Business people walking a tightrope

A new research report demonstrates the impact that pensions have in reducing poverty and near-poverty across race, sex and educational attainment.

The report, “Closing the Gap: The Role of Public Pensions in Reducing Retirement Inequality,” which is from the National Institute on Retirement Security and the UC Berkeley Labor Center, shows that pension income is distributed more equitably by race and gender than private financial assets. Overall, the report found that pension benefits currently are in payment to 23.2 million adults aged 55 and older in the U.S., representing $5.6 trillion in household wealth. That boosts middle-class family net worth by 36% and narrows racial and gender wealth gaps among older families, according to the report.

“Pensions remain a critical component of middle-class retirement security and really act as a buffer against growing wealth inequality,” said Dan Doonan, executive director for the National Institute on Retirement Security, in a recent webinar.

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?


NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

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 © 2023 ALM Global, LLC. All Rights Reserved.