Hot Off the Press: EESI Makes a Splash in California

Yesterday marked the official release of the California Elder Economic Security Initiative (Cal-EESI). The result of a great partnership between WOW and the Insight Center for Community Economic Development, the Cal-EESI is sure to lead a change in dialogue about income adequacy for California's elders.

Make sure to stay up to date on the Cal-EESI and the California Elder Economic Security Standard Index by visiting the WOW website or by clicking here!

Want to see what the media is saying about the Cal-EESI Project? Check out the links:

"Federal poverty line grossly underestimates the needs of California's seniors says new UCLA report" - EurekAlert

"Helping seniors cope with high cost of living" - Marin Independent Journal

"Tough Times for Fresno's Seniors: New county-specific data reveals true impact of state budget cuts on elderly" - Central Valley Business Street

"Cost of living too costly for seniors" - Ventura County Star

"Federal poverty line grossly underestimates the needs of California's seniors says new UCLA report" - GenRef.com

Employee Retirement Income Security Act Now Packs a Punch

Last week, in LaRue v. DeWolff the Supreme Court unanimously ruled that participants in most 401(k) plans do, in fact, have the right to sue firms in the event of account mismanagement. This decision is of particular importance because not only did the Justices actually reach a unanimous decision, but they also overturned two decades of precedent.

As retirement income becomes a monumental concern, this ruling will become increasingly relied upon. The volatile economy coupled with resource scarcity and vulnerability faced by workers and elders make LaRue v. DeWolff decision very timely.

The Court’s intention was to provide a framework for accountability which was reflected in the vagueness of the ruling and the variety in their opinions. For us, this means that 401(k) participants and investment firms will spend the next few months battling it out so-to-speak in terms of what this ruling means in application.

Consumer protection has always prompted corporate push-back so until the dust settles, be extra cautious…your retirement depends on it!

Comments please: Do you think this ruling will affect retirees positively - offering them a protection safety-net or negatively by driving up the prices of 401(k) management?

Welcome!

Welcome to our team's newest addition - The EESI Blog!

This blog serves to add a new aspect to our National Elder Econcomic Security Initiative™ program. As the Initiative continues to grow, our goal is to maintain its well-roundedness and continue to establish new outlets and community connections.

The Initiative offers a new perspective and a new metric for measuring income adequacy – The Elder Economic Security Standard™ Index. The Index provides geographically-based data on what it takes to make ends meet when you are 65 and older. Most recently, WOW has taken a look at how the average Social Security income and other sources of retirement income, including pensions, measure up the Index. To learn more, take a look at our brief titled, “Single Women’s Retirement Income Falls Short…”

Consider this blog an invitation to learn, discuss and participate in the Initiative and related issues. Please check it often, as we will have guest writers, event updates, polls and surveys, and "food for thought"!



For more information/questions/concerns, contact: lbeasley@wowonline.org