If this agonizing period leads to genuine reform, our 'blood, sweat and tears' (to borrow Winston Churchill’s famous words) won't have been in vain, writes our contributor.
It would be smart, not paternalistic, to ease today’s financial pain without contributing to an even bigger retirement funding crisis down the road.
'These losses contributed to capital and surplus declines of 11.9% for property/casualty insurers, 5.6% for life/annuity writers and 7.8% for health insurers,' the ratings agency said.
Letter to the Editor
The letter writer, a fellow and Richard B. Fisher chair at the Urban Institute, is a former Deputy Assistant Secretary of the Treasury and former president of the National Tax Association.
Public pensions shed $419 billion in Q1: Milliman; SEC awards over $27 million to whistleblower; Silvur: A new app from Kindur, a robo-adviser; Retirement isn’t what most pre-retirees expect: Allianz Life; MetLife waives certain small business service fees; Securian Financial waives 401(k) COVID-19 and hardship distribution fees; Few near-retirees understand Social Security: MassMutual.