Underfunded Retirements – the Looming Crisis in the Golden Years
As I have reported in earlier columns, we are looking down the barrel of serious issues among retirees.
When “baby-boomer” parents were in the workforce, the corporate funded pension plan was the key to a comfortable retirement. Alas, most companies abandoned pension plans and replaced them with 401K’s. The only wrinkle was and is that the employee funds the plan, hopefully, but not necessarily, supplemented by the employer.
There are very few remaining corporate pension plans. One of the biggest is GE who just reported that it is “freezing” it pension plan. The conglomerate is facing a pension payout of $91.7 billion that it owes to more than 600,000 retirees, and it is unfunded by almost $33 billion. As I have reported in earlier columns, we are looking down the barrel of serious issues among retirees. “Boomers” are woefully under-funded for their retirement and even the Social Security System, without a fix, is running out of cash by 2035. So much for the Golden Years.
Job Listings
SPONSORED JOB ACKMAN-ZIFF REAL ESTATE GROUP
(NEW YORK, NY) COO will partner with the President and senior management to establish the Company’s short and long term strategies aimed at maximizing revenue and net income while maintaining its unique corporate culture. The COO will directly oversee and manage all company operations, procedures, and controls for the New York headquarters as well as satellite offices located in Miami, Boston, and Los Angeles.
EYA
(BETHESDA, MD) Position will be responsible for primary management of outside consultants during the Design through Construction Document phases, along with providing Owner input and change management during the Construction Administration phases. Position will also provide technical expertise and internal consulting across all projects in high-risk areas such as code compliance, mechanical systems, and green building and envelope design.
MADISON MARQUETTE
(HONOLULU, HI) Position will be responsible for the operation, physical condition, and general performance of the property. In addition, the manager will be responsible for maintaining and operating in a high-quality fashion, while controlling operating expenses. Property Manager supervises all personnel at the property and maintains tenant satisfaction, retention, and promotes excellent tenant relations.
AIG
Global Real Estate Analyst – Acquisitions
(ATLANTA, GA) Analyst will be assigned to various areas of the business working on a variety of projects and transactions across several asset types in the Southeast US region. This includes: underwriting of potential new multifamily, office, industrial, and retail developments/acquisitions; and facilitating due diligence and closing process.
MOSSER COS.
(SAN FRANCISCO, CA) Position will work with team members to manage the due diligence process for new acquisitions including but not limited to: market and comparable rent and sale research and analysis, residential and commercial lease analysis, physical inspections and tracking, third party reports, lenders, legal and zoning review, property site inspection, capital improvement assessment(s).
ACORE CAPITAL
(LOS ANGELES, CA) Primary responsibilities include reviewing and sizing loan origination opportunities, managing the flow of and reviewing closing due diligence, completing market due diligence, preparing underwritten cash flow models, and preparing detailed investment committee memorandums on real estate debt transactions.
LABORATORY CORP. OF AMERICA (LABCORP)
Sr. Director – Global Real Estate
(RALEIGH-DURHAM//MORRISVILLE, NC) The Senior Director will be responsible for managing and leading a team on multi-disciplined real estate and facilities projects. Individual will have direct responsibility for project delivery. In addition, the position will have responsibilities including strategic planning, design and construction, transaction and facilities management across the entire portfolio.
MEDICI LIVING/QUARTERS
(SAN FRANCISCO, CA) As a member of the global Expansion team, position will lead all property acquisition activities on the West Coast for the QUARTERS brand; proactively source and approach leads in the market; work with other members of the Expansion team and Stakeholders in international strategic finance, interior design and marketing team to achieve goals; and manage the overall end-to-end property acquisition process in designated area to hit aggressive annual growth targets.
LANDMARK PROPERTIES
(ATHENS, GA) The Development Manager will be responsible for managing a team of analysts on real estate development opportunities within key markets throughout the country. Position will source and identify new opportunities, lead development deal teams, and manage all aspects of bringing a project from concept to completion.
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