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31, officials called them a daring way to increase savings and expand retirement opportunities.
In addition to restoring a sound fiscal regime, we could improve our personal savings rate and expand retirement security by establishing some kind of individualized account separate from Social Security, financed by an appropriate revenue measure.
Also, when policymakers shape legislation to expand retirement savings and pension coverage, it's important for them to know the truth about how much Social Security provides, which isn't a lot.
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The proposals are not cure-alls, but they could be important steps toward an ultimate aim of expanding retirement coverage and reducing reliance on 401 k)'s, which have proved far too vulnerable to investing mistakes and market downturns to be the core of a retirement plan.
All the money in the new accounts, known as Lifetime Savings Accounts, could be taken out at any time tax free, while the money set aside in the expanded Retirement Savings Accounts would remain saved until age 58, except in cases of death or disability.
The company, seeking to cut $2 billion in costs this year, said in a letter on March 31 that employees with at least five years of service and whose age and service totals 65 years will get expanded retirement benefits for leaving in a so-called force management program.
Instead of trying to preserve FDR's brainchild, why not transform it into something that enriches the economy and significantly expands retirement benefits?
General Motors has come to the rescue of its biggest parts supplier, Delphi, shouldering part of the cost of Delphi 's expanded retirement incentives and severance packages for its United Auto Workers employees.
In December 1994, Bill Clinton proposed a so-called "middle class bill of rights" including more tax credits for families with children, expanded retirement accounts, and tax-deductible college tuition.
For example, the complaint against Putnam Investment Management filed by Massachusetts regulators on Oct. 28, stated that the fund giant allowed one of its retirement plan clients, Boilermakers Local Lodge No.5, to trade in and out of fund shares frequently because Putnam sought to expand its retirement plan business and keep the plans it already had happy.
A housebuilder is aiming to create more than 400 new jobs under plans to expand its retirement home business.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com