Retirement Trends

A survey of 5,000 defined contribution plan participants found the 20 percent who were overconfident about their knowledge ended up with with smaller account balances than those more unsure of themselves.

The organization said that when tax reform was all the rage, the topic of retirement savings was at the forefront of the national conversation, but lately it has dropped off the radar.

Harkins plan, designed to eliminate a $6.6 trillion gap in savings compared to what is needed to live on in retirement, would combine elements of traditional pension plans with the portability and ease for employers that are part of 401(k) systems.

A rising discount rate, which reduces the current value of a future obligation, and the companys $5 billion contribution to its funded plans last year reduced its pension shortfall by more than half from $18.7 billion at the end of 2012.

The American Academy of Actuaries group called on the president, as well as Congress, to vow to ensure the long-term viability of Social Security and Medicare, something that has long been talked about with little to show for all the rhetoric.

Giving plan sponsors an additional 45 days, it says, allows them and service providers the additional time and flexibility they need to furnish required materials without accelerating the deadline for subsequent years.