News and Events
Why Can't All Workers Have the Same Retirement Plan as Federal Reserve Employees?
I was excited to contribute to the New York Times "Room for Debate " blog on April 11th to discuss the growing insecurity of American's retirement. As part of a series on "The Sorry Lot of the Risk-Averse Saver," I ask why savers can't have the same deal that Federal Reserve employees do? The unintended victims of low interest rates are a particular kind of saver whose major source of income comes from interest rates on bank accounts and other safe assets whose returns are linked to Federal Reserve policies.
Read the full article.
401(k)s: A Bad Deal For Tax Payers
The New York Times asked me to weigh in on the latest Room For Debate blog question: Move Public Employees Into 401(k)s?
401(k) plans are bad deal for taxpayers. Dollar for dollar, a traditional pension plan yields more pension benefits than do 401(k) plans because 401(k) management and investment fees are three times higher. And professionals who manage money in pooled pension funds usually get higher returns than workers who manage their own 401(k) accounts. The only clear winners when pensions switch over to the 401(k) plans are brokers and bankers.
Here's the full blog post.
Public Pensions: The Real Story
Public Pensions: The Real Story
Thursday, March 24, 2011
8:30am - 10:30am
Tishman Auditorium 66 W. 12th Street
New York, NY
Public pensions – and the employees who receive them – are facing down both the press and politicians in the assertion that they are to blame for whopping state and local budget deficits.
But before the short-term budget cycle leads to long-term consequences for middle class retirement, Common Cause and SCEPA are joining to host an open discussion with the stakeholders in the debate. By removing the discussion of public pensions from a polarized environment – defined by the recession, big-number budget holes, and the decline of private sector retirement plans - the forum will work to counter ideology, insecurity, and misinformation with education, analysis, and dialogue.
Representatives from government, business, labor and academia will join a panel investigating the history and purpose of public pensions, their costs and benefits, and the social and economic impact of their deterioration. Errol Louis of the New York Daily News will lead the discussion to consider both the public policy goals of retirement security and the need for reforms at all levels.
Newsweek Reinventing Retirement
I was interviewed for Newsweek’s “Reinventing Retirement” issue to address retirement in a post-recession world. In short, run a projection and assume a zero rate of return on investments.
Misinformation about 401(k)s
I joined the Ric Edelman Show on November 6th to address the rampant misinformation about pension reform proposals and 401(k)s. A financial advisor, Ric is concerned about the resulting panic from these dangerous rumors. Listen to his clarification that there is no proposal to seize current 401(k) or IRA assests.
Paper Accepted for APPAM Conference: November 4-6, 2010
SCEPA's proposal for a panel investigating the "Pitfalls and Potentials of Obama's Pension Reform Plan" has been accepted to present three papers at the prestigious APPAM conference in November. Outside researchers and discussants will join with SCEPA faculty and researchers at the fall event, which will focus on the theme, "Making Fair and Effective Policy in Difficult Times." APPAM is a highly respected group of academic and policy scholars focusing on how to make government more effective. A preliminary program will be available in mid-August. For more information, visit the conference site.
Speaking @ Retirement Security Panel in D.C.: Oct 5, 2010
I will be speaking on a retirement security panel at a conferencesponsored by Demos, EPI, the Center on Budget and Policy Priorities, and The Century Foundation. The conference, Strengthening Our Fiscal Future: Meeting National Priorities and Achieving Prosperity, will be held on October 5, from 8:30am-4:30pm at the Newseum in Washington, DC.
