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Congress Passes Pension Overhaul Bill Legislation Sent to President...

Within the last week, legislation to safeguard the retirement of Americans has been passed by both the House and Senate and has been sent to President Bush for his expected approval. The legislation affects approximately 44 million workers and retirees with defined-benefit pension plans, forcing employers with such plans to meet their full funding obligations within seven years. Currently, a 90 percent funding level is deemed acceptable. Also, companies that fall behind in their contributions must follow an accelerated funding program and are prohibited from taking steps, such as promising new benefits that could cause further deterioration in their financial status.



In numerous polls, Americans stated that planning for their retirement is one of their top financial worries. As the first wave of the baby boomer generation begins to enter retirement this year, the focus on having and maintaining a comprehensive retirement plan has never been more prevalent. This bill is designed to assure American workers, including millions of baby boomers nearing the end of their working careers, that the pensions they have been promised will be there when they retire.



Even with the pension bill most likely passing, and Americans feeling more secure in their retirement, there are still major concerns such as many retirees may find that they haven's8217;t been saving for retirement, or aren's8217;t sure if they's8217;ve socked away enough money. With our life expectancy rapidly lengthening, more years of our life will be spent in retirement than ever before. In order to fund our golden years we need to start with a solid retirement plan to give us as much money as possible for our hard work during our employed years.



J. Graydon Coghlan of Coghlan Financial Group, LLC, has been working with many Californians for more than a decade to put together smart retirement plans. He has seen the shift in local companies planning for their staff's8217;s retirement needs to today's8217;s more uncertain landscape.



J. Graydon Coghlan is available to discuss the above items as well as a variety of other tips not mentioned above.



Coghlan Financial Group, LLC has been working with the people and businesses of California on retirement and other financial planning issues since 1992. They pride themselves on making retirement work for each individual. Partners of the Coghlan Financial Group are financial advisors with Securities America Advisors, Inc., and specialize in financial planning, retirement and estate planning, risk management, portfolio design, asset management services and financial goal integration.

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