Tag: Great Recession
Abstract This paper examines financial transfers within families before and after the great recession. Transfers within families have historically been an important source of wealth accumulation for younger generations, but what happens to these transfers when incomes and wealth are distorted by a recession? We document patterns of financial transfers within families in the U.S…
The brief’s key findings are: Since the financial crisis, 74 percent of state plans and 57 percent of large local plans have cut benefits or raised employee contributions to curb rising costs. Plans with a larger pension cost burden and lower initial employee contributions were more likely to enact such changes. And, among plans that…
