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On January 1, 2020, the retirement industry, and plan sponsorsin particular, might have been forgiven for thinking they weredoing a pretty good job helping employees save for retirement. Butthe COVID-19 pandemic "changedeverything," writes Wharton economist Olivia Mitchell in aworking paper published this month.
Now new worries, such as how long, or even whether, the labormarket will take to get back to pre-COVID-19 status, join thealready increasing worries about pension funding levels. U.S. state and localpensions are suffering, with plan funding falling from an estimated52% to 37%, the paper reports. In addition, retirement systems are"also feeling the pain" as payrolls and government tax revenues arecontracting.
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