Retirement Security: New America Events

CA Event: Expanding Savings and Retirement Security

Communications — Thu, 22 May 2008 08:00:00 -0400

A New America Event
05/21/2008 - 12:00pm

**Please note that the event date has changed to May 21, 2008**

Every day, six million Californians, or roughly 43 percent of workers in the state, go to work for an employer that does not provide any type of retirement pension or savings plan. This lack of retirement savings opportunities puts California working families at risk. On Thursday, May 22, Mark Iwry of the Brookings Institution will present on the current retirement savings crisis in America -- its causes and the continuing effect it will have on the financial security of working families as well as the state and national economy. Mr. Iwry will also discuss state and national policy options to significantly encourage retirement savings and the accumulation of assets by lower- and middle-income workers.

Mark Iwry is former benefits tax counsel for the Treasury Department. He is an expert on employee benefits, pensions, retirement, savings, and health care, and frequently advises and testifies before Congress on these issues. At Treasury, where he oversaw national policy on tax-qualified pension and 401(k) plans, as well as other employee benefits, Mr. Iwry played a key role in developing many important reforms to the nation's pension system. Mr. Iwry is one of the originators of the concept of state portable retirement savings account for private sector workers.

This event is co-hosted by the New America Foundation, the Assets Policy Initiative of California and the California Research Bureau, in association with Assemblymembers Kevin De Leon (D-Los Angeles) and Joel Anderson (R-La Mesa).

If you have questions, call or email Claudie Kiti Bustamante at (916) 448-5189 or bustamante@newamerica.net.

The Great Risk Shift

Communications — Fri, 20 Oct 2006 01:15:00 -0400

A New America Event
10/18/2006 - 12:15pm

The safety net on which Americans once relied is fast unraveling. With retirement plans in growing jeopardy and health coverage eroding, more and more economic risk is being shifted away from government and business and onto the fragile shoulders of the American family. And no matter how well educated and hard working, many Americans fear that bankruptcy could be just one unexpected lay off or health crisis away.

In The Great Risk Shift: The Assault on American Jobs, Families, Health Care, and Retirement And How You Can Fight Back, New America Fellow Jacob S. Hacker lays bare the new economic realities facing American families.

The book, to be officially released Oct. 21, is already garnering praise from a variety of critics. Called "deserving of serious debate" by The Wall Street Journal , "an important book for anyone concerned about the continuing vitality of the American dream" by John Edwards, former U.S. Senator, and one that "powerfully illuminates the real scope of the [economic security] problem" by Robert J. Shiller, author of Irrational Exuberance.

This Oct. 18 event featured an overview presentation by Hacker, who provided a taste of the data and anecdotes his book uses to explain the disconnect between robust U.S. economic growth and the sense of financial insecurity felt by a growing percentage of America families. A lively Q&A followed, with New America's President & CEO Ted Halstead, Vice President Michael Calabrese and Health Policy Program Director Len Nichols also participating.

Video of the event is available at right, while an MP3 audio recording can be downloaded below. A PDF file containing Hacker's presentation slides is also attached.

Addressing the Decline of Traditional Pensions

Communications — Wed, 15 Mar 2006 22:00:00 -0500

A New America Event
03/15/2006 - 11:00am

As the House-Senate conference takes up the pension funding and reform bill this month, the conversation about how best to update the nation's retirement saving system is far from over.

The pending pension bill may achieve some important improvements, but it does little to address the fact that American workers are clearly not saving enough: A majority of the workforce does not participate in an employer-sponsored plan, an increasing number of large companies are freezing their traditional pension plans, and last year -- for the first time since the Great Depression -- the nation's individual savings rate was negative.

It is unclear whether any reform can staunch the exodus of firms out of defined benefit plans, or what changes can induce individuals to save enough on their own through 401(k)-style plans. Given the precarious state of the Pension Benefit Guaranty Corporation-- and the bitter battle over the appropriate discount rate currently taking place --it is likely that new legislative initiatives will be surfacing soon.

Our panel will discuss the root causes of the steady disappearance of traditional defined-benefit pensions and examine what legislative reforms have the potential to either preserve these plans, or successfully extend new savings incentives and mechanisms in their place. Please join us for this very timely discussion.

The Congressional Savings and Ownership Caucus is Co-Chaired by Sen. Rick Santorum (R-PA), Sen. Kent Conrad (D-ND), Rep. Jim Cooper (D-TN), Rep. Phil English (R-PA), Rep. Harold Ford, Jr. (D-TN) and Rep. Tom Petri (R-WI).

Solutions for Increasing Savings, Ownership and Retirement Security

Communications — Tue, 14 Jun 2005 11:00:00 -0400

A New America Event
06/14/2005 - 12:00pm

Over 100 people, including key congressional staffers, leaders from the financial community, and policy advocates attended Solutions for Increasing Savings, Ownership and Retirement Security, co-sponsored by the New America Foundation and the Retirement Security Project, in conjunction with the Congressional Savings and Ownership Caucuses. Senator Jon Corzine (D-NJ), Congressman Philip English (R-PA), Congressman Harold Ford (D-TN) and Congressman Jim Cooper (D-TN) were active participants throughout the half-day conference, bolstering an event that included many of the pre-eminent scholars on retirement, savings and asset building.

Jeanne Hogarth of the Federal Reserve opened with an in-depth view of the current trends regarding individual savings. Following this introduction, the two panels focused on the dual challenges of improving existing savings vehicles and seeking out new ways to improve savings.

Presenters on the first panel included Ray Boshara, Director, Asset Building Program, New America Foundation, Jagadeesh Gokhale, Senior Fellow, CATO Institute; Gene Steuerle, Senior Fellow, Urban Institute; Paul Weinstein, Chief Operating Officer and Senior Fellow, Progressive Policy Institute; and, Rene Kim, Vice President of Retirement Products, Schwab.

The second panel featured Maya MacGuineas, Director, Fiscal Policy Program, New America Foundation; David John, Research Fellow, The Heritage Foundation; Mark Iwry, Senior Adviser, The Retirement Security Project and Senior Fellow, Brookings Institution; Bernie Wilson, Vice President, Business Development and Community Outreach, H&R Block; Carol Wayman, Senior Legislative Director, CFED; Dallas Salisbury, President and CEO, EBRI; and, Bob Greenstein Executive Director, Center on Budget and Policy Priorities.

Panelists discussed a range of proposals including the ASPIRE Act, the Savings for Working Families Act, revising the Saver's Credit, permitting split tax refunds, promoting 'opt-out' 401(k) programs among employers, instead of opt-in, and providing the same exclusion for 401(k)s and IRAs that pension funds receive in the asset limit tests from government benefit programs like food stamps, SSI, and TANF.

Peter Fisher, former Federal Reserve Board official and current Managing Director of BlackRock Inc, closed the conference with a provocative overview of the underlying monetary, tax, and fiscal policies that promote consumption over savings, while advocating a progressive consumption tax to replace payroll taxes and a bold proposal for the U.S. government to offer annuities.

The Forgotten Issues in Social Security Reform

Communications — Tue, 29 Mar 2005 19:00:00 -0500

A New America Event
03/29/2005 - 12:00pm

The world today is very different than when Social Security was created. A number of issues should be considered when thinking about how to reform Social Security, including:

Should we update benefits to reflect changes in family status and economic well-being of the elderly?

Can our children really afford to finance our spending such a large portion of our life in retirement?

Should Social Security reform be used to help strengthen the economy through increased work and saving?

How should we think about Social Security if our primary goal is to provide retirement security for those who are most vulnerable?

The panel explored these issues and their policy implications, providing the context to assess proposed reforms and designing alternatives.

Forget Accounts for a Moment: How Do We Fix Social Security?

Communications — Tue, 22 Mar 2005 23:00:00 -0500

A New America Event
03/22/2005 - 12:03pm

The debate about how to reform Social Security has been dominated by the fight over whether to create individual accounts and whether or not the system faces a "crisis." The central issue, what policy changes to make to address the system's long-term deficits, has been all but ignored. An esteemed group of experts will discuss many of the various options to fix Social Security, with no mention of accounts.

Peter G. Peterson's 'Running on Empty'

Communications — Mon, 09 Aug 2004 11:00:00 -0400

A New America Event
08/09/2004 - 12:00pm

Senator John McCain has written that Pete Peterson's new book "provides a clear, concise and unvarnished look at America's political and fiscal deterioration." Former Federal Reserve Chairman Paul Volcker praises it for showing how "our fiscal profligacy and growing dependence on foreign savings cannot be sustained." Former Senator Bob Kerrey notes that, "

How to Fix Social Security

Communications — Wed, 04 Aug 2004 18:00:00 -0400

A New America Event
08/04/2004 - 12:08pm

Social Security, the single largest government program, faces hundreds of billions of dollars in annual deficits, and changes will have to be made to the program. While the Presidential candidates are not yet focusing on Social Security reform, many in Congress are. A number of plans have been offered this year. The recent report by the Congressional Budget Office, "The Outlook for Social Security," provides a new framework for comparing different approaches to reform.

Douglas Holtz Eakin, the Director of the Congressional Budge Office, shared his perspective, and was then followed by advocates of different approaches of reform for a discussion and comparison of the different ideas drawing attention in Congress.

The 401(k) Fix

Communications — Thu, 13 Jun 2002 12:00:00 -0400

A New America Event
06/13/2002 - 12:00pm

In the wake of the Enron scandal, the retirement savings of many Americans are now seen as less secure. The need to reform our current pension policies, including 401(k) plans, is emerging as a national priority. Legislation has already passed the House and will soon be debated in the Senate.

Senators Grassley and Corzine will present their views on current legislation to remedy the current state of 401K plans -- and on the larger context of retirement security. The panel discussion will follow, offering commentary and policy proposals relevant to the current pension controversy.