National Institute on Retirement Security

SolarWinds Commemorates Cybersecurity Awareness Month by Highlighting Software Industry’s Secure by Design Progress

Retrieved on: 
Monday, October 9, 2023

SolarWinds (NYSE:SWI), a leading provider of simple, powerful, secure observability and IT management software, commemorates Cybersecurity Awareness Month by highlighting the software industry’s progress toward becoming more Secure By Design.

Key Points: 
  • SolarWinds (NYSE:SWI), a leading provider of simple, powerful, secure observability and IT management software, commemorates Cybersecurity Awareness Month by highlighting the software industry’s progress toward becoming more Secure By Design.
  • Informed by years of experience from industry-leading cybersecurity experts, the SolarWinds Secure by Design initiative is a gold-plated cybersecurity approach to software build systems and processes that set a new standard in software supply chain security.
  • SolarWinds developed Secure By Design to address the evolving threat of highly sophisticated and unforeseeable cyberattacks, including those by advanced nation-state threat actors.
  • With a focus on creating more secure environments, the SolarWinds Secure By Design guiding principles were designed to make both the company and the software industry at large safer.

New National Institute on Retirement Security Analysis Finds Average Amount of Student Loan Debt held by Gen Xers Is $40,000

Retrieved on: 
Thursday, September 28, 2023

WASHINGTON, Sept. 28, 2023 /PRNewswire/ -- A new analysis from the National Institute on Retirement Security (NIRS) finds 13 percent of working Gen Xers still have student loan debt.  The average amount of student loan debt held by Gen Xers is slightly more than $40,000, and the median amount is $25,000. The research also finds that Gen Xers with student loan debt have lower net worths and are more likely to fall short of their retirement savings targets, at least in part due to student loan debt. As a result, student loan debt has negative retirement implications for these workers.

Key Points: 
  • WASHINGTON, Sept. 28, 2023 /PRNewswire/ -- A new analysis from the National Institute on Retirement Security ( NIRS ) finds 13 percent of working Gen Xers still have student loan debt.
  • The average amount of student loan debt held by Gen Xers is slightly more than $40,000, and the median amount is $25,000.
  • The research also finds that Gen Xers with student loan debt have lower net worths and are more likely to fall short of their retirement savings targets, at least in part due to student loan debt.
  • Gen Xers are fast approaching retirement age, so it's troubling that some are still carrying student loan debt.

United Announces New Leadership Promotions

Retrieved on: 
Tuesday, September 19, 2023

CHICAGO, Sept. 19, 2023 /PRNewswire/ -- United Airlines today announced two leadership promotions within its Executive team. Josh Earnest is promoted to Executive Vice President of Communications and Advertising and Terri Fariello is promoted to Executive Vice President of Government Affairs and Global Public Policy. Both will remain on United's Executive Team.

Key Points: 
  • CHICAGO, Sept. 19, 2023 /PRNewswire/ -- United Airlines today announced two leadership promotions within its Executive team.
  • Their counsel and strategic insight will continue to be essential as we implement our ambitious United Next plans."
  • Josh joined United in 2018 as senior vice president and chief communications officer.
  • Throughout his career, Josh has received recognition for leadership in communications, including regularly appearing on PRWeek's annual 'Power List.'

New Report Finds Public Pensions Play a Critical Role in Delivering Retirement Security for Older Americans While Reducing Wealth Inequality by Race and Gender

Retrieved on: 
Wednesday, September 13, 2023

WASHINGTON and BERKELEY, Calif., Sept. 13, 2023 /PRNewswire/ -- A new report finds that defined benefit pensions play a critical role in delivering adequate retirement income for older Americans while providing a key buffer against economic hardship for women, Blacks, Latinos, and those without a four-year college degree. The report also finds that the wealth value of lifetime pension income, particularly from public pensions, is distributed more equitably by race and gender than other private financial assets, thereby narrowing the wealth gap among older families. For example, public pensions are a key pillar of Black middle-class economic security, increasing the median wealth of older Black families by 46 percent.

Key Points: 
  • Pension income is distributed relatively evenly among recipients by race, while public pension income is distributed more equally by gender than private pension and 401(k) income.
  • For instance, Black pensioners have virtually the same pension wealth as white pensioners, and women hold just over half of public pension wealth.
  • "As economic inequality has grown across the U.S., so too has retirement inequality," said Dan Doonan , NIRS executive director.
  • Given the decline of pensions in the private sector, public pensions form a critical bulwark of middle-class retirement security alongside Social Security," said Dr. Rhee.

New Report Finds Alarming Retirement Outlook for Generation X

Retrieved on: 
Wednesday, July 12, 2023

WASHINGTON, July 12, 2023 /PRNewswire/ -- A new report from the National Institute on Retirement Security (NIRS) finds a dismal retirement outlook for Generation X, the first generation to enter the labor market following the shift from defined benefit pension plans to 401(k)-style defined contribution accounts. When looking at median retirement savings levels for Generation X, the bottom half of earners have only a few thousand dollars saved for retirement, and the typical household has only $40,000 in retirement savings. Retirement savings for Generation X is highly concentrated among the highest earners, while Blacks and Hispanics have substantially lower savings and access to retirement plans as compared to whites.

Key Points: 
  • WASHINGTON, July 12, 2023 /PRNewswire/ -- A new report from the National Institute on Retirement Security ( NIRS ) finds a dismal retirement outlook for Generation X, the first generation to enter the labor market following the shift from defined benefit pension plans to 401(k)-style defined contribution accounts.
  • When looking at median retirement savings levels for Generation X, the bottom half of earners have only a few thousand dollars saved for retirement, and the typical household has only $40,000 in retirement savings.
  • A new report finds a dismal retirement outlook for Generation X.
  • The report also offers an analysis of solutions that could improve the retirement outlook for Generation X related to Social Security, SECURE 2.0 legislation, state-facilitated retirement plans, and tax policy.

National Institute on Retirement Security Delivers Report on Impacts of Retirement Plan Design on Teacher Retention to Alaska Department of Education

Retrieved on: 
Thursday, April 27, 2023

WASHINGTON, April 27, 2023 /PRNewswire/ -- The National Institute on Retirement Security ( NIRS ) has delivered a new report to the Alaska Department of Education on the impacts of various retirement benefit offerings on the recruitment and retention of Alaska's public education employees.

Key Points: 
  • WASHINGTON, April 27, 2023 /PRNewswire/ -- The National Institute on Retirement Security ( NIRS ) has delivered a new report to the Alaska Department of Education on the impacts of various retirement benefit offerings on the recruitment and retention of Alaska's public education employees.
  • A new report details the impact of retirement benefits on the recruitment and retention of Alaska's teachers.
  • The new report, Alaska Teacher Recruitment and Retention Study: Options and Analysis Supporting Retirement Plan Design, is based on Alaska Retirement Management Board data.
  • Using available information about the retention of Alaska's educational workforce, the report offers insights on the policy decisions involved with returning to defined benefit pensions.

National Institute on Retirement Security Hosts 14th Annual Retirement Policy Conference in Washington, D.C.

Retrieved on: 
Tuesday, February 21, 2023

WASHINGTON, Feb. 21, 2023 /PRNewswire/ -- The National Institute on Retirement Security (NIRS) will hold its 14th Annual Retirement Policy Conference on Tuesday, February 28, 2023, in Washington, D.C. At this event, retirement experts and leaders will discuss key retirement policy challenges and opportunities, along with the newly-enacted SECURE 2.0 retirement legislation.

Key Points: 
  • WASHINGTON, Feb. 21, 2023 /PRNewswire/ -- The National Institute on Retirement Security ( NIRS ) will hold its 14th Annual Retirement Policy Conference on Tuesday, February 28, 2023, in Washington, D.C. At this event, retirement experts and leaders will discuss key retirement policy challenges and opportunities, along with the newly-enacted SECURE 2.0 retirement legislation.
  • Retirement experts will discuss key policy challenges and opportunities at the 14th Annual NIRS Retirement Conference.
  • Progress Amid Turbulence: Building Towards a Secure Retirement will be held at The Park Hyatt Washington , located at 1201 24th Street N.W., in Washington, D.C.
  • The conference is open to the news media, NIRS members, and invited guests.

Groundbreaking Benefit for Employees in New SECURE Act 2.0 Law Goes Largely Unnoticed

Retrieved on: 
Thursday, February 9, 2023

WASHINGTON, Feb.9, 2023 /PRNewswire-PRWeb/ -- A new provision stipulated in the SECURE Act 2.0 is perhaps being overlooked as the windfall it is. Per the changes in the law, employers will now be able to provide employees with the option to receive both matching and nonelective contributions to a Roth account for their 401(k)/403(b)/457(b) plans. The new legislation was passed as part of the omnibus spending bill on December 29, 2022, and presents an opportunity for workers to avoid some major taxation in their retirement. Under prior law, all employer contributions had to be deposited to a traditional accounts (pre-tax), not a Roth—(employees could choose a Roth account for their contribution, but the employer could not). For it to be the intended boon, employers need to step up and change their plan's documentation as this is an optional provision for employers. Employees won't have this option immediately unless their employer has changed their plan offering. Albeit not required to do this, the pressure on employers to make the accommodation available should be ramped up.

Key Points: 
  • A new provision stipulated in the SECURE Act 2.0 is perhaps being overlooked as the windfall it is.
  • WASHINGTON, Feb.9, 2023 /PRNewswire-PRWeb/ -- A new provision stipulated in the SECURE Act 2.0 is perhaps being overlooked as the windfall it is.
  • Per the changes in the law, employers will now be able to provide employees with the option to receive both matching and nonelective contributions to a Roth account for their 401(k)/403(b)/457(b) plans.
  • Both under the old law and under the new law, the employee's own contributions can be to a Roth or a traditional account.

NCPERS Plans to Expand Strategic Alliances, Membership Offerings with New Hire Bridget Early

Retrieved on: 
Thursday, January 5, 2023

The National Conference on Public Employee Retirement Systems ( NCPERS ) has named Bridget Early as its new Director of Membership and Strategic Alliances.

Key Points: 
  • The National Conference on Public Employee Retirement Systems ( NCPERS ) has named Bridget Early as its new Director of Membership and Strategic Alliances.
  • Most recently, Early served as the Executive Director of the National Public Pension Coalition , where she executed strategic campaigns across 20 states.
  • I’m looking forward to strengthening the organization's membership base and continuing to advocate with and on behalf of public pensions,” said Early.
  • I’m looking forward to working with them to enhance the membership experience, develop new strategic partnerships, and expand NCPERS’ reach at state and local levels.”

Pension Spending During Pandemic Supported $1.3 Trillion In Output, 6.8 Million Jobs, $157.7 Billion in Tax Revenue Across the U.S. Economy

Retrieved on: 
Wednesday, January 4, 2023

WASHINGTON, Jan. 4, 2023 /PRNewswire/ -- Economic gains attributable to private and public sector defined benefit pensions in the U.S. during the COVID-19 pandemic were substantial, according to a new report from the National Institute on Retirement Security (NIRS). Retiree spending of public and private sector pension benefits in 2020 generated $1.3 trillion in total economic output, supporting nearly 6.8 million jobs across the nation. Pension spending also added nearly $157.7 billion to government coffers at the federal, state, and local levels.  

Key Points: 
  • Retiree spending of public and private sector pension benefits in 2020 generated $1.3 trillion in total economic output, supporting nearly 6.8 million jobs across the nation.
  • Pension spending also added nearly $157.7 billion to government coffers at the federal, state, and local levels.
  • Pensioners could continue spending at normal rates, which supported millions of jobs across the nation during a time of massive layoffs.
  • Pension expenditures have large multiplier effects:
    -        Each dollar paid out in pension benefits supported $2.13 in total economic output nationally.