COLA

New Research Finds Pension Plans Alone Often Don't Provide Retirement Income Adequacy for State and Local Government Employees

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Thursday, December 8, 2022
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WASHINGTON, Dec. 8, 2022 /PRNewswire/ -- A first-of-a-kind analysis finds that retirement is growing more challenging for public sector workers. State and local employees in a typical public defined benefit (DB) pension plan need to save about four to six percent of their salary on their own to ensure adequate retirement income. The report also finds that defined contribution (DC) plans provide less retirement income than DB plans in a typical cost-equivalent conversion for career employees.

Key Points: 
  • The report also finds that defined contribution (DC) plans provide less retirement income than DB plans in a typical cost-equivalent conversion for career employees.
  • These findings are detailed in a new study released today by the National Institute on Retirement Security ( NIRS ) and Aon ,The Real Deal for the Public Sector: Retirement Income Adequacy Among U.S. Public Sector Employees.
  • The report's key findings regarding retirement income adequacy are as follows:
    A "retirement number" is elusive because key factors are individual-based.
  • The following are the key findings regarding retirement plan design:
    DC plans provide less retirement income than DB plans in a typical "cost-equivalent" conversion for career public employees.

Finalists Announced for 2022 California on Location Awards

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Monday, November 21, 2022
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LOS ANGELES, Nov. 21, 2022 /PRNewswire/ -- Film Liaisons in California Statewide (FLICS) is pleased to announce finalists for the 27th Annual California on Location Awards (COLAs), which will be presented on December 4th at the Hilton Los Angeles/Universal City. The COLAs recognize location managers, public employees, and other professionals who help facilitate on-location filming across the Golden State.

Key Points: 
  • LOS ANGELES, Nov. 21, 2022 /PRNewswire/ -- Film Liaisons in California Statewide (FLICS) is pleased to announce finalists for the 27th Annual California on Location Awards (COLAs), which will be presented on December 4th at the Hilton Los Angeles/Universal City.
  • The COLAs recognize location managers, public employees, and other professionals who help facilitate on-location filming across the Golden State.
  • Produced by the Film Liaisons in California Statewide (FLICS), the COLAs have grown to become the largest awards program and industry event focused on recognizing the work of California location professionals.
  • Presenting Sponsors for the 2022 California on Location Awards are the Antelope Valley Film Office & Lancaster Film Office, Board Brothers Location Services, Golden Oak Ranch and Teamsters Local 399.

SSDI Beneficiaries to Receive 8.7% Increase in Monthly Benefits, Highest in 40 Years, Allsup Reports

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Thursday, October 13, 2022
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This increase stems from Social Securitys annual cost-of-living adjustment ( COLA )* which will take effect in January 2023.

Key Points: 
  • This increase stems from Social Securitys annual cost-of-living adjustment ( COLA )* which will take effect in January 2023.
  • It is the highest increase in four decades, topping the 5.9% increase received in 2022.
  • This significant increase not only attempts to keep up with rising inflation levels, but also provides some relief for SSDI beneficiaries who face ever-increasing medical and living expenses, said Steve Perrigo, Allsup vice president.
  • The average monthly SSDI benefit will increase to $1,483 in 2023 from $1,364 in 2022, which is an increase of $119 per month or $1,428 annually, according to the Social Security Administration.

What you need to know about Social Security’s 2023 Cost-of-Living Adjustment

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Thursday, October 13, 2022
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The adjustments will be made effective for Social Security beneficiaries in January 2023 benefit payments.

Key Points: 
  • The adjustments will be made effective for Social Security beneficiaries in January 2023 benefit payments.
  • The 2023 COLA represents a catch-up measure to help compensate beneficiaries for high levels of inflation that they have already experienced.
  • Social Securitys annual COLA is intended to protect the purchasing power of benefits against erosion by price inflation.
  • For more information on Social Securitys cost-of-living adjustment, please contact William Arnone, CEO, at [email protected] .

AARP Statement on Social Security COLA Announcement

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Thursday, October 13, 2022
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WASHINGTON, Oct. 13, 2022 /PRNewswire/ -- AARP Chief Executive Officer Jo Ann Jenkins released the following statement in response to today's announcement of the 2023 cost-of-living adjustment (COLA) in Social Security benefits:

Key Points: 
  • WASHINGTON, Oct. 13, 2022 /PRNewswire/ -- AARP Chief Executive Officer Jo Ann Jenkins released the following statement in response to today's announcement of the 2023 cost-of-living adjustment (COLA) in Social Security benefits:
    "Social Security is the largest source of retirement income for most Americans and provides nearly all income for one in four seniors.
  • The guaranteed benefits provided by Social Security, including the annual COLA, are more crucial than ever as high inflation remains a problem for older Americans.
  • "AARP continues to urge Congress to work together inabipartisanwayto protect and strengthen Social Security for the long term.
  • Millions of Americans work hardthroughout their lives toearntheir benefits, and Social Security is a promise that must not be broken.We urge leaders of both parties to work together to protect Social Security for years to come.

Statement: Social Security Cost-of-Living Adjustment Not Enough to Cover True Cost of Aging

Retrieved on: 
Thursday, October 13, 2022
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ARLINGTON, Va., Oct. 13, 2022 /PRNewswire/ -- The following is a statement from Ramsey Alwin, President and CEO of the National Council on Aging (NCOA), on today's announcement of the Social Security cost-of-living adjustment (COLA) for 2023:

Key Points: 
  • Many of them had low wages throughout their working lives, which means they have lower Social Security benefits.
  • The average Social Security retirement benefit in January 2022 was about $1,600, but many are lucky if they have even that.
  • One in four of those receiving Social Security depend on it for 90% of their income.
  • We need to make Social Security more responsive to the needs and circumstances of women by eliminating remaining gender inequities.

Medicare changes for 2023: What you need to know

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Wednesday, September 28, 2022
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It is the time when millions of Medicare enrollees can switch from Original Medicare to Medicare Advantage, or vice versa, and make changes to their Medicare Advantage or Part D prescription drug plans.

Key Points: 
  • It is the time when millions of Medicare enrollees can switch from Original Medicare to Medicare Advantage, or vice versa, and make changes to their Medicare Advantage or Part D prescription drug plans.
  • Consumers can also expect changes to cost sharing and premiums, which can impact their out-of-pocket costs.
  • For example, unlike Original Medicare, Medicare Advantage limits enrollees to a specific network of providers.
  • The site provides an overview of the basics of Medicare coverage options , enrollment and eligibility ; coverage FAQs; state-specific Medicare information ; and a glossary of Medicare terms .

Oklo Submits Licensing Project Plan to Prepare for Efficient and Effective License Application Reviews

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Tuesday, September 20, 2022
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Oklo Inc. has submitted a Licensing Project Plan (LPP) to the U.S. Nuclear Regulatory Commission (NRC) to support its preparations for submitting additional license applications.

Key Points: 
  • Oklo Inc. has submitted a Licensing Project Plan (LPP) to the U.S. Nuclear Regulatory Commission (NRC) to support its preparations for submitting additional license applications.
  • The LPP presents pre-licensing interactions that will help the NRC and Oklo achieve an efficient and effective review process, including items necessary for advanced fission designs.
  • Oklo also submitted the first-ever custom advanced fission combined license application (COLA), which contained over 200 novel licensing items that the company developed.
  • The experience and familiarity Oklo has with the NRC staff from our history of licensing engagement and our intentional and focused licensing interactions will help prepare for effective application reviews, said Ross Moore, Oklos Director of Regulatory Affairs.

Trending Salary.com Data Indicates the Days of Annual Salary Increases In the 3% Range Are Over

Retrieved on: 
Tuesday, September 6, 2022
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WALTHAM, Mass., Sept. 6, 2022 /PRNewswire/ -- According to Salary.com®'s Annual U.S. National Salary Budget Survey, the long predominant 3 percent raise, which started its decline last year, has been replaced by a median raise of 4 percent across all employee categories. Forty-eight percent of U.S. employers are planning higher year-over-year salary increase budgets for 2023, continuing an upswing that began in 2022. Even more promising for American workers: a quarter of employers plan to give increases in the range of 5–7 percent in 2023. Salary.com conducted the survey of 1000+ organizations in June of 2022.

Key Points: 
  • Forty-eight percent of U.S. employers are planning higher year-over-year salary increase budgets for 2023, continuing an upswing that began in 2022.
  • Even more promising for American workers: a quarter of employers plan to give increases in the range of 57 percent in 2023.
  • "2023 promises to be another banner year for employees seeking salary increases," said Chris Fusco, Senior Vice President of Compensation at Salary.com.
  • Other categories in the survey, such as variable pay and salary structure increases, fell in line with data from prior years.

DHL TEAMSTERS OVERWHELMINGLY RATIFY NATIONAL CONTRACT

Retrieved on: 
Friday, August 26, 2022
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WASHINGTON, Aug. 26, 2022 /PRNewswire/ -- Teamsters at DHL have overwhelmingly ratified a new national contract that provides significant wage increases, improves working conditions, and maintains strong member benefits.

Key Points: 
  • Contract Addresses Members' Top Priorities; Provides Wage Increases and Maintains Strong Benefits
    WASHINGTON, Aug. 26, 2022 /PRNewswire/ -- Teamsters at DHL have overwhelmingly ratified a new national contract that provides significant wage increases, improves working conditions, and maintains strong member benefits.
  • Ballots were counted throughout the week, and the national contract was ratified by an overwhelming percentage of the membership.
  • We went into negotiations prepared to win the strongest agreement ever at DHL, and we succeeded," said Sean M. O'Brien, Teamsters General President and Chairman of the Teamsters National DHL Negotiating Committee.
  • We made significant increases to wages while maintaining strong benefits and improving working conditions," said Bill Hamilton, International Vice President and Co-Chairman of the Teamsters National DHL Negotiating Committee.