The Investment Company Institute’s Board of Governors recently determined that the organization should significantly broaden its international engagement and launched ICI Global to fulfill that role. The board also established a new class of institute members, consisting of regulated funds publicly offered to investors in leading jurisdictions worldwide.
ICI Global aims to advance the interest and promote public understanding of global investment funds, their managers, and investors. In coordination with its members, ICI Global will “provide a conduit for proactive dialogue around the policy issues facing global investment funds, as well as a means for collaboration among regional and national fund associations,” the group said in a statement. “Leveraging the Institute’s seven decades of advocacy and expertise, ICI Global will advocate for regulatory policies that promote funds as long-term investment vehicles.”
Also, a recently updated study by the Investment Company Institute finds that most workers who are likely to have the ability to save and to be focused primarily on saving for retirement have access to an employer-provided retirement plan. For example, of full-time workers age 45 to 64 and earning $25,000 a year or more in 2010, 74 percent had access to retirement plans through their own employers or their spouses’ employers, and 93 percent of those with access participated.
In “Who Gets Retirement Plans and Why,” ICI finds that younger and lower-income households are less likely to cite retirement as the primary reason they save. These households are more likely to be primarily focused on saving to fund education, to purchase a house, or to have cash on hand in case of unexpected need.
The report also notes the important role Social Security plays in retirement and suggests that it is vital to maintain a system that provides adequate benefits to workers with low lifetime earnings.
“Policy discussions surrounding retirement often focus on the headline statistic that about 50 percent of America’s workers are covered by a workplace retirement plan. But the percentage of the workforce with a retirement plan today is an underestimate of the percentage of workers who will reach retirement having accrued employer-provided retirement benefits,” said Peter Brady, ICI senior economist and co-author of the study, in a statement. •