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The Status of Global Retirement Savings: Taking Stock, Moving Forward

By Dan Waters

December 20, 2013

Around the world, as systems for building retirement resources come under increasing pressure, countries of every size and economic situation are facing long-term savings challenges. To meet these challenges, it is critical that pension industry experts, policymakers, and fund industry representatives learn from one another and share solutions that put the needs of savers first.

This is why ICI Global hosted the Global Retirement Savings Conference: The Role of Investment Funds on 26–27 June 2013 in Hong Kong.

We organized the conference to:

  • Foster an international dialogue about the long-term savings issues facing jurisdictions worldwide
  • Examine the rise and evolution of defined contribution (DC) systems in response to those issues
  • Explore how investment funds are uniquely positioned to serve investors in such systems

More than 100 people representing 13 countries attended the event, including fund industry representatives, world-renowned industry experts, representatives of media outlets, and key government officials and regulators. The ideas and insights that emerged from these different panels and discussions are documented in a newly-issued report summarizing the discussion, titled Insights from the Global Retirement Savings Conference.

Despite the fact that current DC systems vary from country to country—which is to be expected, given that each country has its own unique history, institutions, characteristics, and needs—during the conference it became obvious that many countries are looking toward DC systems to help address their retirement challenges.

Over the course of the two-day event, which featured three keynote speakers and four panels of international experts, five key questions emerged that countries around the world are asking when considering retirement challenges:

1. When thinking about retirement and the length of time in retirement, how are countries and individuals grappling with the adequacy of benefits and sustainability of systems?
2. Should the retirement system redistribute resources? What is the proper balance between policies that encourage or even require individuals to set aside resources for their own use in retirement, and policies that redistribute resources to individuals in greatest need (either from current workers to current retirees or from higher-earning workers to lower-earning workers)?
3. What role do investment funds—such as registered funds in the United States, UCITS funds in Europe, or other similar funds throughout the world—play in DC systems today? What role could they play in the future?
4. Should the components of a national retirement system be completely mandatory, completely voluntary, or a mix of both?
5. To the extent that a retirement system allows individual choice, what policies should be pursued to increase financial literacy?

There were no single, global answers to these questions, because governments, financial services, companies, and individuals are taking a variety of approaches to long-term savings challenges.  This adaptability and diversity of responses is extremely important—and the flexibility offered by DC plans makes it easier to create a tailored, culturally-specific response.

ICI Global is committed to advancing the dialogue about how to improve retirement security worldwide. Insights from the Global Retirement Savings Conference offers perspectives on how different countries are responding to the saving challenge, assesses trends across countries, and discusses proposals for change going forward. Addressing global retirement savings issues is a daunting challenge, but my hope is that the information shared at this groundbreaking conference will help stakeholders take the next steps toward meeting that challenge.

Dan Waters is the managing director of ICI Global.

TOPICS: EventsICI GlobalInternationalRetirement PolicyRetirement Research

America’s Retirement System Is Strong

By Sarah Holden

December 18, 2013

One year ago, ICI released its landmark study, The Success of the U.S. Retirement System, a compilation of research from a wide range of sources, which found that the country’s retirement system is fostering economic security in retirement for Americans across all income levels.

Read more…

TOPICS: 401(k)Investment EducationMutual FundRetirement PolicySavingsShareholderTaxes

ICI’s Guide to Avoiding a Common 401(k) Tax Trap

By Mike McNamee

December 9, 2013

A tax trap for retirement savings is catching many smart people unaware. If allowed to go unchecked, it could harm the retirement savings of millions of Americans. A columnist for the Washington Post was just the latest in a long list of victims. 

Read more…

TOPICS: 401(k)Investment EducationMutual FundRetirement PolicySavingsShareholderTaxes

‘Sponsor Support’ for Money Market Funds Is Old—and Overblown—News

By Mike McNamee

October 21, 2013

A story in the October 21 issue of the Financial Times (“Almost 20 money market funds bailed out”; subscription required) takes old numbers and tries to present them as news.

Read more…

TOPICS: Financial MarketsFund RegulationMoney Market Funds

Money Market Funds and the Debt Ceiling: What Do We Know?

By Brian Reid

October 14, 2013

As the U.S. Treasury reaches the limits of its borrowing authority this week, markets and the media are focusing on the risk that the United States will default on its debt and fail to pay interest or principal on maturing Treasury securities, perhaps before the end of October.

Read more…

TOPICS: Bond FundBondsFederal ReserveFinancial MarketsGovernment AffairsMoney Market FundsTreasury

Yes, DC Follies Hurt Retirement Savers—But Let’s Not Overstate

By Brian Reid

October 10, 2013

“Debt ceiling follies” certainly do put retirement savers and their assets at risk. On that, ICI agrees with a recent Washington Post blog.

Read more…

TOPICS: 401(k)Financial MarketsMutual FundRetirement ResearchSavings

Revenue Estimates of Restricting Tax Deferral: It Ain’t Necessarily So

By Peter Brady

September 20, 2013

Fifth in a series of posts about retirement plans and the policy proposals surrounding them.

In previous Viewpoints posts, I explained that retirement contributions are neither tax deductions nor tax exclusions, but rather are tax deferrals. I also explained why, in my opinion, the two most prominent proposals to restrict qualified deferred compensation are flawed (post three and post four).

Read more…

TOPICS: 401(k)Investment EducationMutual FundRetirement PolicySavingsShareholderTaxes

Tax Reforms Should Not Favor DB Plans over DC Plans

By Peter Brady

September 19, 2013

Fourth in a series of posts about retirement plans and the policy proposals surrounding them.

In The Tax Benefits and Revenue Costs of Tax Deferral and in two previous Viewpoints posts (post one and post two), I explained the benefits that workers get from deferring tax on compensation set aside for retirement.

Read more…

TOPICS: 401(k)Investment EducationMutual FundRetirement PolicySavingsShareholderTaxes

Getting the Facts Right on Money Market Funds

By Paul Schott Stevens

September 18, 2013

This week, I testified before Congress at a hearing on the issue of money market funds and recent regulatory proposals from the Securities and Exchange Commission (SEC) that would amend the rules governing these funds.

The hearing provided an excellent opportunity to continue to educate Congress on the benefits that money market funds bring to investors and to the economy as a whole. In my testimony, I emphasized the Institute’s views on making sure that regulatory proposals do not upset the crucial role that money market funds play.

Read more…

TOPICS: Financial MarketsGovernment AffairsMoney Market FundsTreasury

A ‘Modest’ Proposal That Isn’t: Limiting the Up-Front Benefits of Retirement Contributions

By Peter Brady

September 18, 2013

Third in a series of posts about retirement plans and the policy proposals surrounding them.

In two previous Viewpoints posts (post one and post two), I explained the benefits that workers get from deferring tax on compensation set aside for retirement. 

Read more…

TOPICS: 401(k)Investment EducationMutual FundRetirement PolicySavingsShareholderTaxes

Marginal Tax Rates and the Benefits of Tax Deferral

By Peter Brady

September 17, 2013

Second in a series of posts about retirement plans and the policy proposals surrounding them.

In a previous Viewpoints post, I discussed the difference between tax deferral—the tax treatment applied to retirement savings—and tax deductions and exclusions, such as the mortgage interest deduction or the exclusion of employer-paid health insurance premiums from income. The difference is often overlooked or misunderstood, leading to inaccurate analysis and harmful policy proposals.

Read more…

TOPICS: 401(k)Investment EducationMutual FundRetirement PolicySavingsShareholderTaxes

Retirement Plan Contributions Are Tax-Deferred—Not Tax-Free

By Peter Brady

September 16, 2013

First in a series of posts about retirement plans and the policy proposals surrounding them.

In today’s fiscal and political climate, taxes are never far from politicians’ minds. Whether to achieve comprehensive tax reform or to raise revenue to meet budget deficits, members of Congress are now considering changes to a range of tax code provisions—including those governing retirement policy. Any comprehensive effort to address fiscal policy or tax reform should examine every option, but some discussions of retirement policy have been misguided. The tax treatment of retirement savings—tax deferral— too often has been lumped together with tax deductions (such as the deduction from income of mortgage interest expense) and tax exclusions (such as the exclusion from income of employer-provided health insurance premiums).

Read more…

TOPICS: 401(k)Investment EducationMutual FundRetirement PolicySavingsShareholderTaxes

A Step in the Right Direction on FTTs

By Keith Lawson

September 10, 2013

In a noteworthy development for anyone following the debate around financial transaction taxes (FTTs), the Council of the European Union Legal Service has issued a legal opinion regarding the FTT proposal under consideration by some EU member countries.

Read more…

TOPICS: ICI GlobalTaxes

CAP Claims About the 401(k) System Are Misguided

By Paul Schott Stevens

September 4, 2013

The concerns of the Center for American Progress about the 401(k) system (covered August 20 in “A Better Way to Save for Retirement?”) are mistaken.

Read more…

TOPICS: 401(k)Retirement PolicyRetirement ResearchSavings

ICI Responds to CFTC’s Adoption of Harmonization Rules

By Ianthe Zabel

August 14, 2013

ICI issued the following statement about the Commodity Futures Trading Commission’s (CFTC) adoption of harmonization rules related to Rule 4.5, which governs registration of commodity pool operators.

Read more…

TOPICS: Commodity Investments

Get a Closer Look at Closed-End Funds

By Daniel Schrass

July 30, 2013

ICI has recently updated several of its key closed-end funds resources.

Read more…

TOPICS: Investment EducationInvestor Research

Check the Facts: Funds Engage Actively on Corporate Governance

By Ianthé Zabel

July 19, 2013

ICI president and CEO Paul Schott Stevens recently sent the following letter to the New York Times:

Every mutual fund or other registered investment company is required by law to cast votes on proxy proposals in the interests of the fund and its investors. Generally, funds interpret this to mean that they should support proposals that will promote good corporate governance and increase the value of the funds’ investments, carefully weighing shareholder interests and fund objectives.

Read more…

TOPICS: Fund Regulation

Key Points to Remember on Fund Fees

By Sean Collins and Bob Grohowski

July 12, 2013

Over the past two decades, investors have paid less and less to own shares of mutual funds.

Read more…

TOPICS: 401(k)Fund RegulationInvestment Education

Bond Fund Flows: A Little Perspective on the Big Bond Market

By Brian Reid

July 3, 2013

The sharp run-up in interest rates since late April has caused many bond funds to experience their first losses in several years.

Read more…

TOPICS: BondsFinancial Markets

Featured Chart: 401(k) Participants Hold Lower-Cost Mutual Funds

By Sarah A. Holden

June 14, 2013

One key takeaway from ICI’s recent paper, The Economics of Providing 401(k) Plans: Services, Fees, and Expenses, 2012, is that 401(k) investors in mutual funds tend to hold lower-cost funds with below-average portfolio turnover.

Read more…

TOPICS: Retirement Research

Fact Checking the Media on Money Market Funds

By Mike McNamee

June 7, 2013

The media has heavily covered the unanimous vote by the Securities and Exchange Commission (SEC) to proceed with another round of regulatory changes for money market funds. In digesting this coverage, readers and journalists alike should make sure they have solid facts about money market funds. They also should be on guard for errors and omissions that tend to recur in stories and commentary on this issue.

Read more…

TOPICS: Money Market Funds

On Money Market Funds, Financial Times Column Gets Recent History Wrong

By Paul Schott Stevens

June 6, 2013

John Authers’s recent Financial Times column (“Time to Throw Some Light on Shadow Banking”) provides an incomplete view of the recent history of U.S. money market funds and regulatory action around these funds. Readers need more facts.

Read more…

TOPICS: Money Market Funds

Navigating a Changed—and Global—Industry

By Jeanne C. Arnold

May 23, 2013

Navigating the ever-changing landscape and increasingly global nature of the fund industry took center stage during several panels at ICI’s 55th General Member Meeting (GMM). 

Read more…

TOPICS: CybersecurityEventsGMMInternational

U.S. Could Quickly Solve Its Budgetary Problems, Say Former Senators

By Todd Bernhardt

May 20, 2013

The United States is tantalizingly close to solving its budgetary problems, according to former U.S. senators Kent Conrad (D-ND) and Judd Gregg (R-NH).

Read more…

TOPICS: EventsGMM

FASB Proposal to Change Accounting for Investments in Funds

By Gregory Smith

May 17, 2013

The Financial Accounting Standards Board (FASB) recently released a proposal that will change how corporate investors in funds report changes in the fair value of their investments in earnings.

Read more…

TOPICS: Operations and Technology

GMM Panelists Discuss Retirement Savings and Financial Education

By Miriam Bridges

May 17, 2013

Americans need greater access to savings vehicles and better financial education to help ensure that they use them effectively, fund industry experts told attendees at the 55th Annual General Membership Meeting.

Read more…

TOPICS: EventsGMMInvestment EducationSavings

In Case You Missed It: “A Three-Step Approach to Global Retirement Challenges”

By Stephanie Ortbals-Tibbs

May 8, 2013

Investment & Pensions Asia has just posted a commentary from Dan Waters, ICI Global’s managing director.

Read more…

TOPICS: ICI GlobalRetirement Policy

GMM Panelists Share Tips on Strengthening Cybersecurity

By Andrew Gillies

May 7, 2013

Cybersecurity gained prominence as a topic of discussion at ICI’s General Membership Meeting (GMM), held last week in Washington, DC. “Hugely important,” said Mary John Miller, the Treasury Department’s under secretary for domestic finance, in her GMM remarks.

Read more…

TOPICS: CybersecurityEventsGMM

Operations and Technology Leadership Roundtable

By Andrew Gillies

May 6, 2013

Superstorm Sandy and the April 15 terrorist attack in Boston rattled assumptions and recalibrated thinking about disaster management, agreed panelists at the Leadership Roundtable of ICI’s 2013 Operations and Technology Conference on May 2 in Washington.

Read more…

TOPICS: Events

In Case You Missed It: Chairman White’s GMM Speech

By Mike McNamee

May 3, 2013

The Securities and Exchange Commission has posted Chairman Mary Jo White’s address to ICI’s 55th General Membership Meeting.

Read more…

TOPICS: EventsICI Global

SEC Is Integrating Itself into the Global Financial System, Chairman White Tells ICI Conference

By Rachel McTague

May 3, 2013

In a speech at ICI’s General Membership Meeting today, Securities and Exchange Commission (SEC) Chairman Mary Jo White highlighted the myriad ways that the SEC, in light of an increasingly global regulatory environment, pursues its mission to protect U.S. investors and markets and to promote capital formation.

Read more…

TOPICS: EventsGMM

Luncheon with Keynote Speaker: Lloyd C. Blankfein in Conversation with Paul Schott Stevens

By Andrew T. Gillies

May 2, 2013

If Lloyd Blankfein were in charge of the U.S. economy, what would he be most afraid of?

Read more…

TOPICS: EventsGMM

GMM Policy Forum

By Andrew T. Gillies

May 1, 2013

Addressing America’s fiscal challenges will require both raising revenue and cutting government spending, said Mary John Miller, the U.S. Treasury Department’s Under Secretary for Domestic Finance, at the Policy Forum of ICI’s 55th annual General Membership Meeting (GMM).  

Read more…

TOPICS: EventsGMM

David Silver: An Appreciation

By Paul Schott Stevens

May 1, 2013

With the passing of David Silver, the fund industry has lost a great friend and a great leader.

Read more…

TOPICS: NONE

IMF Analysis Ignores 2010 Money Market Fund Reforms and Exaggerates Run Risk

By Sean Collins and Chris Plantier

April 26, 2013

The Securities and Exchanges Commission’s comprehensive 2010 reforms for money market funds are a proven success. As ICI research has shown, the reforms strengthened the funds and enhanced financial stability.

Read more…

TOPICS: Financial MarketsMoney Market Funds

Americans Support Their 401(k)s

By Mike McNamee

April 25, 2013

It’s pretty obvious to anyone who reads ICI Viewpoints that we believe 401(k) plans are a successful part of an overall retirement system that is working for working—and retired!—Americans. But we’re far from the only ones who think so. Surveys show that Americans share this confidence in the 401(k) and support the key features of 401(k)s and other defined contribution (DC) plans.

Read more…

TOPICS: 401(k)Retirement PolicyRetirement Research

The Facts on Fees and 401(k)s

By Mike McNamee

April 23, 2013

Consistently falling prices in a marketplace are usually a sign of competition and innovation.

Read more…

TOPICS: 401(k)Retirement PolicyRetirement Research

FTT Would Shut Financial Institutions in Participating Countries Out of Repo Market

By Shelly Antoniewicz and Peter Brady

April 22, 2013

The European Commission has proposed imposing a 0.1 percent (10 basis points) levy on financial transactions. As ICI has detailed, this financial transaction tax (FTT) would have a host of negative consequences, including harm to investors and extraterritoriality.

Read more…

TOPICS: ICI GlobalMoney Market FundsTaxes

The Facts on Limited Access to Retirement Funds Before Retirement

By Mike McNamee

April 22, 2013

One of the many strengths of the 401(k) system is its flexibility. Policymakers have built into 401(k) plans a careful mix of incentives that help workers save and preserve their savings for retirement—while still allowing limited access to their funds, in case of need, through hardship withdrawals and loans.

Read more…

TOPICS: 401(k)Retirement PolicyRetirement Research

401(k) Plans Work in a Balanced Approach to Retirement Security

By Mike McNamee

April 19, 2013

What’s the outlook for American workers looking forward to retirement?

Read more…

TOPICS: 401(k)Retirement PolicyRetirement Research

No Accident: The Strengths of the 401(k) System

By Mike McNamee

April 18, 2013

Americans have saved $5.1 trillion dollars in 401(k) and other defined contribution (DC) retirement plans—plus another $5.4 in individual retirement accounts (IRAs) that are funded largely by assets rolled over from DC and other employer retirement plans.

Read more…

TOPICS: 401(k)Retirement PolicyRetirement Research

IRA Rollovers Serve Investors Well

By David Abbey and Sarah Holden

April 12, 2013

The U.S. Department of Labor (DOL) is preparing to reintroduce its controversial proposal to revise the long-standing definition of “fiduciary” under the Employee Retirement Income Security Act (ERISA).

Read more…

TOPICS: 401(k)Retirement PolicyRetirement Research

The Extraordinarily Extraterritorial Proposal to Tax Global Financial Transactions

By Keith Lawson

April 10, 2013

The financial transaction tax (FTT) being considered by several European countries would have an extraordinary extraterritorial effect.

Read more…

TOPICS: ICI GlobalTaxes

Treasury’s Miller, Goldman’s Blankfein to Share Insights at ICI’s 2013 GMM

By Sandra J. West

April 4, 2013

For decades, fund executives have come to ICI’s General Membership Meeting (GMM) to get an in-depth understanding of the policy landscape surrounding the industry.

Read more…

TOPICS: Events

U.S. Prime Money Market Funds’ Eurozone Holdings Remain Low and Limited in Scope

By Emily Gallagher and Chris Plantier

March 28, 2013

Given February’s elections in Italy and recent developments in Cyprus, questions have resurfaced about the eurozone debt crisis and how it might affect the U.S. economy.

Read more…

TOPICS: Financial MarketsMoney Market Funds

Individual Investors Will Be Harmed by Financial Transaction Taxes

By Keith Lawson

March 27, 2013

A fundamental tenet of the argument for a financial transaction taxes (FTTs) is that individuals would not be harmed.

Read more…

TOPICS: ICI GlobalTaxes

Narrowing the Focus to Prime Money Market Funds

By Brian Reid

March 25, 2013

One of ICI’s key points in our responses to recent policy proposals for money market funds is that no case can be made for applying fundamental changes to Treasury, government, and tax-exempt money market funds.

Read more…

TOPICS: Financial MarketsMoney Market Funds

Eliminating Confusion in MSRB Rulemaking

By Tamara Salmon

March 8, 2013

The Municipal Securities Rulemaking Board (MSRB) has asked for input on how it can improve its approach to rulemaking. We’ve responded with several recommendations for the agency, including steps that would eliminate confusion relating to the regulation of 529 college savings plans.

Read more…

TOPICS: Fund Regulation

The New York Fed’s Flawed Approach to Fixing the Money Market

By Brian Reid

March 4, 2013

William C. Dudley, president and CEO of the Federal Reserve Bank of New York, recently delivered a speech, “Fixing Wholesale Funding to Build a More Stable Financial System.” I was interested to read his remarks, as the New York Fed has been instrumental in pursuing reforms to strengthen the financial markets, particularly in the market for tri-party repurchase agreements.

Read more…

TOPICS: Financial MarketsMoney Market Funds

One Size Does Not Fit All in Regulation of Financial Benchmarks

By Robert C. Grohowski, Mara Shreck, and Giles Swan

March 1, 2013

Following controversy surrounding calculation of the London Interbank Offered Rate (LIBOR), international regulators are closely scrutinizing the methodology, use, and oversight—among other issues—of financial benchmarks.

Read more…

TOPICS: Fund Regulation

Money Market Funds: There Goes the Wall Street Journal Again

Paul Schott Stevens

February 21, 2013

Over the past three years, the Wall Street Journal has published six editorials on money market funds, and each has advanced more myths and distortions about these funds.

Read more…

TOPICS: Money Market Funds

Extra, Extra, Read All About It: Americans Are Preparing for Retirement

Mike McNamee

February 20, 2013

Data and academic research overwhelmingly show that Americans are taking care to prepare for retirement.

Read more…

TOPICS: 401(k)Retirement Research

ICI Responds to Letter on Money Market Funds from Federal Reserve Bank Presidents

Ianthé Zabel

February 12, 2013

Today, ICI made the following statement in response to a comment letter on money market fund reforms filed with the Financial Stability Oversight Council (FSOC) by the presidents of the 12 regional Federal Reserve banks.

Read more…

TOPICS: Money Market Funds

Money Market Funds and the Expiration of Unlimited Deposit Insurance

By Sean Collins and Chris Plantier

January 28, 2013

As stipulated in the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Federal Deposit Insurance Corporation’s unlimited insurance coverage on non-interest bearing transaction accounts, also known as the Transaction Account Guarantee (TAG), expired on December 31, 2012.

Read more…

TOPICS: Financial MarketsMoney Market Funds

In Case You Missed It: “On Retirement Policy, Don't Mess with Success”

By Ianthé Zabel

January 28, 2013

In an op-ed for InvestmentNews, ICI President and CEO Paul Schott Stevens explains the importance of preserving incentives that help Americans save for retirement.

Read more…

TOPICS: 401(k)Retirement Policy

A Comprehensive View on How to Preserve Money Market Funds and Further Their Stability

By Paul Schott Stevens

January 25, 2013

Since the financial crisis, ICI has supported exploring reasonable options to make money market funds even more resilient.

Read more…

TOPICS: Money Market Funds

ICI Global Welcomes Improvements in Final FATCA Regulations

By Ianthe Zabel

January 18, 2013

Read more…

TOPICS: InternationalTaxes

Securities Lending and Repos: FSB Intrudes on Areas Best Left to National Regulators, Market Forces

By Robert C. Grohowski and Giles Swan

January 17, 2013

The Financial Stability Board (FSB), the international body established by the G20 to promote coordination among authorities responsible for financial stability, has made a number of recommendations toward creating a global policy framework for the securities lending and repurchase agreement (repo) markets.

Read more…

TOPICS: Fund RegulationICI Global

The Reasonable Balance of the 2010 Reforms for Money Market Funds

By Sean Collins and Chris Plantier

January 15, 2013

Financial intermediaries—banks, hedge funds, insurance companies, investment companies, and private equity companies—exist to bring together those who have excess funds with those who need funds. This process naturally entails risk.

Read more…

TOPICS: Financial MarketsMoney Market Funds

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