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Managing Retirement Risks

April 18, 2014 Comments off

Managing Retirement Risks (PDF)
Source: American College of Financial Services

This table was built for the Retirement Income Certified Professional® (RICP®) designation program for financial advisors. Building a retirement income plan starts by making sure that the client’s income needs and other financial objectives are met. But after that is the tough task of evaluating all the risks that retirees face, and developing a plan to address each one. This table identifies 18 risks in six different categories. With each risk, we define the risk, provide an example, identify facts that describe the magnitude and scope of the risk, and offer a wide range of possible solutions.

The solutions offered here are intended to provide ideas. Building a retirement income plan is a complex process and building solutions to retirement risks is much more than just checking the box. For example, solving longevity risk may include deferring Social Security, purchasing annuities with lifetime payouts, buying life insurance to provide an income stream to a surviving spouse, and carefully choosing a withdrawal strategy from a retirement portfolio. In other words, almost every risk described here requires a carefully crafted, balanced set of solutions that requires thought, knowledge, and experience.

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The Financial Security Scorecard: A State-by-State Analysis of Economic Pressures Facing Future Retirees

April 18, 2014 Comments off

The Financial Security Scorecard: A State-by-State Analysis of Economic Pressures Facing Future Retirees (PDF)
Source: National Institute on Retirement Security
From press release:

A new analysis finds that nearly every state falls short in key areas that measure retirement readiness. The Financial Security Scorecard: A State-by-State Analysis of Economic Pressures Facing Future Retirees gauges the relative performance of the fifty states and the District of Columbia in three key areas: anticipated retirement income; major retirement costs like housing and healthcare; and labor market conditions for older workers.

The study is designed to serve as a tool for policymakers to help identify potential areas of focus for state-based policy interventions to improve Americans’ retirement prospects.

Worksharing and Long-Term Unemployment

April 17, 2014 Comments off

Worksharing and Long-Term Unemployment (PDF)
Source: Center on Budget and Policy Priorities

The Great Recession was especially deep and especially long. The sustained departure of output from its trend path was accompanied by a large drop in employment, which stayed low relative to trend for an extended period as well. As this occurred, the percentage of workers who were long-term unemployed increased sharply. Even as the U.S. economy recovers, the painful legacy of the Great Recession lives on as these long-term unemployed workers continue to struggle to reconnect to society.

In light of this, policymakers and economists must ask whether smart policy could have mitigated large employment losses and the high incidence of long-term unemployment. We believe the answer is yes, and that worksharing is such a policy. Under worksharing, a firm can reduce the hours of its workforce in lieu of a layoff, and workers whose hours have been reduced are eligible for a prorated unemployment insurance (UI) benefit. In this way, a firm can weather a temporary lull in demand by reducing its payroll costs without laying off large number of workers.

In this paper we make three points. First, the impact of long-term unemployment on the lives of those affected is so significantly negative that addressing the issue should be a top priority for policymakers. Second, extended unemployment insurance benefits are an insufficient way to deal with unemployment, and additional policies are needed. Finally, an alternative reform of unemployment insurance could reduce the risk that the next recession might lead to another surge in long-term unemployment, help keep some of the millions of workers who are laid off every year in their jobs, and in so doing help avoid the problem of “hysteresis” associated with long-term unemployment.

Unemployment among Doctoral Scientists and Engineers Increased but Remained Below the National Average

April 17, 2014 Comments off

Unemployment among Doctoral Scientists and Engineers Increased but Remained Below the National Average
Source: National Science Foundation

In 2010, an estimated 805,500 individuals in the United States held research doctoral degrees in science, engineering, and health (SEH) fields, an increase of 6.2% from 2008. Of these individuals, 709,700 were in the labor force, which includes those employed full time or part time and those actively seeking work (i.e., unemployed). The unemployment rate for SEH doctorate recipients was 2.4% in October 2010, up from 1.7% in October 2008 and similar to the rate in October 2003 (table 1). Moreover, the 2010 unemployment rate of the SEH doctoral labor force was about one-third of the October 2010 unemployment rate for the general population aged 25 years or older (8.2%).

Perspectives on Health Care Spending Growth

April 16, 2014 Comments off

Perspectives on Health Care Spending Growth
Source: Brookings Institution

The evolution of health care spending has important implications for many aspects of our economy. As highlighted by this conference, the trajectory of health spending growth is a central determinant of the outlook for federal and state budgets and for workers’ take-home pay. Health spending also affects other key economic variables, including measured productivity and prices. Further, the coming demographic change has important implications for both the level and financing of health spending. For these reasons, the question of what drives health spending growth is a subject that has received much attention from researchers and policymakers, although, as I hope to show in this background paper, much remains to be learned.

DOL A to Z — Learn About the Labor Department

April 16, 2014 Comments off

DOL A to Z — Learn About the Labor Department
Source: U.S. Department of Labor

Learn about the Labor Department, break through the jargon and the acronyms and explore our work. To learn more about words and phrase not listed below you can visit the A to Z Index.

CRS — Health Benefits for Members of Congress and Certain Congressional Staff (updated)

April 16, 2014 Comments off

Health Benefits for Members of Congress and Certain Congressional Staff (PDF)
Source: Congressional Research Service (via University of North Texas Digital Library)

The federal government, as an employer, offers health benefits to its employees, including Members of Congress and congressional staff. Prior to 2014, Members and staff had access to many of the same health benefits as other federal employees. For example, Members and staff were eligible to voluntarily enroll in employer-sponsored health insurance through the Federal Employees Health Benefits Program (FEHBP), and they could choose to participate in other health benefit programs, such as the Federal Flexible Spending Account Program (FSAFEDS).

In the EU28, 10 million part-timers are underemployed…and 11 million persons considered as a potential additional labour force

April 15, 2014 Comments off

In the EU28, 10 million part-timers are underemployed…and 11 million persons considered as a potential additional labour force (PDF)
Source: Eurostat

The EU28 population aged 15 to 74 can be classified into three groups: in 2013, these were 216.4 million persons in employment, 26.2 million unemployed and 137.2 million economically inactive. Among those in employment, 43.7 million were part-time workers, of which 9.9 million (23% of part-time workers) are underemployed, meaning they wished to work more hours and were available to do so.

Among the economically inactive population (those persons neither employed nor unemployed), there were 9.3 million persons aged 15 to 74 available to work, but not seeking2 and 2.2 million seeking work, but not available in the EU28 in 2013. While not part of the economically active population, both groups have a certain attachment to the labour market and could be considered as a potential additional labour force of 11.5 million persons, equivalent to 4.7% of the labour force.

Categories: Europe, Eurostat, labor

Catching Up: The Labor Market Outcomes of New Immigrants in Sweden

April 15, 2014 Comments off

Catching Up: The Labor Market Outcomes of New Immigrants in Sweden
Source: Migration Policy Institute

The considerable diversity among Sweden’s immigrants reflects a humanitarian migration policy. Refugees have arrived in the country since the 1970s and 1980s, with their countries of origin shifting according to the ethnic and political conflicts of any given period. Sweden is also a longstanding magnet for labor migration from surrounding Scandinavia, and has attracted mobile EU citizens since its entry into the European Union in 1995—and especially following the EU enlargements of 2004 and 2007. Sweden’s immigration flows continue to change today, as policy reforms in 2008 allowed employers to bring non-EU labor migrants to the country for the first time in decades.

This report assesses how new immigrants to Sweden fare in the country’s labor market. The report is part of a series of six case studies on labor market outcomes among immigrants to European Union countries.

The U.K.’s Ambitious New Retirement Savings Initiative

April 15, 2014 Comments off

The U.K.’s Ambitious New Retirement Savings Initiative
Source: Center for Retirement Research at Boston College

The brief’s key findings are:

  • The United Kingdom is rolling out a low-cost retirement system for workers who lack pension coverage.
  • The new system has three core elements:
    • Employers auto-enroll their workers at a 4-percent contribution rate, matched by the employer and government combined.
    • A new non-profit provides the infrastructure to keep costs low.
    • The plans’ target date funds start young workers with low-risk investments to avoid losses that could discourage saving.
  • The U.S.’s new “myRA” program includes two similar design features – low-risk investments and government infrastructure – but it lacks auto-enrollment.

Macroeconomic Determinants of Retirement Timing

April 15, 2014 Comments off

Macroeconomic Determinants of Retirement Timing (PDF)
Source: University of Michigan Retirement Research Center

Ongoing aging of the US population makes labor force attachment of older workers a key question of policy interest. This paper analyzes the influence of macroeconomic factors, such as the unemployment rate, inflation rate and housing price level on retirement timing.

The impact of macroeconomic conditions on retirement timing is not unambiguous. On the one hand, adverse macroeconomic conditions can deplete household wealth. This may compel households to extend their working lives when their wealth unexpectedly declines. On the other hand, a weak labor market in a recession, for example, can induce early retirement if older workers become discouraged about future job prospects. Similarly, a high rate of inflation can adversely affect the purchasing power of household wealth, which should encourage continued labor force participation. However, inflation can also lead to erosion of real wages, thereby encouraging workers to retire earlier than they otherwise would. Variations in house prices create yet another wealth effect for households. Real estate prices may significantly affect retirement timing because housing wealth is a major part of financial portfolios of the US middle class.

Occupational Outlook Quarterly — Spring 2014

April 14, 2014 Comments off

Occupational Outlook Quarterly — Spring 2014
Source: Bureau of Labor Statistics
Articles include:

  • STEM 101: Intro to tomorrow’s jobs
  • Careers with options: Occupations with jobs in many industries
  • Healthcare: Millions of jobs now and in the future
  • My career: Veterinary technician
  • Brief items of interest to counselors and students
  • You’re a what? Roastmaster
  • More education, less unemployment

Is Violent Radicalisation Associated with Poverty, Migration, Poor Self-Reported Health and Common Mental Disorders?

April 14, 2014 Comments off

Is Violent Radicalisation Associated with Poverty, Migration, Poor Self-Reported Health and Common Mental Disorders?
Source: PLoS ONE

Background
Doctors, lawyers and criminal justice agencies need methods to assess vulnerability to violent radicalization. In synergy, public health interventions aim to prevent the emergence of risk behaviours as well as prevent and treat new illness events. This paper describes a new method of assessing vulnerability to violent radicalization, and then investigates the role of previously reported causes, including poor self-reported health, anxiety and depression, adverse life events, poverty, and migration and socio-political factors. The aim is to identify foci for preventive intervention.

Methods
A cross-sectional survey of a representative population sample of men and women aged 18–45, of Muslim heritage and recruited by quota sampling by age, gender, working status, in two English cities. The main outcomes include self-reported health, symptoms of anxiety and depression (common mental disorders), and vulnerability to violent radicalization assessed by sympathies for violent protest and terrorist acts.

Results
2.4% of people showed some sympathy for violent protest and terrorist acts. Sympathy was more likely to be articulated by the under 20s, those in full time education rather than employment, those born in the UK, those speaking English at home, and high earners (>£75,000 a year). People with poor self-reported health were less likely to show sympathies for violent protest and terrorism. Anxiety and depressive symptoms, adverse life events and socio-political attitudes showed no associations.

Conclusions
Sympathies for violent protest and terrorism were uncommon among men and women, aged 18–45, of Muslim heritage living in two English cities. Youth, wealth, and being in education rather than employment were risk factors.

Bored Tuesdays and Focused Afternoons: The Rhythm of Attention and Online Activity in the Workplace

April 11, 2014 Comments off

Bored Tuesdays and Focused Afternoons: The Rhythm of Attention and Online Activity in the Workplace
Source: Microsoft Research

While distractions due to digital media have received attention in HCI, we examine instead focused attention in the workplace. We logged digital activity and continually probed perspectives of 32 information workers for five days in situ to understand how attentional states change with context. We present a framework of how engagement and challenge in work relate to focus, bored, and rote work. Overall, we find more focused attention than boredom in the workplace. Reported focus peaks mid-afternoon while boredom is highest in the morning. People are happiest doing rote work; we show that focused work can involve stress. We identified higher levels of boredom mid-week. Online activities are associated with different attentional states, showing different patterns at beginning and end of day, and before and after a mid-day break. Our study shows how rhythms of attentional states are associated with context.

Florida’s Economic Future & the Impact of Aging

April 11, 2014 Comments off

Florida’s Economic Future & the Impact of Aging (PDF)
Source: Florida Legislature Office of Economic and Demographic Research
From Federal Reserve Bank of Atlanta (The Graying of the Sunshine State’s Labor Force):

Business contacts throughout the region have expressed, through the Atlanta Fed’s Regional Economic Information Network (REIN), a growing concern with an aging population and a shortage of qualified and interested younger candidates to fill positions vacated by retirees. A recent presentation spotlighted this trend in Florida. The report “Florida’s Economic Future & the Impact of Aging” by Florida’s Office of Economic and Demographic Research (EDR) notes that “population growth is the state’s primary engine of economic growth, fueling both employment and income growth.” The presentation reports two main concerns for the state: one is an aging population and a shrinking pool of workers, and the other is a growing need for services, natural resources, and infrastructure as the state’s overall population increases.

Florida’s population has grown from 15.9 million in 2000 to 18.8 million in 2010, a nearly 18 percent increase, and it is forecast to grow to 23.6 million by 2030. The population growth adds concerns for not only current older Floridians but also for future older residents, who will help further the demographic trend of an aging population and a labor force whose growth is slowing.

Millions of Dollars in Potentially Improper Claims for the Qualified Retirement Savings Contributions Credit Are Not Pursued

April 10, 2014 Comments off

Millions of Dollars in Potentially Improper Claims for the Qualified Retirement Savings Contributions Credit Are Not Pursued (PDF)
Source: Treasury Inspector General for Tax Administration

For Tax Year 2011, TIGTA determined that taxpayers potentially made approximately $53 million in improper claims for contributions made to a qualifying retirement account. Based on a comparison with third party data, these claims appear to be potentially either false or overstated. In the future, if the IRS identifies and addresses taxpayers who are potentially ineligible to receive the saver’s credit, it could recover approximately $264 million over five years.

New Report Documents That Liberal Arts Disciplines Prepare Graduates for Long-Term Professional Success

April 10, 2014 Comments off

New Report Documents That Liberal Arts Disciplines Prepare Graduates for Long-Term Professional Success
Source: Association of American Colleges and Universities (AAC&U) and the National Center for Higher Education Management Systems (NCHEMS)

The Association of American Colleges and Universities (AAC&U) and the National Center for Higher Education Management Systems (NCHEMS) released today a new report on earnings and long-term career paths for college graduates with different undergraduate majors. In How Liberal Arts and Sciences Majors Fare in Employment, authors Debra Humphreys and Patrick Kelly analyze data from the 2010-11 US Census Bureau’s American Community Survey and provide answers to some common questions posed by students, parents, and policy makers who are increasingly concerned about the value of college degrees.

Responding to concerns about whether college is still worth it and whether liberal arts majors provide a solid foundation for long-term employment and career success, the report compares earnings trajectories and career pathways for liberal arts majors with the earnings trajectories and career pathways for those majoring in science and mathematics, engineering, and professional or preprofessional fields like business or education.

“Recent attacks on the liberal arts by ill-informed commentators and policy makers have painted a misleading picture of the value of the liberal arts to individuals and our communities,” said AAC&U President Carol Geary Schneider. “As the findings in this report demonstrate, majoring in a liberal arts field can and does lead to successful and remunerative careers in a wide array of professions.”

New From the GAO

April 9, 2014 Comments off

New GAO Reports and Testimonies
Source: Government Accountability Office

Reports

1. Defense Infrastructure: In-Kind Projects Initiated during Fiscal Years 2011 and 2012. GAO-14-280R, April 9.
http://www.gao.gov/products/GAO-14-280R

2. Mine Safety: Basis for Proposed Exposure Limit on Respirable Coal Mine Dust and Possible Approaches for Lowering Dust Levels. GAO-14-345, April 9.
http://www.gao.gov/products/GAO-14-345
Highlights – http://www.gao.gov/assets/670/662411.pdf

Testimonies

1. Health Care Workforce: Federal Investments in Training and the Availability of Data for Workforce Projections, by Linda T. Kohn, director, health care, before the Subcommittee on Primary Health and Aging, Senate Committee on Health, Education, Labor, and Pensions. GAO-14-510T, April 9.
http://www.gao.gov/products/GAO-14-510T
Highlights – http://www.gao.gov/assets/670/662392.pdf

2. VA Health Care: Ongoing and Past Work Identified Access Problems That May Delay Needed Medical Care for Veterans, by Debra A. Draper, director, health care, before the House Committee on Veterans’ Affairs. GAO-14-509T, April 9.
http://www.gao.gov/products/GAO-14-509T
Highlights – http://www.gao.gov/assets/670/662396.pdf

3. Social Security Disability Programs: SSA Could Take Steps to Improve Its Assessment of Continued Eligibility, by Daniel Bertoni, director, education, workforce, and income security, before the Subcommittee on Energy Policy, Health Care, and Entitlements, House Committee on Oversight and Government Reform. GAO-14-492T, April 9.
http://www.gao.gov/products/GAO-14-492T
Highlights – http://www.gao.gov/assets/670/662399.pdf

Identifying Personality Disorders that are Security Risks: Field Test Results

April 9, 2014 Comments off

Identifying Personality Disorders that are Security Risks: Field Test Results (PDF)
Source: Defense Personnel Security Research Center

Accurate identification and assessment of employees with risky personality disorders is imperative for programs that involve access to nuclear materials, weapons, and biological select agents which depend on personnel maintaining mental health and reliable behavior. Certain risky personality disorders, however, are especially difficult to diagnose with routine assessment tools that rely on the subject’s self-report. To combat this issue, PERSEREC, in collaboration with Department of Energy, initiated a field test that examined whether an improved screening tool has utility for clinicians who routinely evaluate personnel in a high-risk program. Five clinicians used the Shedler-Westen Assessment Procedure (SWAP), along with its Dispositional Indicators of Risk Exposure (DIRE) subscale developed earlier, for a period of 4 months to evaluate 26 new candidates and current employees of concern. Debriefing interviews indicated that SWAP/DIRE was more effective than clinicians’ existing tools for establishing a positive rapport with the subject, assessing personality disorders, and making legally-defensible recommendations. Findings also include recommendations for using SWAP/DIRE methodology for identifying risky personnel.

Occupational Employment and Wages — May 2013 (released 4/1/14)

April 9, 2014 Comments off

Occupational Employment and Wages — May 2013
Source: Bureau of Labor Statistics

Retail salespersons and cashiers were the occupations with the largest employment in May 2013, the U.S. Bureau of Labor Statistics reported today. These two occupations combined made up nearly 6 percent of total U.S. employment, with employment levels of 4.5 million and 3.3 million, respectively. National employment and wage information for all occupations is shown in table 1.

The data in this release are from the Occupational Employment Statistics (OES) program, which provides employment and wage estimates by area and by industry for wage and salary workers in 22 major occupational groups, 94 minor occupational groups, 458 broad occupations, and 821 detailed occupations.

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