Benefits January 24, 2012

Saving More a Top Priority for Americans in 2012

January 24, 2012 (PLANSPONSOR.com) - Cutting debt and saving more are top priorities for Americans in 2012.
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Fifty-seven percent of Americans say they plan to reduce their debt in 2012 and 50% plan to save more, according to the New York Life Kitchen Table Pulse survey.  

The survey revealed Americans’ continued concerns around their financial future. In the year ahead only 30% agree their family will be more financially secure and better prepared for the unexpected and just 24% believe they will be in better financial shape for retirement. Despite these concerns, only 14% of Americans report they plan to seek professional help managing their finances in 2012.  

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“Studies have shown that people who engage with a professional financial representative feel better about their financial strategies and future,” notes Mark Pfaff, executive vice president, New York Life.  

Other findings from the survey include: 

  • Those most likely to say they will reduce their debt in 2012 include those ages 45-59 (65%), men (61%), married adults (61%) and full-time workers (60%). 
  • Adults ages 30-59 are more likely planning to save more next year than are those who are older (55% vs. 37%). 

Ipsos conducted the poll for New York Life November 10-14, 2011, among a national sample of 1,011 adults ages 30 and older from Ipsos’ U.S. online panel.

Administration January 24, 2012

Conn. Governor Proposes Increase to State’s Pension Payments

January 24, 2012 (PLANSPONSOR.com) – Connecticut Governor Dannel Malloy proposed an increase to the state’s annual payments to the State Employees Retirement System. 
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According to news reports, during a news conference on Monday, Malloy, proposed increasing the state’s annual contributions by about $123 million a year to about $1.059 billion, fully funding the pension system in 20 years. Connecticut’s pension fund has less than 48% of the money it needs, ranking it among the worst funds in the nation.

Malloy announced he will reveal his complete plan next month, when he addresses the General Assembly on February 8, and how he expects to cover that first payment. He said he doesn’t intend to raise taxes any further to cover the extra pension payment.

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With his plan, Malloy hopes pension plan will be 80% funded by 2025. He contends his proposal will ultimately save the state $5.8 billion between now and 2032.

The proposal is subject to approval by Connecticut’s retirement commission, a coalition of the state’s public-employee unions and the Legislature. 

The union coalition signaled it was supportive, while lawmaker reactions were mixed.

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