retirement plans and together they can make the prospect of retirement daunting.

While older Americans are the most likely to own a home, the number of Americans age 65 and older who are cost-burdened by housing costs has increased as more seniors are carrying mortgage debt into retirement.

Healthcare costs continue to rise for all Americans, but these costs are higher for older Americans, who are more likely to have multiple chronic health conditions. Furthermore, lower-income seniors spend a greater proportion of their income on healthcare costs than their more affluent peers.

Long-term care costs represent an increasing challenge for many older Americans as more senior citizens need long-term care every year. While it can be prohibitively expensive for those who require nursing home care for multiple years, the majority of seniors receiving long-term care will receive it at home or in a non-nursing facility. This need is projected to increase even more as the Baby Boomers continue retiring.

Creative solutions exist to address these challenges. Washington State is pioneering a program to cover long-term care costs using a social insurance model. The private sector is working to create lifetime income options for retirees and expand access to workplace plans. Meanwhile, experts have proposed allowing retirees to purchase annuities through Social Security. And, expanding Social Security would have a broad impact as most seniors receive the majority of their income through the program.

The National Institute on Retirement Security is a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers and the economy as a whole. Located in Washington, D.C., NIRS’ diverse membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at www.nirsonline.org. Follow NIRS on Twitter @NIRSonline.

Media Contact: Kelly Kenneally | kkenneally@nirsonline.org | 202.256.1445

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W e b i n a r

December 9th at 2:00 PM ET

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Webinar | Beyond the ARC: Innovative Funding Strategies from the Public Sector

Please join us for a webinar on Wednesday, December 9, 2020, at 2:00 PM ET.

During this session, we will review forthcoming research, Beyond the ARC: Innovative Funding Strategies from the Public Sector.

This report examines several innovative and often lesser-known pension funding strategies that have been utilized in the public sector to address legacy pension costs and to create more stable costs over time. It comes as the recession sparked by the COVID-19 pandemic has threatened many state and local government budgets, and as concerns mount that cash-strapped governments will cut back on funding required contributions to public pension plans.

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This report, scheduled for release on Monday, December 7th, offers a collection of funding strategies that run the gamut – from implementing a wholesale funding strategy for a large state-wide plan to more targeted reforms that simply give participating employers more control of how costs are paid over time.

These innovative strategies extend well beyond the oft-cited paying the Annual Required Contributions (ARC) or Actuarially Determined Employer Contribution (ADEC). Each of these efforts changes the nature of plan funding in different ways, and these case studies can be a useful reference guide for those who are concerned about a well-functioning public finance system and honoring benefits earned by state and local government employees.

During the webinar, we will review the report and respond to questions.

Speakers include:

Dan Doonan, Executive Director and Report Author, National Institute on Retirement Security

Tyler Bond, Research Manager and Report Author, National Institute on Retirement Security

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Noteworthy from NIRS

December 18, 2020

New NIRS Research Highlights Innovative Funding Strategies Used in Several States

A new NIRS report highlights innovative funding solutions for public pensions that have been used in several states across the country. The COVID-19 pandemic has created additional strain on state and local governments to maintain their budgets, and this report outlines how certain funding strategies have been effective.

Strategies such as employer side accounts, pension obligation bonds, and withdrawal liabilities have worked in tandem with measures like paying the annual required contribution (ARC) to ensure that pension plans are adequately funded.

This report takes a closer look at several states, including California, Kentucky, Oregon, and Indiana, and examines solutions to both legacy pension costs and to creating stable costs over time.

Download the report

Watch the webinar replay

Read the press release

Register for Upcoming Webinars

We are continuing our special webinar series into the new year. Take a look at our upcoming events:

Thursday, January 14, 2021, at 2:00PM ET | Pensionomics 2021. During this webinar, we will preview forthcoming research, Pensionomics 2021: The Economic Impact of DB Pension Expenditures. Pensionomics 2021 analyzes data on DB pension plans in both the public and private sectors to assess the overall national economic impact of benefits paid by these plans to retirees. For state and local government pension plans, we also analyze these impacts at the state level for each of the 50 states and the District of Columbia. Register here.

Thursday, January 21, 2021, at 2:00 PM ET | The Outlook for State Budgets in 2021 and Beyond. The COVID-19 pandemic and recession have severely impacted state government budgets through a combination of increased costs and decreased revenues. As state legislatures convene for their 2021 sessions, Wes Tharpe, deputy director of state policy research at the Center on Budget and Policy Priorities, will provide insight on the road ahead for state budgets. He will share his insights and expertise on the long-term impacts and the short-term consequences. Register here.

Wednesday, January 27, 2021, at 2:00 PM ET | Gig Economy Workers & Retirement Security. During this webinar, attendees will learn about the retirement outlook for gig economy workers. Nearly 40 percent of Americans participate in the gig economy, which includes self-employed consultants, freelancers and contractors, plus temporary and on-call workers. While self-employment is an appealing career path for many, it typically doesn’t come with a retirement plan. Experts from the Aspen Institute, Karen Andres and Shelly Steward, will discuss the retirement challenges facing gig economy workers and how to improve the retirement outlook for these contingent workers, such as through state-facilitated retirement savings plans. Attendees may be interested in reviewing related Aspen research on this issue, Portable Non-Employer Retirement Benefits: An Approach to Expanding Coverage for a 21st Century Workforce. Register here.

View all webinar events

Alliance for Lifetime Income Article Shares New Insight on Retirement Income Standard

An article from the Alliance for Lifetime Income shares why the "four percent" rule may be obsolete today. Authors Cole Devine, principal at C. Devine & Associates, and Ken Mungan, chairman at Milliman, explain that because of factors including the changing retirement environment and the increasing life expectancy for Americans, many retirees would likely run out of money by withdrawing 4% of their retirement assets each year.

"New research and modeling developed in partnership by our respective firms, reveals that this longstanding rule of thumb puts retirees at significant risk of running out of income should they achieve even an average lifespan - a national dilemma given that a record 4.5 million Americans will turn age 65 in 2021."

Read the article

NIRS in the News

A CIO article cites new NIRS research examining various funding solutions used by plans across the country.

A Forbes article cites NIRS research in an article outlining how retirement policies may change under the Biden Administration.

A Benefits Pro article breaks down Social Security benefits across America for 2021. NIRS research found that 40% of Americans rely solely on Social Security income in retirement.

A Yahoo Finance article examining the funding levels of retirement plans across the country cites NIRS data on benefit payments.

A Madison.com article cites NIRS research in an article about how the gender pay gap follows women into retirement.

Happy Holidays from NIRS!

Thank you for your continued support of our critical work this past year.

The NIRS team sends our wishes to you and your loved ones for a healthy, safe, and joyous holiday season.

We look forward to continuing our mission to contribute to informed discussions and decision-making on retirement security in the new year.

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N E W S

NEW REPORT EXAMINES INNOVATIVE PUBLIC PENSION FUNDING STRATEGIES

Webinar on December 9th to Review Findings

WASHINGTON, D.C., December 7, 2020 – As state and local governments face budget shortfalls in the wake of the COVID-19 pandemic and recession, a new report examines innovative funding strategies for public pension plans in California, Colorado, Indiana, Kentucky, Louisiana, Maine, Montana, New York, North Carolina, Oklahoma, Oregon, Pennsylvania and West Virginia.

The report examines several innovative and often lesser-known pension funding strategies that have been utilized in the public sector to address legacy pension costs and create stable costs over time. The funding strategies utilized in these states include separate funding strategies for existing liabilities and on-going plan costs; employer side accounts; pension obligation bonds; withdrawal liabilities; and dedicated revenue streams from sources like sports betting.

Beyond the ARC: Innovative Funding Strategies from the Public Sector was prepared by the National Institute on Retirement Security (NIRS) and is available here. A webinar is scheduled on Wednesday, December 9, 2020, at 2:00 PM ET for an overview of the findings and the opportunity to ask questions.

REGISTER HERE

“The good news is that unlike the recent Great Recession, investment markets have been resilient during the COVID-19 recession. As a result, public pension funds have not experienced significant losses in the financial markets, and the overall funded status of public pension plans has held steady,” said Dan Doonan, NIRS executive director.

“However, there certainly are concerns that cash-strapped state and local governments may look at reducing required contributions to public pension plans. A decrease in funding could be particularly problematic for a handful of public pensions that are not adequately funded due to past funding practices,” Doonan explained. “It is our hope that these pension funding case studies are a useful reference guide for policymakers interested in ensuring a well-functioning public pension system while delivering retirement benefits that have been earned by state and local government employees.”

The report clearly defines what the various funding strategies do and do not accomplish. And, these innovative strategies extend well beyond the oft-cited paying the Annual Required Contributions (ARC) or Actuarially Determined Employer Contribution (ADEC).

While the case studies are not an exhaustive list of funding strategies, the examples illustrate how a wide range of goals can be achieved with various policies.

The National Institute on Retirement Security is a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers and the economy as a whole. Located in Washington, D.C., NIRS’ diverse membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at www.nirsonline.org. Follow NIRS on Twitter @NIRSonline.

Media Contact: Kelly Kenneally | kkenneally@nirsonline.org | 202.256.1445

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MEDIA ADVISORY

NATIONAL INSTITUTE ON RETIREMENT SECURITY HOSTS 11thth ANNUAL RETIREMENT POLICY CONFERENCE ON MARCH 3rd

Event Features Keynote by Alissa Quart, Author of Best-Selling Book, Squeezed: Why Our Families Can''t Afford America

New Research To Be Released on Economic Impact of Pensions on Rural and Small Towns Across America

Live Webcast Via Facebook

February 27, 2020, Washington, D.C. - The National Institute on Retirement Security (NIRS) will hold its 11th Annual Retirement Policy Conference on Tuesday, March 3, 2019, in Washington, D.C. At the event, retirement policy leaders will discuss key challenges impeding retirement security for average Americans and consider pragmatic policy solutions that can to strengthen the nation''s weakened retirement infrastructure.

The event will be live webcast via Facebook at https://www.facebook.com/NIRSResearch/ beginning at 9:15 AM ET.

The event is open to the news media, NIRS members and invited guests. Members of the news media can register here. The full conference agenda is available here.

At the event, bestselling author Alissa Quart will deliver the opening keynote, providing insight from her book, Squeezed: Why Our Families Can''t Afford America. She will discuss systemic causes of why the middle class is going broke: life is 30 percent more expensive than it was 30 years ago, education and healthcare costs have skyrocketed, and pensions are disappearing. Conference attendees will receive a complimentary copy of Squeezed and an opportunity to engage with Alissa during a book signing.

Retirement and economic security expert Christian Weller, Professor at the University of Massachusetts-Boston and Senior Fellow at the Center for American Progress, will deliver a keynote on a topic that is garnering significant attention from 2020 presidential candidates - Social Security. Dr. Weller will provide an overview of these proposals that go beyond just shoring up Social Security, but look at ways to expand these benefits as Americans are struggling to save for retirement.

Dr. Juliette Cubanski with the Kaiser Family Foundation will deliver a keynote address on a topic further complicating retirement-rising healthcare costs. She also will provide insight from the findings featured in her new issue brief, How Much Do Medicare Beneficiaries Spend Out of Pocket on Health Care?

At the conference, NIRS will release new research detailing the economic impact of pensions on America''s small towns and rural communities. A panel conversation will preview upcoming NIRS research that updates a report on the unique challenges facing women in retirement. Other panels will examine the critical role that pensions play as a workforce management tool in a labor market that finds employers struggling to recruit and retain employees.

What: 11th Annual Retirement Policy Conference: 2020 Vision: The Future of Retirement

Date: Tuesday, March 3, 2020

Time: 8:00 AM - 2:30 PM ET

Location: The Westin City Center, 1400 M Street N.W., Washington, D.C.

Registration: News media registration is available here.

The National Institute on Retirement Security is a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy as a whole. Located in Washington, D.C., NIRS'' diverse membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at www.nirsonline.org. Follow NIRS on Twitter @NIRSonline.

Contact:

Kelly Kenneally | kkenneally@nirsonline.org | 202.256.1445

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October 15, 2020

New NIRS Research Examines Consequences of Seniors Relying on Medicaid for Long-Term Care Coverage

As the population of older Americans continues to expand, concerns about being able to afford long-term care are on the rise. Long-term care costs can be prohibitively expensive, and because retirement income often is not enough to cover these costs, retirees may be forced to spend down their assets to qualify for Medicaid.

Accessing Long-Term Care Coverage Through Medicaid: The Safety Net for Seniors Facing Unmanageable Costs, released on October 14, 2020, takes a look at the role that Medicaid plays in providing long-term care coverage to seniors. Medicaid eligibility rules are complex and vary from state to state, which serves as another barrier to accessing necessary care.

This report includes four policy recommendations to address the unpredictability of long-term care costs, both in terms of Medicaid reform and the broader improvement of long-term care coverage.

Join us for a webinar on October 21, 2020 at 2PM EST, as we review the key findings of this new research.

Read the report

Register for the webinar

It''s time to renew your NIRS membership!

Information on membership renewal for current NIRS members was sent out earlier this month. If you have not received an email, or if you are not currently a member and would like more information, please contact us at membership@nirsonline.org.

Learn more about NIRS membership

Special Webinar Series

We hope you can join us at one of our upcoming webinars!

October 21, 2020 at 2:00 PM EST - New Research: Accessing Long-Term Care Coverage Through Medicaid. Join us for an overview of our new research examining the role Medicaid plays in providing long-term care coverage for older Americans, hosted by the authors of this research. Register here.

November 16, 2020 at 2:00 PM EST - How Changes to Actuarial Standards Will Impact Pension Reporting. Join us for a webinar discussing recent and proposed changes in actuarial standards that will affect pension systems, with speakers including: Flick Fornia, Pension Trustee Advisors; Joe Newton, Gabriel Roeder Smith and Company; and Todd Tauzer, Segal. Register here.

View all webinar events

NIRS Academic Advisory Board Member Jacob Hacker Receives NASI Award

On October 13, Jacob Hacker, Ph.D., NIRS Academic Advisory Board member and Professor of Political Science at Yale University, was awarded the Robert M. Ball Award by the National Academy of Social Insurance (NASI).

Hacker is an expert in health and social program policy, and is regularly published in in academic journals, including the American Political Science Review, and in media outlets including the New York Times Magazine and the Washington Post.

NIRS Research Manager Discusses Financial Implications of COVID-19 in NASI Policy Blog

The communities most vulnerable to retirement insecurity have been hit the hardest by the financial implications of the COVID-19 pandemic.

In a blog post from the National Academy of Social Insurance (NASI), Tyler Bond from NIRS and Elaine Weiss from NASI discuss the potential policy proposals to address the immediate needs of these communities, including: addressing the Social Security funding shortfall, providing caregiver credits, and expanding access to workplace savings programs.

"The 85-year old Social Security program remains a key element of a secure retirement for most Americans. A second element, pensions, which provide similar stability to that of Social Security, have been eroded in recent years by a series of policy choices. And the third element, retirement savings accounts, reveals growing disparities and weaknesses. The importance of shoring up all three and striking a better balance among them is thus increasingly clear."

Read the blog post

NIRS in the News

A Barron''s article features new NIRS research showing that even those who have been diligent savers are still at risk for retirement insecurity. NIRS cites data showing twice as many seniors carry mortgage debt into retirement now than did 30 years ago.

A Benefits Pro article discusses the additional burden of rising costs in retirement, citing new NIRS research. As housing, healthcare, and long-term care costs continue to increase, achieving retirement security becomes more unattainable for the average worker.

A Business Insider column cites NIRS research in an article outlining the racial wealth gap in retirement. Only 54% of Black and Asian employees, and 38% of Latino employees aged 25-64 have access to employer-sponsored retirement plan, compared to 62% of white employees.

A PlanSponsor article highlights a study showing that people of color may be misinterpreting their ability to achieve a secure retirement, and features NIRS research showing that only 31% of Latino workers participate in a retirement plan, compared to 53% of white workers.

A McKnight''s Senior Living article cites new NIRS research suggesting that focusing more on home- and community-based services rather than institutional care is one solution to addressing the catastrophic costs of long-term care.

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Please join us for a webinar today, Wednesday, May 20, 2020, at 2:00 PM ET to learn about progress on state sponsored retirement savings plans in Illinois and California.

Many states are setting up these plans to establish retirement accounts for workers without employer plans to improve retirement readiness. These plans will become increasingly important as the COVID-19 economic crisis continues to unfold.

National Institute on Retirement Security research shows strong public support for these plans. Some 71 percent of Americans agree that state retirement plans are a good idea. And, 74 percent of working-age Americans say they would be interested in participating in these plans.

During the session, you will learn about progress with the roll-out of these innovative retirement plans and hear about the process for starting a state-wide retirement savings program.

Register Here

Here are the webinar details:

What:	Webinar \| State Sponsored Retirement Savings Plans
Date:	Wednesday, May 20, 2020
Time:	2:00 PM ET
Speakers:	Dan Doonan, Executive Director, National Institute on Retirement Security Courtney Eccles, Director, Illinois Secure Choice Katie Selenski, Executive Director, California Secure Choice Retirement Savings Investment Board
Registration:	Register at no charge here.

The National Institute on Retirement Security is a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy as a whole. Located in Washington, D.C., NIRS'' diverse membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at www.nirsonline.org. Follow NIRS on Twitter @NIRSonline.

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Webinar | Nov 18th at 2:00 PM ET

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Webinar | Election Results & Policy Outlook on Retirement, Healthcare and Social Insurance

Please join us for a webinar today, Wednesday, November 18, 2020, at 2:00 PM ET.

The session will feature a discussion of the future of healthcare, retirement and other social insurance programs with Jacob S. Hacker, Ph.D., who serves on the NIRS Academic Advisory Board. Dr. Hacker is Director of the Institution for Social and Policy Studies and the Stanley B. Resor Professor of Political Science at Yale University.

Dr. Hacker will share his thoughts on the results of the recent election and what he sees as the key dynamics of the policy agenda relating to healthcare and retirement in 2021 and beyond.

REGISTER AT NO CHARGE HERE

An expert on the politics of U.S. health and social policy, Professor Hacker is the author of The Great Risk Shift: The New Economic Insecurity and the Decline of the American Dream (updated in 2019), American Amnesia: How the War on Government Led Us to Forget What Made America Prosper and Winner-Take-All Politics: How Washington Made the Rich Richer and Turned Its Back on the Middle Class. His latest book, Let Them Eat Tweets, was reviewed recently by The Washington Post.

Visit the Special Webinar Series web page for updates on scheduled sessions and to access replays of past webinars.

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Noteworthy from NIRS

November 23, 2020

New NIRS Fact Sheet Highlights Challenges Facing Low-Income Americans in Retirement

A new NIRS fact sheet highlights key data points showing the hurdles that low-income Americans face in achieving a secure retirement.

Previous research has shown that low-income Americans rely heavily on Social Security income in retirement. In addition to this, there is a large wealth gap between homeowners and renters — the Harvard Joint Center for Housing Studies found that older homeowners in the lowest quarter of income-earners had non-housing wealth of $12,500, while older renters in the same category had non-housing wealth of just $1,100.

Download the fact sheet

Watch Replays of Past Webinars

Missed a webinar? Watch replays from past events in our webinar series:

November 16, 2020 - How Changes to Actuarial Standards Will Impact Pension Reporting. During this session, experts discussed recent and proposed changes to actuarial standards that will impact the pension liability and risk measures that we will see in the future. Speakers included Flick Fornia, Pension Trustee Advisors; Joe Newton, Gabriel Roeder Smith and Company; and Todd Tauzer, Segal. Watch the replay here.

November 18, 2020 - New Research: Accessing Long-Term Care Coverage Through Medicaid. The session featured a discussion of the future of healthcare, retirement and other social insurance programs with Jacob S. Hacker, Ph.D., who serves on the NIRS Academic Advisory Board. Dr. Hacker is Director of the Institution for Social and Policy Studies and the Stanley B. Resor Professor of Political Science at Yale University. Watch the replay here.

View all webinar events

NIRS Executive Director Featured in Retirement Blog

Dan Doonan, executive director of NIRS, was featured in a Massena Associates blog post earlier this month, discussing new NIRS research.

This year, NIRS has produced several new research products, including an update on women''s retirement security; the Medicaid safety net that many seniors rely on for long-term care; and the rising costs facing retirees in housing, healthcare, and long-term care.

Dan also spoke to the positive impact being made by state-run systems across the nation. By setting the default savings rate at impactful levels, many around 5%, they send a strong message to Americans that saving is important to ensuring retirement security later in life.

Read the blog post

NIRS in the News

A Market Watch column by NIRS executive director Dan Doonan compares solving the retirement security crisis to solving a Rubik''s cube. With rising healthcare and housing costs, the move from defined benefit pensions to defined contribution plans, and economic uncertainty, retirement is becoming more of a difficult puzzle to solve.

A Money article cites NIRS research in an article outlining how much you should save for retirement. 40% of Americans rely solely on Social Security in retirement, according to a report released earlier this year.

A Washington Examiner article cites NIRS research in an article detailing the Securing a Strong Retirement Act, which would automatically enroll workers into retirement savings plans.

An Investment News article details the need for retirement reform in order to get more Americans to a secure retirement. NIRS research found that only 6.8% of retirees currently achieve the three-legged stool of defined benefit pensions, defined contribution savings, and Social Security income.

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Please join us for a webinar on Wednesday, June 3, 2020, at 11:00 AM ET for a conversation with experts from Baillie Gifford on COVID-19 and to learn about other countries'' responses.

The session also will provide an update on the current economic situation, the impact on financial markets, and the current investment environment.

Register Here

Here are the webinar details:

What:	Webinar \| The COVID-19 Crisis: A Comparison of Global Responses & Implications for Economies & Financial Markets
Date:	Wednesday, June 3, 2020
Time:	11:00 AM ET
Speakers:	Dan Doonan, Executive Director, National Institute on Retirement Security James Carver, Investment Manager, Baillie Gifford Scott Lothian, Investment Manager, Baillie Gifford
Registration:	Register at no charge here.

The National Institute on Retirement Security is a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy as a whole. Located in Washington, D.C., NIRS'' diverse membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at www.nirsonline.org. Follow NIRS on Twitter @NIRSonline.

NATIONAL INSTITUTE ON RETIREMENT SECURITY

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"As we are on the brink of an economic depression, there is an urgent need to fix the broken retirement infrastructure, especially for women."

New Report: Gender Pay Gap Persists Into Retirement

Older Women Receive About 80% of Retirement Income That Older Men Receive, Mirroring the Gender Pay Gap

Caregiving Has Highly Detrimental Impact on Women''s Retirement Preparedness While Divorce Presents Complex Issues for Retirement Savings

Webinar on May 12th to Review Findings

WASHINGTON, D.C., May 7, 2020 - While most Americans are struggling to save for retirement, women face even higher hurdles, largely stemming from the gender pay gap that eventually becomes a retirement wealth gap. Older women receive about 80% of the retirement income older men receive, a disparity that mirrors the gender pay gap.

More specifically, the median household income for women aged 65 and older in 2016 was $47,244 or 83 percent of median household income for men, which as at $57,144. The research also finds that caregiving, especially spousal caregiving, has a more detrimental economic impact on women, while divorce makes retirement more difficult for women.

These findings are detailed in a new study from the National Institute on Retirement Security (NIRS), Still Shortchanged: An Update on Women''s Retirement Preparedness, available here. The report is authored by Tyler Bond, NIRS research manager, Dr. Joelle Saad-Lessler, Stevens Institute of Technology associate professor, and Dr. Christian Weller, University of M assachusetts Boston professor.

Register at no charge for a webinar on Tuesday, May 12, 2020, at 3:00 PM ET to review the findings and respond to questions.

This report details the inequalities in retirement savings between men and women, examines the sources of income for men and women in retirement and the ways in which they differ, and considers specific factors that are more likely to negatively impact women, such as divorce and caregiving responsibilities. The analysis was developed using data from the 2014 Survey of Income and Program Participation (SIPP), a household-based survey featuring a nationally representative sample interviewed over a multi-year period.

"Even before the COVID-19 financial crisis, the nation was facing a retirement saving crisis, with women already at a significant disadvantage," said report author Tyler Bond. "As we are on the brink of an economic depression, there is an urgent need to fix the broken retirement infrastructure, especially for women. Going forward, policymakers would be prudent to implement meaningful reforms. For example, changes to Social Security would make a significant difference in retirement outcomes for women - expanding benefits, adjusting spousal benefits and providing caregiving credits. Another solution would be for states to adopt stronger family leave policies to make it less punitive for women to take time out of the labor force to provide caregiving. Also, creating a universal savings vehicle for all workers would give more women a vehicle to save for their retirement, even if their employer does not offer a plan," Bond said.

"When considering gender differences in retirement income, it is important to remember that women typically live longer than men," said report author Joelle Saad-Lessler. "Thus, women''s retirement costs over their lifetime are significantly higher because they have to pay for more years of retirement and they spend more years being single in retirement. Essentially, older women are paying for more years of retirement with less money. We also find that married women are better off in terms of retirement savings as compared to single women. But, marriage presents its own retirement challenges given that the structure of Social Security works against dual-earner couples," she explained.

"Caregiving is a financial and retirement risk that falls most heavily on women, and they often cannot recover," says report author Christian Weller. "Women already are earning and saving less for retirement than men, and they suffer further economic damage because they are more likely to be caregivers. Some 60 percent of caregivers are women - caring for children, aging parents who may become dependents, or an ailing spouse. Over time, caregiving can substantially erode a woman''s earnings and savings, further weakening their retirement security. And even when men are caregivers, they can better handle the risks because they typically start from a wealthier position than women.," Weller explained.

The report''s key findings are as follows:

In 2016, women age 65 and older had a median household retirement income of $47,244, which is 83 percent of median household income for men ($57,144).

Women earn less than men over the course of their career. Men with savings in a defined contribution (DC) plan far surpass the earnings trajectory of women with savings in a DC plan, and earn significantly more than women without DC savings.

Women experience a steep decline in income past age 80. Women age 80 and older are much more likely to be widows and widowhood presents challenges on both the income and cost side of retirement.

There are stark differences in the sources of income for women in the top and bottom income quintiles. Women with less than $20,000 of income in retirement are much more dependent on Social Security income, whereas women with income above $80,000 receive much more from earnings and property income.

Caregiving, especially spousal caregiving, has a strong effect on retirement preparedness, and this particularly impacts women as they remain much more likely to provide caregiving than men.

Divorce presents a complex set of issues relating to retirement preparedness. The timing of divorce seems to matter, as does the division of assets following a divorce.

The National Institute on Retirement Security is a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy as a whole. Located in Washington, D.C., NIRS'' diverse membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at www.nirsonline.org. Follow NIRS on Twitter @NIRSonline.

Contact: Kelly Kenneally | kkenneally@nirsonline.org | 202.256.1445

###

NATIONAL INSTITUTE ON RETIREMENT SECURITY

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Webinar Series | Summer 2020

Register Today!

Back by Popular Demand | Webinar Series

Please join us for a series of webinars scheduled for July and August on a range of issues related to retirement security.

On Monday, July 20th at 2:00 PM ET, we will host a webinar with Callan, Setting Expectations for the Capital Markets in a Post-COVID Environment.

Investors use capital market assumptions to design portfolios and set expectations for their investment programs, and for the financial condition of their organization. And consultants often develop these assumptions to guide advice to investors. During the session, we will explore how the environment has changed for the capital markets; how capital market assumptions might change looking forward; and how these changes may feed through to the investment advice provided on portfolio design and return and risk expectations.

Speakers include:

Dan Doonan, Executive Director, National Institute on Retirement Security
James Callahan, President, Callan
Jay Kloepfer, Executive Vice President & Director of Capital Market Research, Callan

Register at no charge here.

On Wednesday, July 22nd at 2:00 PM ET, we will host a webinar with the National Academy of Social Insurance on the importance of social insurance programs, including retirement security programs, to address the pandemic and recession. The current crisis has exposed weaknesses in protections for working families and how retirement savings often are used to fill gaps in protections. The discussion will highlight the role of social insurance in building a stronger society and a fairer future. Register here.

Join us on Tuesday, July 28th at 3:00 PM ET for a webinar with experts from Nuveen as they discuss their new whitepaper, Factors First: A Risk-Based Approach to Harnessing Alternative Sources of Income, which was recently featured in Chief Investment Officer. Register here.

As public sector retirement systems face market volatility stemming from the COVID-19 pandemic, we will host a webinar on Wednesday, August 5th at 2:00 PM ET to hear from retirement system directors about key elements of public sector defined benefit pension plans that remained well-funded during past severe economic downturns. Register here.

Join us on Wednesday, August 12th at 2:00 PM ET for a webinar with the Consumer Financial Protection Bureau to discuss the findings of their new study examining the financial resources of retirees and their ability to maintain spending levels in retirement. Register here.

Visit the Special Webinar Series web page for updates on scheduled sessions and to access replays of past webinars.

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Please join us for a webinar on Wednesday, June 3, 2020, at 11:00 AM ET for a conversation with experts from Baillie Gifford on COVID-19 and to learn about other countries'' responses.

The session also will provide an update on the current economic situation, the impact on financial markets, and the current investment environment.

Register Here

Here are the webinar details:

What:	Webinar \| The COVID-19 Crisis: A Comparison of Global Responses & Implications for Economies & Financial Markets
Date:	Wednesday, June 3, 2020
Time:	11:00 AM ET
Speakers:	Dan Doonan, Executive Director, National Institute on Retirement Security James Carver, Investment Manager, Baillie Gifford Scott Lothian, Investment Manager, Baillie Gifford
Registration:	Register at no charge here.

The National Institute on Retirement Security is a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy as a whole. Located in Washington, D.C., NIRS'' diverse membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at www.nirsonline.org. Follow NIRS on Twitter @NIRSonline.

NATIONAL INSTITUTE ON RETIREMENT SECURITY

1612 K Street, NW, Suite 500 * Washington DC 20006

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Webinar | July 22nd at 2 PM ET

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Webinar | Social Insurance: Its History and Enduring Relevance

Please join us for a webinar today, Wednesday, July 22nd at 2:00 PM ET with the National Academy of Social Insurance for a discussion of the importance of social insurance programs.

The COVID-19 pandemic has exposed weaknesses in protections for working families and how retirement savings often are used to fill gaps in protection. The discussion will highlight the role of social insurance in building a stronger society and fairer future.

Speakers include:

Dan Doonan, Executive Director, National Institute on Retirement Security
Tyler Bond, Research Manager, National Institute on Retirement Security
William Arnone, Chief Executive Officer, National Academy of Social Insurance
Elaine Weiss, Lead Policy Analyst, National Academy of Social Insurance

Register at no charge here.

Visit the Special Webinar Series web page for updates on scheduled sessions and to access replays of past webinars.

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Please join us for a webinar on Tuesday, April 21, 2020, at 12:00 PM ET for a discussion of retirement income adequacy, an issue that is garnering increased attention in the wake for COVID-19 economic crisis.

Register Here

Only one in three workers will have saved enough to retire comfortably by age 67. The Real Deal analysis from AON provides insights into retirement savings behavior and investment experience for U.S. retirement plan sponsors. The study projects retirement resources and needs, and sheds light on the most critical questions employers ask as they help prepare employees for a financially secure retirement:

How much money do workers need to retire and maintain their standard of living?
Are today''s workers prepared to meet their needs at retirement?
How much do employees need to save on top of what employers are providing in retirement income?
How do factors such as investment experience, longevity, and retirement age influence an individual''s retirement readiness?

Here are the webinar details:

What:	Webinar \| The Real Deal: Measuring Retirement Income Adequacy
Date:	Tuesday, April 21, 2020
Time:	12:00 PM ET
Speakers:	Dan Doonan, Executive Director, National Institute on Retirement Security Kristen Doyle, Partner, Aon and Board Member, National Institute on Retirement Security Grace Lattyak, Partner, Aon Rob Reiskytl, Partner, Aon
Registration:	Register at no charge here.

The National Institute on Retirement Security is a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy as a whole. Located in Washington, D.C., NIRS'' diverse membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at www.nirsonline.org. Follow NIRS on Twitter @NIRSonline.

NATIONAL INSTITUTE ON RETIREMENT SECURITY

1612 K Street, NW, Suite 500 * Washington DC 20006

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We hope you''ll join us for a webinar on Thursday, March 12, 2020, at 1:00 PM ET to review new research that finds public pension benefit spending provides a substantial economic impact on rural communities and small towns across America.

Register Here

Fortifying Main Street: The Economic Benefit of Public Pension Dollars in Rural America comes as these areas face shrinking populations and slowing economic growth. In 2018, public pension benefit dollars represented between one and three percent of gross domestic product (GDP) on average among the 1,401 counties in 19 states studied. Download the report here.

The report''s key findings are as follows:

Public pension benefit dollars represent between one and three percent of GDP on average in the 1,401 counties studied.

Rural counties and counties with state capitals have the highest percentages of populations receiving public pension benefits.

Small town counties experience a greater relative impact both in terms of GDP and total personal income from public pension benefit dollars than rural or metropolitan counties.

Rural counties experience more of an impact in terms of personal income than metropolitan counties, whereas metropolitan counties experience more of an impact in terms of GDP than rural counties.

Counties with state capitals are outliers from other metropolitan counties, likely because there is a greater density of public employees in these counties, most of whom remain in these counties in retirement.

On average, rural counties have lost population while small town counties and metropolitan counties have gained population in the period between 2000 and 2018, but the connection between population change and the relative impact of public pension benefit dollars is weak.

Here are the webinar details:

What:	Webinar \| Public Pension Benefit Spending Provides Substantial Economic Impact on Small Towns and Rural America
Date:	Thursday, March 12, 2020
Time:	1:00 PM ET
Speakers:	Dan Doonan, National Institute on Retirement Security Executive Director Tyler Bond, Report Co-Author and National Institute on Retirement Security Research Manager
Registration:	Register at no charge here

The National Institute on Retirement Security is a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy as a whole. Located in Washington, D.C., NIRS'' diverse membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at www.nirsonline.org. Follow NIRS on Twitter @NIRSonline.

###

NATIONAL INSTITUTE ON RETIREMENT SECURITY

1612 K Street, NW, Suite 500 * Washington DC 20006

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Please join us for a webinar today, Tuesday, April 21, 2020, at 12:00 PM ET, for a discussion of retirement income adequacy, an issue that is garnering increased attention in the wake for COVID-19 economic crisis.

Register Here

Only one in three workers will have saved enough to retire comfortably by age 67. The Real Deal analysis from AON provides insights into retirement savings behavior and investment experience for U.S. retirement plan sponsors. The study projects retirement resources and needs, and sheds light on the most critical questions employers ask as they help prepare employees for a financially secure retirement:

How much money do workers need to retire and maintain their standard of living?
Are today''s workers prepared to meet their needs at retirement?
How much do employees need to save on top of what employers are providing in retirement income?
How do factors such as investment experience, longevity, and retirement age influence an individual''s retirement readiness?

Here are the webinar details:

What:	Webinar \| The Real Deal: Measuring Retirement Income Adequacy
Date:	TODAY \| Tuesday, April 21, 2020
Time:	12:00 PM ET
Speakers:	Dan Doonan, Executive Director, National Institute on Retirement Security Kristen Doyle, Partner, Aon and Board Member, National Institute on Retirement Security Grace Lattyak, Partner, Aon Rob Reiskytl, Partner, Aon
Registration:	Register at no charge here.

The National Institute on Retirement Security is a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy as a whole. Located in Washington, D.C., NIRS'' diverse membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at www.nirsonline.org. Follow NIRS on Twitter @NIRSonline.

NATIONAL INSTITUTE ON RETIREMENT SECURITY

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www.nirsonline.org

NIRS, 1612 K Street NW, Suite 500, Washington, DC 20006

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Please join us for a webinar on Tuesday, April 21, 2020, at 12:00 PM ET for a discussion of retirement income adequacy, an issue that is garnering increased attention in the wake for COVID-19 economic crisis.

Register Here

Only one in three workers will have saved enough to retire comfortably by age 67. The Real Deal analysis from AON provides insights into retirement savings behavior and investment experience for U.S. retirement plan sponsors. The study projects retirement resources and needs, and sheds light on the most critical questions employers ask as they help prepare employees for a financially secure retirement:

How much money do workers need to retire and maintain their standard of living?
Are today''s workers prepared to meet their needs at retirement?
How much do employees need to save on top of what employers are providing in retirement income?
How do factors such as investment experience, longevity, and retirement age influence an individual''s retirement readiness?

Here are the webinar details:

What:	Webinar \| The Real Deal: Measuring Retirement Income Adequacy
Date:	Tuesday, April 21, 2020
Time:	12:00 PM ET
Speakers:	Dan Doonan, Executive Director, National Institute on Retirement Security Kristen Doyle, Partner, Aon and Board Member, National Institute on Retirement Security Grace Lattyak, Partner, Aon Rob Reiskytl, Partner, Aon
Registration:	Register at no charge here.

The National Institute on Retirement Security is a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy as a whole. Located in Washington, D.C., NIRS'' diverse membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at www.nirsonline.org. Follow NIRS on Twitter @NIRSonline.

NATIONAL INSTITUTE ON RETIREMENT SECURITY

1612 K Street, NW, Suite 500 * Washington DC 20006

www.nirsonline.org

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Webinar | Nov 16th at 2:00 PM ET

Register Here

Webinar | How Changes to Actuarial Standards Will Impact Pension Reporting

Please join us for a webinar on Monday, November 16, 2020, at 2:00 PM ET.

During this session, experts will discuss recent and proposed changes to actuarial standards that will impact the pension liability and risk measures that we will see in the future.

Attendees will learn what changes are coming, and panelists will weigh-in on the types of information they see as useful for bringing about better decision making.

REGISTER AT NO CHARGE HERE

Speakers include:

Dan Doonan, National Institute on Retirement Security
Flick Fornia, Pension Trustee Advisors
Joe Newton, Gabriel Roeder Smith and Company; and
Todd Tauzer, Segal

Visit the Special Webinar Series web page for updates on scheduled sessions and to access replays of past webinars.

The National Institute on Retirement Security

1612 K Street, NW, Suite 500 | Washington, DC 20006

www.nirsonline.org | info@nirsonline.org

202.457.8190

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Please join us for a webinar on Wednesday, May 20, 2020, at 2:00 PM ET to learn about progress on state sponsored retirement savings plans in Illinois and California.

Many states are setting up these plans to establish retirement accounts for workers without employer plans to improve retirement readiness. These plans will become increasingly important as the COVID-19 economic crisis continues to unfold.

National Institute on Retirement Security research shows strong public support for these plans. Some 71 percent of Americans agree that state retirement plans are a good idea. And, 74 percent of working-age Americans say they would be interested in participating in these plans.

During the session, you will learn about progress with the roll-out of these innovative retirement plans and hear about the process for starting a state-wide retirement savings program.

Register Here

Here are the webinar details:

What:	Webinar \| State Sponsored Retirement Savings Plans
Date:	Wednesday, May 20, 2020
Time:	2:00 PM ET
Speakers:	Dan Doonan, Executive Director, National Institute on Retirement Security Courtney Eccles, Director, Illinois Secure Choice Katie Selenski, Executive Director, California Secure Choice Retirement Savings Investment Board
Registration:	Register at no charge here.

The National Institute on Retirement Security is a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy as a whole. Located in Washington, D.C., NIRS'' diverse membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at www.nirsonline.org. Follow NIRS on Twitter @NIRSonline.

NATIONAL INSTITUTE ON RETIREMENT SECURITY

1612 K Street, NW, Suite 500 * Washington DC 20006

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W E B I N A R

Oct. 21 at 2 PM ET

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Please join us for a webinar on Wednesday, October 21, 2020, at 2:00 PM ET to review a new report, Accessing Long-Term Care Coverage Through Medicaid: The Safety Net For Seniors Facing Unmanageable Costs.

This report from the National Institute on Retirement Security (NIRS) examines the complex rules and multiple pathways for receiving Medicaid coverage across the nation. The report focuses on the long-term care needs of older Americans and their options for accessing care. It also reviews an innovative long-term care social insurance program in Washington State that is projected to reduce Medicaid expenses and offers policy solutions to address the rising costs of long- term care.

REGISTER HERE

Webinar speakers include:

Tyler Bond, NIRS Research Manager
Dan Doonan, NIRS Executive Director
Izidora Skračić, NIRS Research Intern

The report offers four policies to address the unpredictable yet potentially catastrophic costs of long- term care needs:

Long-term care proposals should provide universal coverage based on need. Washington State is piloting a social insurance program to provide coverage for long-term care costs, and this could serve as an example for other states or even a federal program.
The programmatic bias toward institutional care over home or community-based care should be eliminated. HCBS costs less than institutional care and is generally preferred by beneficiaries and their caregivers.
A stronger focus on healthy aging for all should include the integration of healthcare and social services and accountable care systems focused on long-term health.
The ability of older adults to remain in their communities and live independently should be facilitated by public policy.

The National Institute on Retirement Security

1612 K Street, NW, Suite 500 | Washington, DC 20006

www.nirsonline.org | info@nirsonline.org

202.457.8190

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We hope you''ll join us for a webinar today, Thursday, March 12, 2020, at 1:00 PM ET to review new research that finds public pension benefit spending provides a substantial economic impact on rural communities and small towns across America.

Register Here

Fortifying Main Street: The Economic Benefit of Public Pension Dollars in Rural America comes as these areas face shrinking populations and slowing economic growth. In 2018, public pension benefit dollars represented between one and three percent of gross domestic product (GDP) on average among the 1,401 counties in 19 states studied. Download the report here.

The report''s key findings are as follows:

Public pension benefit dollars represent between one and three percent of GDP on average in the 1,401 counties studied.

Rural counties and counties with state capitals have the highest percentages of populations receiving public pension benefits.

Small town counties experience a greater relative impact both in terms of GDP and total personal income from public pension benefit dollars than rural or metropolitan counties.

Rural counties experience more of an impact in terms of personal income than metropolitan counties, whereas metropolitan counties experience more of an impact in terms of GDP than rural counties.

Counties with state capitals are outliers from other metropolitan counties, likely because there is a greater density of public employees in these counties, most of whom remain in these counties in retirement.

On average, rural counties have lost population while small town counties and metropolitan counties have gained population in the period between 2000 and 2018, but the connection between population change and the relative impact of public pension benefit dollars is weak.

Here are the webinar details:

What:	Webinar \| Public Pension Benefit Spending Provides Substantial Economic Impact on Small Towns and Rural America
Date:	Thursday, March 12, 2020
Time:	1:00 PM ET
Speakers:	Dan Doonan, National Institute on Retirement Security Executive Director Tyler Bond, Report Co-Author and National Institute on Retirement Security Research Manager
Registration:	Register at no charge here

The National Institute on Retirement Security is a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy as a whole. Located in Washington, D.C., NIRS'' diverse membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at www.nirsonline.org. Follow NIRS on Twitter @NIRSonline.

###

NATIONAL INSTITUTE ON RETIREMENT SECURITY

1612 K Street, NW, Suite 500 * Washington DC 20006

www.nirsonline.org

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Webinar | TODAY at 2:00 PM ET

Register Here

Webinar | How Changes to Actuarial Standards Will Impact Pension Reporting

Please join us for a webinar today, Monday, November 16, 2020, at 2:00 PM ET.

During this session, experts will discuss recent and proposed changes to actuarial standards that will impact the pension liability and risk measures that we will see in the future.

Attendees will learn what changes are coming, and panelists will weigh-in on the types of information they see as useful for bringing about better decision making.

REGISTER AT NO CHARGE HERE

Speakers include:

Dan Doonan, National Institute on Retirement Security
Flick Fornia, Pension Trustee Advisors
Joe Newton, Gabriel Roeder Smith and Company; and
Todd Tauzer, Segal

Visit the Special Webinar Series web page for updates on scheduled sessions and to access replays of past webinars.

The National Institute on Retirement Security

1612 K Street, NW, Suite 500 | Washington, DC 20006

www.nirsonline.org | info@nirsonline.org

202.457.8190

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Noteworthy from NIRS

April 7, 2020

A Message from Dan Doonan

I sincerely hope that you and your families are safe and healthy during this public health crisis. Our team at NIRS remains healthy but, like you, we continue to adapt to this "new normal" of teleworking, social distancing and witnessing a tragic global pandemic unfold.

As we watch the economic fallout from the pandemic, those of us working to protect American''s retirement security are deeply concerned about the future. We know that the nation''s retirement infrastructure has weakened during the past several decades, and this financial crisis will inflict further harm on workers'' financial security today, as well as their retirement outlook.

In fact, the financial lives of Americans are precarious because we have witnessed for the second time in 12 years our nation spending trillions of dollars to rescue the economy. While these efforts no doubt are in the best interest of American workers and businesses, it does highlight the high cost of shifting more risk to families amid increased economic volatility.

And for those of you working on behalf of pension funds, times like this really highlight that your work is incredibly important to millions of Americans. By managing pension contributions during an individual''s working years and returning those funds in retirement in a predictable and reliable fashion, you are providing a level of financial stability that is hard to come by in the U.S. economy today.

At our recent policy conference, we discussed the role of pensions as an economic stabilizer in rural areas that have experienced face shrinking populations and slowing economic growth. In the few short weeks since we released Fortifying Main Street:The Economic Benefit of Public Pension Dollars in Small Towns and Rural America, we''ve already seen the dramatic economic impact of the health crisis.

Today, pension systems remain one of the few vehicles that actually pre-fund expenses ahead of time -- decades in advance. Given that pre-funding all future expenses is a high standard to meet, we expect this recent market crash will be used to restart the debate about pension funding levels and costs. However, it is important to note that Americans with pensions — whose future income is mostly pre-funded — can continue to spend normally at a time when the economy most needs it, thereby helping to stabilize their local economies. Keep in mind that $1.2 trillion in economic output stemmed from public and private sector pension benefit payments in 2016. This pension benefit spending accounted for more than six percent of the U.S. economy that year, and it is a source of income from Main Street that will remain during these volatile times.

In contrast, "on-your-own" retirement accounts cannot provide similar economic stability, as these savers will again retreat from spending as they watch their individual account balances plummet. And even more troubling is the likelihood that Americans will tap their individual retirement accounts so they can stay afloat during this unprecedented financial crisis. Part of the relief package allows retirement savers to take “coronavirus-related distributions” of up to $100,000 from their 401(k) plans and individual retirement accounts without the 10 percent penalty that normally applies those under age 59½. This change will help us navigate the crisis today, but will also leave more people in a financially precarious place in the long-term. What was a troubling situation of dangerously low retirement savings could now become catastrophic.

We look forward to supporting you as the nation navigates this public health and financial crisis. The good news is we know that pension funds are long-horizon investors that are built to sustain market turmoil. We are examining our research agenda to re-tool it in such a way that will provide you with the data and analysis you will need to continue to ensure millions of Americans can sustain their standard of living in retirement.

Wishing you good health, Dan

Dan Doonan, Executive Director

National Institute on Retirement Security

Register for Upcoming Webinars

NIRS will host several webinars in the upcoming months to continue providing reliable research and timely updates on the potential impacts of the pandemic on retirement and the broader economy.

Join us on Thursday, April 9th at 2:00 PM ET for a webinar with Lazard Asset Management as we discuss the economic and market implications of the COVID-19 pandemic. During the session, we will discuss some of the key issues facing investors as we navigate this unprecedented public health and economic crisis. Register here.

We hope you can join us Thursday, April 16th at 1:00 PM ET for a webinar with Northern Trust on the implications of the coronavirus on portfolios. Market fluctuations and uncertainty are triggering key questions for investors about the progression of coronavirus, portfolio rebalancing, growth considerations, interest rates and market risks. Register here.

On Tuesday, April 21st at 2:00 PM ET we are hosting a webinar with Aon to review The Real Deal: 2018 Income Adequacy Study. This research offers insight into the overall retirement readiness of U.S. workers and provides a benchmark for employers as they measure the effectiveness and sufficiency of their programs. During the session, we will discuss and take questions about the resources that are needed to generate a secure retirement and how these targets are changing over time. Register here.

Join us on Wednesday, May 20th at 2:00 PM ET for a webinar to learn about progress on Secure Choice retirement plans in Illinois and California. Many states are setting up these plans to establish retirement accounts for workers without employer plans to improve retirement readiness. During the session, you will learn about progress with the roll-out of these innovative retirement plans and hear about the process for starting a state-wide retirement savings program. Register here.

Additional webinars will be announced soon. Stay tuned for more information!

NIRS Responds to The New York Times

You may have seen an article that ran last week in The New York Times regarding the impacts of the coronavirus financial crisis on state and local pensions. The article is highly misleading about public pensions, and it ignores important information about the funding level and resilience of pension funds.

NIRS writes that the article correctly notes the challenges that will arise because of the unprecedented economic conditions facing all investors. But characterizing these retirement plans that serve 15 million working and 11 million retired employees of state and local government as “time bombs” borders on journalistic malpractice.

The response says that a handful of pension plans indeed have faced underfunding challenges. But, he vast majority of these plans are built to last. Looking back, the 2008 global market crash reduced public pension fund asset values from $3.15 trillion in 2007 to $2.17 trillion in 2009. But since 2009, nearly every state has enacted meaningful reforms to their pension plans to ensure their long-term sustainability – including benefit reforms and increasing employee contributions. Now, most plans are well-funded and financially stable according to the Boston College Center for Retirement Research. In fact, as of the fourth quarter of 2019, public pension assets were $4.82 trillion, doubling their asset values in less than a decade after surviving the 2008 financial crisis.

Read the full letter here.

NIRS Research Relevant to the Market Downturn

As we continue to navigate this unprecedented public health crisis, we are just beginning to see the economic and retirement impacts.

For your convenience, we are providing a listing of previous NIRS research that is particularly relevant during financial market downturns and the economic impact of public and private sector pension plans.

Retirement Insecurity 2019: Americans’ Views of the Retirement Crisis is a biennial national public opinion poll measuring sentiment about various aspects of retirement. The research finds that even before the current economic crisis:

In overwhelming numbers, Americans are worried about their ability to attain and sustain financial security in their older years.
Even as the nation remains deeply politically polarized, Americans are united in their sentiment about retirement issues.
Americans see government playing an important role in helping workers prepare for retirement.
Americans are highly positive on the role of pensions in providing retirement security and see these retirement plans as better than 401(k) plans.

In it for the Long Haul: The Investment Behavior of Public Pensions offers an analysis of public pension investment data, finding that these plans exhibit prudent investment behavior even during volatile market conditions. The analysis is based on U.S. Federal Reserve and U.S. Census Bureau data from 1993 to 2005 and finds these plans:

Actively rebalance investments in response to price changes.
Do not get caught up in a “herd mentality,” but rather follow the best investment practices in the industry.
Hold higher risk assets when funding levels are higher, and assess their financial situation before modifying the plan’s asset allocation.
Hold smaller amounts of stocks when employers face higher contribution rates and avoid pressure to invest more aggressively after experiencing losses.

Pensionomics 2018: Measuring the Economic Impact of Defined Benefit Pension Expenditures reports the national economic impacts of public and private pension plans, as well as the impact of state and local plans on a state-by-state basis. This research is particularly important for understanding the considerable economic impact of state and local pensions during a financial crisis facing. Economists have long known that the steady monthly income provided by pensions can act as an ‘automatic stabilizer.’ That is, retirees with a stable monthly pension income can continue to spend on basic needs, even during an economic downturn. In contrast, retirees relying solely on plummeting 401(k)s or individual retirement accounts likely are forced to retreat from spending precisely at the time when the economy most needs stimulus.

Lessons from Well-Funded Public Pensions examines selected statewide public pension plans to identify common elements of plans that remained well funded despite two severe economic downturns. The study identifies six features that enabled the plans to remain sustainable and affordable:

Employer contributions that pay the full amount of the annual required contribution and that maintain stability in the contribution rate over time.
Employee contributions to help share in the cost of the plan.
Beneﬁt improvements that are actuarially valued before adoption and properly funded upon adoption.
Cost of living adjustments that are granted responsibly.
Anti-spiking measures that ensure actuarial integrity and transparency in pension beneﬁt determination.
Economic actuarial assumptions that can reasonably be expected to be achieved over the long term.

New Research Shows Public Pension Dollars Provide Positive Economic Impact in Small Towns Across America

At the annual retirement policy conference last month, NIRS released a new study, Fortifying Main Street: The Economic Benefit of Public Pension Dollars in Small Towns and Rural America. This report finds that public pension dollars have a larger economic impact in small towns and rural counties than in metropolitan counties.

Small towns across America continue to see a trend of shrinking populations and slower economic growth, but expenditures from public pension dollars are a positive and reliable source of economic activity. Using data from 1,401 counties spanning 19 different states, NIRS found that public pension dollars represented one to three percent of gross domestic product (GDP) and an average of 1.37 percent of total personal income.

The report has several key findings, including:

Public pension benefit dollars represent between one and three percent of GDP on average in the 1,401 counties studied.
Rural counties and counties with state capitals have the highest percentages of populations receiving public pension benefits.
Small town counties experience a greater relative impact both in terms of GDP and total personal income from public pension benefit dollars than rural or metropolitan counties.
Rural counties experience more of an impact in terms of personal income than metropolitan counties, whereas metropolitan counties experience more of an impact in terms of GDP than rural counties.
Counties with state capitals are outliers from other metropolitan counties, likely because there is a greater density of public employees in these counties, most of whom remain in these counties in retirement.
On average, rural counties have lost population while small town counties and metropolitan counties have gained population in the period between 2000 and 2018, but the connection between population change and the relative impact of public pension benefit dollars is weak.

Read and download the full report here. Watch a webinar replay here.

NIRS In the News

NIRS remains an important source of information for the news outlets covering retirement security issues. Below are a few highlights.

A Next Avenue article highlights new NIRS research on the challenges facing rural Americans in retirement. From banking deserts to a lack of broadband services and a lack of employer-sponsored retirement plans, rural counties face unique challenges when it comes time for workers to retire.

A Benefits Pro article cites new NIRS research about the importance of public pensions in small towns and rural America. Fortifying Main Street, found that in 2018, public pension benefit dollars accounted for anywhere from one to three percent of gross domestic product, on average, among the counties and states studied.

A MarketWatch article outlines the unique challenges that women face in retirement. Citing NIRS research showing that women are 80 percent more likely to fall into poverty in retirement than men, the article explains the factors contributing to this mismatch.

An Employee Benefit News article reports on a new program aimed at incentivizing younger generations to start saving for retirement. The article cites NIRS research showing that 66 percent of Millennials who have taken out student loans have nothing saved for retirement.

A Forbes column cites NIRS research and reviews how focusing only on the stock market during an economic crisis can actually harm workers'' recovery once a recession ends.

A MarketWatch column highlights the importance of Social Security at a time of stock market losses. "A recent survey by the National Institute on Retirement Security indicated that more than 40 percent of retirees depend on Social Security for most or all of their income."

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Webinar | August 12th at 2:00 PM ET

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Webinar | Can Retirees Maintain Spending Levels in Retirement?

Please join us for a webinar on Wednesday, August 12, 2020, at 2:00 PM ET. During the session, you will hear about a new report, Retirement Security and Financial Decision Making.

Conducted by the Consumer Financial Protection Bureau, the research finds that nearly half of Americans who retired between 1992 and 2014 did not have the ability to maintain the same spending level for five years following retirement. The findings indicate that certain financial decisions may enhance or diminish retirees’ ability to maintain the same level of spending level. For example, for homeowners, entering retirement without mortgage debt, for those with a pension, choosing a monthly annuity rather than in a lump-sum payout, are positively associated with retirees’ ability to maintain the same spending level for five years.

REGISTER AT NO CHARGE HERE

Speakers include:

Dan Doonan, Executive Director, National Institute on Retirement Security
Hector Ortiz, Senior Policy Analyst, Office of Financial Protection for Older Americans

Visit the Special Webinar Series web page for updates on scheduled sessions and to access replays of past webinars.

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Please join us for a webinar today, Thursday, April 9, 2020, at 2:00 PM ET for insight on the economic and market implications of the COVID-19 pandemic.

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Exiting the COVID-19 crisis will require a combination of widespread testing, effective therapies, and vaccinations. In the interim, monetary and fiscal stimulus are injecting liquidity into the financial system and supporting economic demand.

Objectively assessing the economic ramifications of the pandemic and the policy responses is a critical underpinning for asset allocation and security selection.

During the webinar, we will discuss and respond to questions on the key issues facing investors as we navigate the COVID-19 crisis.

Here are the webinar details:

What:	Webinar \| Economic and Market Implications of the COVID-19 Crisis
Date:	Thursday, April 9, 2020
Time:	2:00 PM ET
Speakers:	Dan Doonan, Executive Director, National Institute on Retirement Security Ronald Temple, Co-Head of Multi-Asset and Head of US Equities, Lazard Asset Management
Registration:	Register at no charge here.

The National Institute on Retirement Security is a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy as a whole. Located in Washington, D.C., NIRS'' diverse membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at www.nirsonline.org. Follow NIRS on Twitter @NIRSonline.

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Please join us for a webinar on Thursday, April 9, 2020, at 2:00 PM ET for insight on the economic and market implications of the COVID-19 pandemic.

Register Here

Exiting the COVID-19 crisis will require a combination of widespread testing, effective therapies, and vaccinations. In the interim, monetary and fiscal stimulus are injecting liquidity into the financial system and supporting economic demand.

Objectively assessing the economic ramifications of the pandemic and the policy responses is a critical underpinning for asset allocation and security selection.

During the webinar, we will discuss and respond to questions on the key issues facing investors as we navigate the COVID-19 crisis.

Here are the webinar details:

What:	Webinar \| Economic and Market Implications of the COVID-19 Crisis
Date:	Thursday, April 9, 2020
Time:	2:00 PM ET
Speakers:	Dan Doonan, Executive Director, National Institute on Retirement Security Ronald Temple, Co-Head of Multi-Asset and Head of US Equities, Lazard Asset Management
Registration:	Register at no charge here.

The National Institute on Retirement Security is a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy as a whole. Located in Washington, D.C., NIRS'' diverse membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at www.nirsonline.org. Follow NIRS on Twitter @NIRSonline.

NATIONAL INSTITUTE ON RETIREMENT SECURITY

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Please join us for a webinar on Thursday, May 28, 2020, at 2:00 PM ET for a conversation with experts from the Federal Reserve Bank of St. Louis on household financial stability and retirement security as we navigate the COVID-19 pandemic.

Register Here

During the session, you will have the opportunity to engage with experts on key questions such as:

Who was thriving and struggling before the pandemic?
Which families will and will not have economic resilience during the pandemic?
What demographic groups are most at risk?
What are some paths forward?

Read a recent blog from the St. Louis Federal Reserve discussing families that are most vulnerable to an income shock like COVID-19.

Research by the National Institute on Retirement Security finds that Americans were struggling even before this crisis to prepare for retirement. Research also finds that a large portion (40 percent) of older Americans rely only on Social Security income in retirement.

Here are the webinar details:

What:	Webinar \| Financial and Retirement Security Before and After COVID-19: A Conversation with the St. Louis Federal Reserve
Date:	Thursday, May 28, 2020
Time:	2:00 PM ET
Speakers:	Dan Doonan, Executive Director, National Institute on Retirement Security Tyler Bond, Research Manager, National Institute on Retirement Security Ray Boshara, Director of the Center for Household Financial Stability, Federal Reserve Bank of St. Louis Lowell Ricketts, Lead Analyst for the Center for Household Financial Stability, Federal Reserve Bank of St. Louis
Registration:	Register at no charge here.

The National Institute on Retirement Security is a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy as a whole. Located in Washington, D.C., NIRS'' diverse membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at www.nirsonline.org. Follow NIRS on Twitter @NIRSonline.

NATIONAL INSTITUTE ON RETIREMENT SECURITY

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Please join us for a webinar today, Thursday, May 28, 2020, at 2:00 PM ET for a conversation with experts from the Federal Reserve Bank of St. Louis on household financial stability and retirement security as we navigate the COVID-19 pandemic.

Register Here

During the session, you will have the opportunity to engage with experts on key questions such as:

Who was thriving and struggling before the pandemic?
Which families will and will not have economic resilience during the pandemic?
What demographic groups are most at risk?
What are some paths forward?

Read a recent blog from the St. Louis Federal Reserve discussing families that are most vulnerable to an income shock like COVID-19.

Research by the National Institute on Retirement Security finds that Americans were struggling even before this crisis to prepare for retirement. Research also finds that a large portion (40 percent) of older Americans rely only on Social Security income in retirement.

Here are the webinar details:

What:	Webinar \| Financial and Retirement Security Before and After COVID-19: A Conversation with the St. Louis Federal Reserve
Date:	TODAY: Thursday, May 28, 2020
Time:	2:00 PM ET
Speakers:	Dan Doonan, Executive Director, National Institute on Retirement Security Tyler Bond, Research Manager, National Institute on Retirement Security Ray Boshara, Director of the Center for Household Financial Stability, Federal Reserve Bank of St. Louis Lowell Ricketts, Lead Analyst for the Center for Household Financial Stability, Federal Reserve Bank of St. Louis
Registration:	Register at no charge here.

The National Institute on Retirement Security is a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy as a whole. Located in Washington, D.C., NIRS'' diverse membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at www.nirsonline.org. Follow NIRS on Twitter @NIRSonline.

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Webinar | Nov 18th at 2:00 PM ET

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Webinar | Election Results & Policy Outlook on Retirement, Healthcare and Social Insurance

Please join us for a webinar on Wednesday, November 18, 2020, at 2:00 PM ET.

The session will feature a discussion of the future of healthcare, retirement and other social insurance programs with Jacob S. Hacker, Ph.D., who serves on the NIRS Academic Advisory Board. Dr. Hacker is Director of the Institution for Social and Policy Studies and the Stanley B. Resor Professor of Political Science at Yale University.

Dr. Hacker will share his thoughts on the results of the recent election and what he sees as the key dynamics of the policy agenda relating to healthcare and retirement in 2021 and beyond.

REGISTER AT NO CHARGE HERE

An expert on the politics of U.S. health and social policy, Professor Hacker is the author of The Great Risk Shift: The New Economic Insecurity and the Decline of the American Dream (updated in 2019), American Amnesia: How the War on Government Led Us to Forget What Made America Prosper and Winner-Take-All Politics: How Washington Made the Rich Richer and Turned Its Back on the Middle Class. His latest book, Let Them Eat Tweets, was reviewed recently by The Washington Post.

Visit the Special Webinar Series web page for updates on scheduled sessions and to access replays of past webinars.

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Noteworthy from NIRS

September 10, 2020

New NIRS Research Examines Why Americans'' Retirement Security Increasingly Threatened

The average American worker is finding it increasingly difficult to adequately prepare for retirement as costs in retirement continue to rise, new NIRS research shows.

The Growing Burden of Retirement: Rising Costs and More Risk Increase Uncertainty, released on September 9, 2020, highlights the factors contributing to this uncertainty. As the country has shifted from pensions to 401(k) plans, workers have faced the burden of predicting how much money they will need to retire securely. Further, as housing, healthcare, and long-term care costs increase for retirees, there are additional obstacles to account for in planning.

“Taken together, rising costs and the challenge of accumulating and investing savings are making retirement an unsolvable puzzle for most Americans,” said report co-author Tyler Bond.

“Absent a serious rebuilding of America’s retirement infrastructure, these systemic

problems will be unsurmountable for too many families,” said report co-author Dan

Doonan. “Instead, policymakers can take steps now to build forward-looking solutions

that enable Americans to be self-sufficient as they age."

Join us for a webinar on September 16, 2020 at 2PM EST, as we review the key findings of this new research.

Read the report

Register for the webinar

Interested in NIRS Membership?

Much has changed in the past several months, but our mission has remained steadfast. We hope that NIRS can be a resource for your organization as we navigate continuing economic distress.

Interested in becoming a member and supporting our mission? Email us at membership@nirsonline.org.

Learn more about NIRS membership

New SLGE Research Shows K-12 Educators Concerned About COVID-19 Exposure

A new report from the Center for State and Local Government Excellence (SLGE) shows that K-12 educators are concerned about their personal safety and financial security in the wake of the COVID-19 pandemic.

Public Sector Employee Views on Finances and Employment Outlook Due to COVID-19 found that 94% of educators have had significant change in their job duties, and over three-quarters worry that the effects of an economic crisis could impact their ability to retire securely.

"As schools make decisions about virtual or in-person learning, it will be important to assess how the COVID-19 pandemic impacts K-12 educators’ morale, and financial and job outlook," said Rivka Liss-Levinson, SLGE director of research. "Even before the crisis, recruiting and retaining state and local employees, including teachers, was a challenge for many jurisdictions.”

Read the SLGE report

NIRS in the News

A Forbes article cites NIRS research highlighting the racial wealth gap facing Americans in retirement. NIRS research shows that just before retirement, non-white households have about one-quarter the amount of savings than that of a white household.

A Fox Business article discussing the impact of a payroll tax cut on the Social Security trust fund cites NIRS research. Earlier this year, NIRS found that about 40% of retirees rely solely on Social Security, and have no income from pensions or retirement savings.

A Plan Adviser article featured discussions from a recent NIRS webinar. In an August webinar with Segal, experts discussed how COVID-19 may impact teacher retirements.

A PlanSponsor article outlines the findings of a new CFPB report that was discussed in a NIRS webinar last month. The report found that nearly half of retirees are unable to maintain spending levels in the first five years of retirement.

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W E B I N A R

Oct. 21 at 2 PM ET

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Please join us for a webinar today, Wednesday, October 21, 2020, at 2:00 PM ET to review a new report, Accessing Long-Term Care Coverage Through Medicaid: The Safety Net For Seniors Facing Unmanageable Costs.

This report from the National Institute on Retirement Security (NIRS) examines the complex rules and multiple pathways for receiving Medicaid coverage across the nation. The report focuses on the long-term care needs of older Americans and their options for accessing care. It also reviews an innovative long-term care social insurance program in Washington State that is projected to reduce Medicaid expenses.

REGISTER HERE

Webinar speakers include:

Tyler Bond, NIRS Research Manager
Dan Doonan, NIRS Executive Director
Izidora Skračić, NIRS Research Intern

The report also offers four policies to address the unpredictable yet potentially catastrophic costs of long- term care needs:

Long-term care proposals should provide universal coverage based on need. Washington State is piloting a social insurance program to provide coverage for long-term care costs, and this could serve as an example for other states or even a federal program.
The programmatic bias toward institutional care over home or community-based care should be eliminated. HCBS costs less than institutional care and is generally preferred by beneficiaries and their caregivers.
A stronger focus on healthy aging for all should include the integration of healthcare and social services and accountable care systems focused on long-term health.
The ability of older adults to remain in their communities and live independently should be facilitated by public policy.

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Webinar | July 28th at 3 PM ET

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Webinar | Factors First: A Risk-Based Approach to Harnessing Alternative Sources of Income

Please join us for a webinar on Tuesday, July 28th at 3:00 PM ET with Nuveen on how institutional investors can capitalize on the yield of alternatives by focusing on the idiosyncratic risks that drive returns.

During the webinar, you will hear how investors can stitch together multi-asset portfolios in an efficient and coherent fashion. The session also will cover why a risk factor-based approach works well for alternative asset classes; how to capitalize on the yield and diversification benefits of alternatives; and how institutional investors can leverage the factor-based approach for multi-asset portfolio construction.

Speakers include:

Dan Doonan, Executive Director, National Institute on Retirement Security
Nathan Shetty, Head of Multi-Asset Portfolio Management, Nuveen

Register at no charge here.

Visit the Special Webinar Series web page for updates on scheduled sessions and to access replays of past webinars.

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1612 K Street, NW, Suite 500 | Washington, DC 20006

www.nirsonline.org | info@nirsonline.org

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Please join us for a webinar on Thursday, May 28, 2020, at 2:00 PM ET for a conversation with experts from the Federal Reserve Bank of St. Louis on household financial stability and retirement security as we navigate the COVID-19 pandemic.

Register Here

During the session, you will have the opportunity to engage with experts on key questions such as:

Who was thriving and struggling before the pandemic?
Which families will and will not have economic resilience during the pandemic?
What demographic groups are most at risk?
What are some paths forward?

Read a recent blog from the St. Louis Federal Reserve discussing families that are most vulnerable to an income shock like COVID-19.

Research by the National Institute on Retirement Security finds that Americans were struggling even before this crisis to prepare for retirement. Research also finds that a large portion (40 percent) of older Americans rely only on Social Security income in retirement.

Here are the webinar details:

What:	Webinar \| Financial and Retirement Security Before and After COVID-19: A Conversation with the St. Louis Federal Reserve
Date:	Thursday, May 28, 2020
Time:	2:00 PM ET
Speakers:	Dan Doonan, Executive Director, National Institute on Retirement Security Tyler Bond, Research Manager, National Institute on Retirement Security Ray Boshara, Director of the Center for Household Financial Stability, Federal Reserve Bank of St. Louis Lowell Ricketts, Lead Analyst for the Center for Household Financial Stability, Federal Reserve Bank of St. Louis
Registration:	Register at no charge here.

The National Institute on Retirement Security is a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy as a whole. Located in Washington, D.C., NIRS'' diverse membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at www.nirsonline.org. Follow NIRS on Twitter @NIRSonline.

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1612 K Street, NW, Suite 500 * Washington DC 20006

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Webinar | August 19th at 2:00 PM ET

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Webinar | Revisiting Lessons from Well-Funded Public Retirement Plans

Please join us for a webinar on Wednesday, August 19, 2020, at 2:00 PM ET.

Public sector retirement systems are facing market volatility stemming from the COVID-19 pandemic. During this webinar, we will hear from the directors of two retirement systems featured in previous research examining financial downturns, Lessons From Well-Funded Public Pensions.

Attendees will hear an update on these retirement systems, as well as a discussion of how the health-driven COVID-19 crisis impacts retirement plans as compared to the housing-driven financial crisis. We also will revisit key elements of public sector defined benefit pension plans detailed in the report.

REGISTER AT NO CHARGE HERE

Speakers include:

Dan Doonan, Executive Director, National Institute on Retirement Security
Don Drum, Executive Director, Public Employee Retirement System of Idaho
Tom Lee, Executive Director, New York State Teachers’ Retirement System

Visit the Special Webinar Series web page for updates on scheduled sessions and to access replays of past webinars.

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"America''s broader economic trends have been tough on many small towns and rural areas across America that are struggling with population declines and lagging economies."

PUBLIC PENSION BENEFIT SPENDING PROVIDES SUBSTANTIAL ECONOMIC IMPACT ON RURAL COMMUNITIES AND SMALL TOWNS ACROSS U.S.

New Report Released Today at NIRS Annual Retirement Policy Conference Details Impact Across 19 States

Live Webcast of Conference Today Starting at 9:15 AM ET

Webinar on March 12th to Review Findings

WASHINGTON, D.C., March 3, 2020 - As many small towns and rural communities across America face shrinking populations and slowing economic growth, a new report finds that one positive economic contributor to these areas is the flow of benefit dollars from public pension plans. In 2018, public pension benefit dollars represented between one and three percent of gross domestic product (GDP) on average among the 1,401 counties in 19 states studied.

These findings are detailed in a new study released today by the National Institute on Retirement Security, Fortifying Main Street: The Economic Benefit of Public Pension Dollars in Small Towns and Rural America.

Download the report here.

Watch here via Facebook a live webcast of the conference proceedings today, beginning at 9:15 AM ET. Download the full conference agenda here.

Register here for a webinar on Thursday, March 12, 2020, at 1:00 PM ET with a review of the findings.

This new report finds that public pension benefit dollars also account for significant amounts of total personal income in counties across the nineteen states studied. For all 1,401 counties in this study, pension benefit dollars represent an average of 1.37 percent of total personal income, while some counties experience more than six percent of total personal income derived from pension dollars.

In Mississippi, for example, several less populated counties have pension benefit dollars that represent more than three percent of total personal income in the county. Oktibbeha County, home to Starkville and Mississippi State University, has one in twenty dollars in total personal income coming from a public pension plan.

The analysis indicates that less populated counties with smaller economies experience a greater relative economic benefit from the flow of public pension benefit dollars into the county as compared to more populated, urban counties. This larger relative impact helps to sustain the economies of small towns during this period of economic transition in rural America.

"America''s broader economic trends have been tough on many small towns and rural areas across America that are struggling with population declines and lagging economies. Often, the largest local employer in these communities is a public entity such as a school system or city, which employs teachers, police officers and firefighters. These public employees spend their career providing public services in their community at a time when more and more young people are leaving their hometowns to seek better job opportunities in more populated areas," said Dan Doonan, NIRS executive director.

"Eventually, these public employees become retirees, staying in their communities and spending their pension checks in these small towns. The pension benefits serve as a stable source of economic support in these areas, with retirees spending their retirement income on goods and services like housing, food, medicine and clothing. It''s clear from our analysis that this pension spending provides a substantial economic impact on struggling small towns and rural communities across the nation," Doonan explained.

The report''s key findings are as follows:

Public pension benefit dollars represent between one and three percent of GDP on average in the 1,401 counties studied.

Rural counties and counties with state capitals have the highest percentages of populations receiving public pension benefits.

Small town counties experience a greater relative impact both in terms of GDP and total personal income from public pension benefit dollars than rural or metropolitan counties.

Rural counties experience more of an impact in terms of personal income than metropolitan counties, whereas metropolitan counties experience more of an impact in terms of GDP than rural counties.

Counties with state capitals are outliers from other metropolitan counties, likely because there is a greater density of public employees in these counties, most of whom remain in these counties in retirement.

On average, rural counties have lost population while small town counties and metropolitan counties have gained population in the period between 2000 and 2018, but the connection between population change and the relative impact of public pension benefit dollars is weak.

This new study builds on previous research and adds a deeper level of data and analysis. This research examines data from nineteen geographically diverse states representing every region of the country. The analysis utilizes data from a majority of public pension plans in those states and the data was collected directly from those plans to guarantee its accuracy. To compare the results to those of previous studies, this report considers pension benefit dollars as a percentage of total personal income in each county.

This study also offers a major new element that is possible because of newly-available data. In December 2018, the U.S. Department of Commerce''s Bureau of Economic Analysis (BEA) made available for the first time ever Gross Domestic Product (GDP) by county data. Initially, this data only covered four years, but in December 2019, BEA released a new set of GDP by county data covering the years 2001-2018. This study uses this new 2018 data as it is the most recent data available. In addition to this economic data, the report examines changes in a county''s population from 2000 to 2018 to determine if there is a connection between the economic impact of pension benefit dollars and growth or loss of population in the county.

The National Institute on Retirement Security is a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy as a whole. Located in Washington, D.C., NIRS'' diverse membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at www.nirsonline.org. Follow NIRS on Twitter @NIRSonline.

Contact:

Kelly Kenneally | kkenneally@nirsonline.org | 202.256.1445

###

NATIONAL INSTITUTE ON RETIREMENT SECURITY

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Webinar | July 28th at 3 PM ET

Register Here

Webinar | Factors First: A Risk-Based Approach to Harnessing Alternative Sources of Income

Please join us for a webinar today, Tuesday, July 28th at 3:00 PM ET, with Nuveen on how institutional investors can capitalize on the yield of alternatives by focusing on the idiosyncratic risks that drive returns.

During the webinar, you will hear how investors can stitch together multi-asset portfolios in an efficient and coherent fashion. The session also will cover why a risk factor-based approach works well for alternative asset classes; how to capitalize on the yield and diversification benefits of alternatives; and how institutional investors can leverage the factor-based approach for multi-asset portfolio construction.

Speakers include:

Dan Doonan, Executive Director, National Institute on Retirement Security
Nathan Shetty, Head of Multi-Asset Portfolio Management, Nuveen

Register at no charge here.

Visit the Special Webinar Series web page for updates on scheduled sessions and to access replays of past webinars.

The National Institute on Retirement Security

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Noteworthy from NIRS

May 11, 2020

Webinar Tomorrow | New Research Finds Gender Pay Gap Continues Into Retirement

Women only receive about 80 percent of the retirement income that men receive, a number that mirrors the gender pay gap.

These finding are contained in the latest research from the National Institute on Retirement Security (NIRS), Still Shortchanged: An Update on Women''s Retirement Preparedness.

Register here for a webinar on Tuesday, May 12, 2020, at 3 PM ET for a review of the findings.

The analysis indicates that the median household income for men aged 65 and older was at $57,144 in 2016. For women, median household income that year was $47,244 for women, or 83 percent of their male counterparts.

The research also finds that caregiving, especially spousal caregiving, has a more detrimental economic impact on women, while divorce makes retirement more difficult for women.

"Even before the COVID-19 financial crisis, the nation was facing a retirement saving crisis, with women already at a significant disadvantage,” said report author Tyler Bond.

“As we are on the brink of an economic depression, there is an urgent need to fix the broken retirement infrastructure, especially for women. Going forward, policymakers would be prudent to implement meaningful reforms. For example, changes to Social Security would make a significant difference in retirement outcomes for women – expanding benefits, adjusting spousal benefits and providing caregiving credits," Bond said.

Read remarks from report authors Dr. Joelle Saad-Lessler, Stevens Institute of Technology associate professor, and Dr. Christian Weller, University of Massachusetts Boston professor.

Register for New Webinars, Watch Replays

As part of NIRS efforts to monitor the COVID-19 pandemic, new webinars are scheduled to continue providing reliable research and timely updates on the potential impacts on retirement and the economy.

Join us on Wednesday, May 20th at 2:00 PM ET for a webinar regarding progress on state-run retirement plans in Illinois and California. Many states are setting up these plans to establish retirement accounts for workers lacking employer plans. The session will provide an update on progress on these innovative retirement plans and an overview of the process for starting a state-wide retirement savings program. Register here.

On Thursday, May 28th at 2:00 PM ET, we''re hosting a webinar with the Federal Reserve Bank of St. Louis for a review of data on the overall household financial and retirement security. Experts will detail who was thriving and who was struggling before the pandemic, and how these groups might fare after the pandemic. Attendees also will hear about potential paths to economic recovery. Register here.

On Wednesday, June 3rd at 11:00 AM ET, join a webinar with Baillie Gifford to learn about varied global responses to the COVID-19 pandemic. Experts will discuss the longer-term economic impacts of the crisis and the effects on financial markets and the investment environment. Register here.

Listen to replays of recent webinars with Lazard Asset Management, Northern Trust Asset Management and Aon.

Visit the Special Webinar Series web page for updates on more sessions coming soon.

Connect on Social Media

The easiest way to stay up-to-date on retirement research and issues is to connect with NIRS on social media: Facebook, LinkedIn, Twitter and YouTube.

Help increase the impact of NIRS research by liking, sharing and commenting on our posts.

New Research Finds Social Security Deficit is Manageable

The recent increase to Social Security''s deficit is manageable and unlikely to be severely impacted by the unfolding economic implications of the COVID-19 pandemic, according to new research from The Center on Retirement Research at Boston College (CRR).

Social Security''s Financial Outlook: The 2020 Update in Perspective indicates that while the trust fund depletion date still stands at 2035, long-term negative impacts are unlikely. Further, this pandemic has highlighted the importance of Social Security to older Americans. For millions, their monthly checks are the only steady source of income in retirement.

But, the depletion of the fund doesn''t mean bankruptcy for Social Security. Revenue from payroll tax covers 79 percent of the current benefits, according to the research, but relying on this revenue would mean a drop in the replacement rate in years to come.

While Social Security does face a funding shortfall, it only accounts for about one percent of the total U.S. gross domestic product, and dramatic events such as the COVID-19 pandemic are unlikely to have long-term implications on the funding status. If anything, the pandemic has proven the importance of reliable and steady retirement income, the research indicates.

New Research Says State Governments Cannot Afford to Dismantle Pension Plans

According to new research from the National Conference on Public Employee Retirement Systems (NCPERS), the consequences of dismantling state pension systems would be detrimental now more than ever.

Unintended Consequences: How Scaling Back Public Pensions Puts Government Revenues at Risk | 2020 Update notes that in 2018, public pension expenditures contributed $1.7 trillion to the U.S. economy, and more than $341 billion in revenue to state and local economies—a stark increase from 2016. And as the positive effects of pension expenditures continue to rise, it can be assumed the risk of dismantling pension funds would increase in a similar manner.

Because of the positive economic impact of these pension investments and benefit payments, cuts would leave a hole in local and state economies, according to the research. Such changes would further reduce state and local tax revenues needed to provide valuable public services throughout this crisis and beyond.

NIRS research, Pensionomics 2018, finds that economic gains attributable to public, private and multi-employer defined benefit pensions in the U.S. are substantial. Retiree spending of pension benefits in 2016 generated $1.2 trillion in total economic output, supporting some 7.5 million jobs across the U.S. Pension spending also added a total of $202.6 billion to government coffers, as taxes were paid at federal, state and local levels on retirees’ pension benefits and their spending in 2016.

Also, Fortifying Main Street: The Economic Benefit of Public Pension Dollars in Small Towns and Rural America finds that one positive economic contributor to rural areas is the flow of benefit dollars from public pension plans. In 2018, public pension benefit dollars represented between one and three percent of gross domestic product on average among the 1,401 counties in 19 states studied.

NIRS In the News

NIRS remains an important source of information for news outlets covering retirement security issues. Below are a few highlights.

A Washington Post feature tells the story of Americans who entered retirement with little or no savings. "The National Institute on Retirement Security argues that retirement accounts in the best of times are half as ''efficient'' as pensions."

Dan Doonan, NIRS executive director says, “Systems that depend on people making hundreds of decisions and getting them all right — they’re not going to succeed.”

Another Washington Post article examines how to fix the U.S. retirement system. "People who benefit from 401(k)s most are those who are shielding assets from taxation," said Dan Doonan, NIRS executive director.

A New York Times article cites NIRS research in an article about how jobs without benefits spell long-term trouble. “It’s important in the later years of your life to be participating in a retirement program, because typically those are the years when accrual is most significant,” said Dan Doonan, NIRS executive director. "A January report from the institute found that 40 percent of Americans over 60 draw income from Social Security alone, while only seven percent pay their bills through a combination of Social Security, a defined benefit pension and a contribution plan such as a 401(k)."

A Financial Advisor article cites new NIRS research from Still Shortchanged, showing that the gender pay gap persists into retirement due to the pay gap itself, caregiving responsibilities, and divorce. "Caregiving is a financial and retirement risk that falls most heavily on women, and they often cannot recover," says report co-author Dr. Christian Weller.

A Plan Sponsor article states that the coronavirus pandemic has heightened the need for changes to the retirement system. Dan Doonan, NIRS executive director, says that policymakers need to focus on the health crisis. “If we miss getting the response to the health challenge right, I can’t imagine a strategy that prevents a bad situation for retirement preparedness from becoming catastrophic,” he says. Doonan points out that the current crisis and previous market crises highlight other challenges. He notes that a NIRS survey found 70 percent of those polled said part of their plan for a secure retirement was to stay in their job as long as possible. In addition, 42 percent planned to delay Social Security to get a higher benefit. “The current situation shows the folly of those strategies; it’s not always a worker’s choice,” Doonan says.

The National Institute on Retirement Security

1612 K Street, NW, Suite 500 | Washington, DC 20006

www.nirsonline.org | info@nirsonline.org

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Noteworthy from NIRS

April 7, 2020

A Message from Dan Doonan