X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
collage of lightbulb against chalkboard calculations and charts (Photo: Shutterstock)

On January 1, 2020, the retirement industry, and plan sponsors in particular, might have been forgiven for thinking they were doing a pretty good job helping employees save for retirement. But the COVID-19 pandemic “changed everything,” writes Wharton economist Olivia Mitchell in a working paper published this month.

Now new worries, such as how long, or even whether, the labor market will take to get back to pre-COVID-19 status, join the already increasing worries about pension funding levels. U.S. state and local pensions are suffering, with plan funding falling from an estimated 52% to 37%, the paper reports. In addition, retirement systems are “also feeling the pain” as payrolls and government tax revenues are contracting.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.