The New School
New York City
Bernard Schwartz is vice chairman of the board of Trustees and has established and sponsors a number of programs and events at The New School, a progressive university located in Greenwich Village.
Schwartz Center for Economic Policy Analysis and
January 10, 2016
Dr. Teresa Ghilarducci is the Bernard L. and Irene Schwartz professor of economics at The New School as well as the Director of the Schwartz Center for Economic Policy Analysis (SCEPA) and The New School’s Retirement Equity Lab (ReLab). Diane Rehm of NPR interviewed Dr. Ghilarducci about her new book “How to Retire With Enough Money and How to Know What Enough Is.”
January 2, 2016
New York Times issues op-ed “A Smarter Plan to Make Retirement Savings Last” co-authored by Teresa Ghilarducci and Hamilton E. James.
2015 SCEPA Retirement Equity Lab Highlights
ReLab inaugurated a monthly report on older workers' experience in the labor market, the "Unemployment Report for Workers Over 55." The narrative is shared with retirement reporters and stakeholders in the policy community to unearth the real consequences of proposals, especially during the GOP presidential primary, of cutting Social Security by raising the retirement age.
ReLab issued a report that was the first to quantify the real effect of the retirement crisis - poverty. The report, “Are U.S. Workers Ready for Retirement?” identifies the share of people whose projected income in retirement will be below poverty across states. This message of downward mobility is important both to individuals whose retirement institutions are failing them and policy makers who will inherit the impact of increasing poverty on both social welfare and municipal budgets. The research was featured in Forbes, Time, Financial Buzz, Employee Benefit News, and Plan Sponsor.
ReLab's research received a prominent placement in the top-ranked Journal of Pension Economics and Finance. "Earnings Experience and Its Impact on 401(K) Contribution: The Roles of Earnings Shocks, Spousal Behavior and Behavior and Pension Plan Details," by SCEPA economists Teresa Ghilarducci and Joelle Saad-Lessler, counters the allure of "nudge economics," which points the finger at individual behavior as the cause for the lack of retirement savings, by documenting the wholesale failures of the current system's design.
SCEPA was invited by the Democratic Policy Committee to brief Senate staff on the causes and consequences of the retirement crisis. Teresa Ghilarducci presented six research reports by SCEPA's team of economists to a packed house on Capitol Hill. The research documents the problems in the current system (poor plan design, ineffective tax breaks, inadequate savings, and downward mobility,) and our proposed solution (GRAs and refundable tax credits).
SCEPA joined with the Center for American Progress to hold a conference in Washington, DC, with policy experts and thought leaders on the need to reform tax breaks for retirement savings. These tax breaks are both ineffective and inefficient and fuel the expense of both state and federal tax dollars to incentive savings for those who don't need it. The conference was live-streamed and featured joint research papers documenting the failure of these tax expenditures and recommending necessary policy reforms.
Teresa Ghilarducci joined with Blackstone President Hamilton (Tony) James to issue a policy proposal calling for the creation of a mandatory retirement savings program as the only viable option to save older Americans from downward mobility in retirement. The significant alliance between an academic and a business leader, featured in the New York Times as both a news article and oped, supports the need for a bold, comprehensive plan, rather than incremental proposals.
|© 2007 Bernard L. Schwartz|