Monday, September 24, 2018

Pfizer's CEO's Compensation and Exorbitant Drug Costs

“As drug giant Pfizer Inc. hiked the price of dozens of drugs in 2017, it also jacked up the compensation of CEO Ian Read by 61 percent, putting his total compensation at $27.9 million, according to financial filings reported by Bloomberg.
“Pfizer’s board reportedly approved the compensation boost because they saw it as a ‘compelling incentive’ to keep Read from retiring… As part of the deal, Read has to stay on through at least next March and is barred from working with a competitor for a minimum of two years after that.
“According to Bloomberg, Read’s compensation included in part a salary of $1.96 million, a $2.6 million bonus, $13.1 million in equity awards linked to financial goals and stock price, as well as an $8 million special equity award that will vest if the company’s average stock return goes above 25 percent for 30 consecutive trading days before the end of 2022. In 2016, Read’s compensation totaled $17.3 million.
“The 61 percent raise comes after a string of separate reports noting drug price increases by Pfizer. In January, FiercePharma reported an analysis finding that Pfizer implemented 116 price hikes just between this past December 15 and January 3 of this year. The list price increases ranged from 3 percent to 9.46 percent. The analysts noted that Pfizer increased the price of 20 drugs by 9.44 percent. Those included Viagra, Pristiq, Lipitor, and Zoloft, which are available as generics, as well as Chantix.
“Additionally, Pfizer had increased the prices of 91 drugs by an average of 20 percent in just the first half of 2017, according to data first reported by Financial Times. That included two waves of price hikes, one in January and the other on June 1.
“That echoes the pattern seen in 2016, 2015, and 2014, according to a report by STAT. In June of 2016, Pfizer raised the list prices of its medicines by an average of 8.8 percent. That followed an average 10.4 percent raise in list prices in January of that year.
“In response to the price hikes reported earlier this year, a Pfizer spokesperson told FiercePharma that the company ‘takes a measured and responsible approach to pricing.’ The spokesperson added that Pfizer provides assistance programs to some eligible patients with financial hardships. However, such discount and assistance programs don't spare insurance companies from picking up larger tabs, which contributes to higher premiums and system-wide costs…" (Pfizer CEO gets 61% pay raise—to $27.9 million—as drug prices continue to climb).

Sunday, September 23, 2018

Pharma exec says he had “moral requirement” to raise drug price 400%

A pharmaceutical company executive defended his company's recent 400% drug price increase, telling the Financial Times that his company had a ‘moral requirement to sell the product at the highest price.’ The head of the US Food and Drug Administration blasted the executive in a response on Twitter.

“Nirmal Mulye, founder and president of Nostrum Pharmaceuticals, commented in a story Tuesday [Sept. 11] about the decision to raise the price of an antibiotic mixture called nitrofurantoin from about $500 per bottle to more than $2,300. The drug is listed by the World Health Organization as an ‘essential’ medicine for lower urinary tract infections.’I think it is a moral requirement to make money when you can,’ Mulye told the Financial Times, ‘to sell the product for the highest price.’

“The Financial Times said Mulye compared his decision to increase the price to that of an art dealer who sells ‘a painting for half a billion dollars’ and said he was in ‘this business to make money.’

“According to the Financial Times, the executive defended ‘Pharma Bro’ Martin Shkreli, who was once dubbed the ‘most hated man in America’ after his company raised the price of an AIDS drug by more than 5,000% in 2015. Shkreli was recently sentenced to seven years in prison for fraud due to mismanaging money at his hedge funds.

Bottom of Form
“‘I agree with Martin Shkreli that when he raised the price of his drug he was within his rights because he had to reward his shareholders,’ Mulye was quoted as saying.

“FDA Commissioner Dr. Scott Gottlieb issued a sharp rebuke of the CEO on Twitter shortly after the story published, saying ‘there's no moral imperative to price gouge and take advantage of patients.’

In comments to CNN on Wednesday, Mulye said he was not quoted accurately. ‘The word morality was used in the conversation, but not in the context of price increases,’ he said.I said I have to raise prices when I can -- how to get the best prices for my products, so that I can survive,’ Mulye told CNN. ‘It is about the survival of the business. It has nothing to do with morality.’ The Financial Times said Wednesday it sticks by its story.

“In his remarks to CNN, Mulye went on to say he ‘nearly went bankrupt’ twice and that he lost money after buying a plant in Ohio, which he said employs just under 100 people. ‘Is it moral for me to lose money?’ Mulye asked. ‘If I don't make money, then I can't create those jobs. And where does the money go when I make it? It goes back into research and hiring new people right here in the US.’

“He said the real villain is the ‘incompetent and corrupt’ FDA, which he said has placed regulatory burdens on the industry, leading to higher drug prices. He said he fired off an email to Gottlieb after his tweet: ‘Basically, I said in a nutshell that he does not have the necessary competence to comment on the morality of drug price increases, which is a complex subject. Honestly, Gottlieb should stay away from tweet, and he needs to stay in his office and listen to people like me and reform the agency,’ Mulye said.

“Mulye noted his drug is the generic version and less expensive than the branded version, listed at $2,800. ‘I'm being vilified for no good reason,’ he said. ‘It shows that the highest office at the FDA and the media doesn't understand how the drug pricing works.’

“The Trump administration has pledged to tackle the soaring costs of drug prices, with the president unveiling a plan in May to increase competition, reduce regulations and change incentives for players in the pharmaceutical industry. When he announced his plan, President Donald Trump slammed drug makers, health insurers, pharmacy benefit managers and others for profiting off American patients. ’The drug lobby is making an absolute fortune at the expense of American patients,’ Trump said.” [If Trump were serious about lowering drug prices he'd have to take on the U.S. drug manufacturers, which he hasn't, rather than blaming foreign drug manufacturers].  

Wednesday, September 19, 2018

Brett Kavanaugh’s fellow alumni at Yale Law School called him "Morally Bankrupt" in a scathing open letter, July 2018

"...[A]fter Donald Trump nominated Brett Kavanaugh to the Supreme Court, Yale Law School issued a press release praising their alumnus, Kavanaugh, in superlative language.

"Yale Law’s Dean, Heather Gerken, offered this breathless praise:  'I have known Brett Kavanaugh for many years. I can personally attest that, in addition to his government and judicial service, Judge Kavanaugh has been a longtime friend to many of us in the Yale Law School community. Ever since I joined the faculty, I have admired him for serving as a teacher and mentor to our students and for hiring a diverse set of clerks, in all respects, during his time on the court.'

"The backlash from Yale Law alumni who actually care about the fate of Roe vs Wade specifically, and the Court’s swing towards the Right more broadly, was swift. They published this open letter the next day, which has already garnered almost a thousand signatures.

July 10, 2018

"To Dean Gerken and the Yale Law School leadership,

"We write today as Yale Law students, alumni, and educators ashamed of our alma mater. Within an hour of Donald Trump’s announcement that he would nominate Brett Kavanaugh, YLS ‘90, to the Supreme Court, the law school published a press release boasting of its alumnus’s accomplishment. The school’s post included quotations from Yale Law School professors about Judge Kavanaugh’s intellect, influence and mentorship of their students.

"Yet the press release’s focus on the nominee’s professionalism, pedigree, and service to Yale Law School obscures the true stakes of his nomination and raises a disturbing question:

"Judge Kavanaugh’s nomination presents an emergency — for democratic life, for our safety and freedom, for the future of our country. His nomination is not an interesting intellectual exercise to be debated amongst classmates and scholars in seminar. Support for Judge Kavanaugh is not apolitical. It is a political choice about the meaning of the constitution and our vision of democracy, a choice with real consequences for real people. 

"Without a doubt, Judge Kavanaugh is a threat to the most vulnerable. He is a threat to many of us, despite the privilege bestowed by our education, simply because of who we are.

"Since his campaign launched, Trump has repeatedly promised to appoint justices who would overturn Roe v. Wade. Overturning that decision would endanger the lives of countless people who need or may need abortions — including many who sign this letter. Trump’s nomination of Judge Kavanaugh is a reliable way to fulfill his oath. 

"Just a few months ago, Judge Kavanaugh ruled to deny a detained immigrant minor her constitutional right to abortion. Decades-old Supreme Court precedent makes clear that the government may not place an undue burden on a pregnant person’s access to abortion. 

"But Judge Kavanaugh clearly did not feel constrained by precedent: what could be a greater obstacle than a cage? The minor had never wavered in her decision to seek an abortion and had received a judicial bypass from a state judge who found that she was competent to make the decision. Yet Kavanaugh condescendingly and disingenuously held that she must wait weeks until she was in a 'better place' to make a choice about her own bodily autonomy — at which point she might not be able to have a legal abortion. Further, Kavanaugh argued that to require immigration authorities to stop blocking her from accessing this right would force the government into complicity.

"The judge employed similar spurious reasoning in a 2015 dissent arguing that the ACA’s contraceptive mandate violated the rights of religious organizations, even though those organizations were granted an accommodation that allowed them to opt out of providing contraceptive coverage. 

"Kavanaugh’s opinions give us grave concern that he will consistently prioritize the beliefs of third-parties over the rights of the oppressed — not only when it comes to abortion and contraception, but also regarding other forms of medical care (including care for transgender patients), family privacy, and sexual liberty. Litigants harness this same logic when arguing that institutions have a religious right to discriminate against LGBT people — an issue the Court is certain to take up in the years to come.

"Judge Kavanaugh would also act as a rubber stamp for President Trump’s fraud and abuse. Despite working with independent counsel Ken Starr to prosecute Bill Clinton, Judge Kavanaugh has since called upon Congress to exempt sitting presidents from civil suits, criminal investigations, and criminal prosecutions. He has also noted that 'a serious constitutional question exists regarding whether a president can be criminally indicted and tried while in office.' This reversal does not reflect high-minded consideration but rather naked partisanship. At a time when the President and his associates are under investigation for various serious crimes, including colluding with the Russian government and obstructing justice, Judge Kavanaugh’s extreme deference to the Executive poses a direct threat to our democracy.

"As part of his assault on the administrative state — based not in law, as he claims, but on policy preference — Judge Kavanaugh has undermined attempts to protect the environment and regulate predatory lenders and for-profit colleges. He has called now-defunct Net Neutrality regulations violations of the First Amendment. If elevated, the judge would pose an existential threat to the government’s ability to regulate for the common good and further twist the First Amendment beyond recognition, using it as a sword to advance his personal political preferences. His appointment would usher in a new era of Lochner, with 'black-robed rulers overriding citizens’ choices.'

"Judge Kavanaugh has consistently protected the interests of powerful institutions and disregarded the rights of vulnerable individuals. On the D.C. Circuit he denied a student with disabilities access to the remedial education he was promised after he emerged from juvenile detention. 

"In a 2008 dissent, Judge Kavanaugh argued undocumented workers are not protected by labor laws. In 2016, Judge Kavanaugh ruled that employers can require employees to waive their right to picket. In a concurrence, he argued that the National Security Agency’s sweeping call surveillance program was consistent with the Fourth Amendment. As an attorney, he advocated for prayer at open public school events in brazen contravention of our country’s separation of church and state.

"The list goes on. We see in these rulings an intellectually and morally bankrupt ideologue intent on rolling back our rights and the rights of our clients. Judge Kavanaugh’s resume is certainly marked by prestige, groomed for exactly this nomination. But degrees and clerkships should not be the only, or even the primary, credential for a Supreme Court appointment. A commitment to law and justice is.

"Now is the time for moral courage — which for Yale Law School comes at so little cost. Perhaps you, as an institution and as individuals, will benefit less from Judge Kavanaugh’s ascendent power if you withhold your support. Perhaps Judge Kavanaugh will be less likely to hire your favorite students. But people will die if he is confirmed. We hope you agree your sacrifice would be worth it. Please use your authority and platform to expose the stakes of this moment and the threat that Judge Kavanaugh poses."


Dana Bolger, YLS ‘19
Alexandra Brodsky, YLS ‘16
Alyssa Peterson, YLS ‘19
Emma Roth, YLS ‘17
Bertolain Elysee, YLS ‘19
Kathryn Pogin, YLS ‘20
Valeria Pelet del Toro, YLS ‘19
Jonathan Cohen, YLS ‘20
Olivia Graffeo-Cohen (Horton), YLS ‘17
Isra Syed, YLS ‘19
Veena Subramanian, YLS ‘19
Jon Petkun, YLS ‘19
Ricky Zacharias, YLS ‘19
Laura McCready, YLS ‘18
Molly Katherine Anderson, YLS ‘19
Rebecca Chan, YLS ‘18
Camila Vega, YLS ‘18
Faren Tang, YLS ‘18
Kath Xu, YLS ‘20
Meghan Brooks, YLS ‘19
Miriam Becker-Cohen, YLS ‘18
Wally Hilke, YLS ‘18
Jason Berkenfeld, YLS ‘17
Brian Highsmith, YLS ‘17
Emma Thurber Stone, YLS ‘19
William Stone, YLS ‘17
D’Laney Gielow, YLS ‘18
Cassie Crockett, YLS ‘17
Rachel Tuchman, YLS ‘17
Nora Niedzielski-Eichner, YLS ‘18
Seguin Strohmeier, YLS ‘16
Dorothy Tegeler, YLS ‘16
Gregg Gonsalves, Associate Professor (Adjunct) of Law and Co-Director of Global Health Justice Partnership
Swapna Reddy, YLS ‘16
Maya Menlo, YLS ‘18
Will Bloom, YLS ‘17
Erika Nyborg-Burch, YLS ‘16
Scott Stern, YLS ’20
Jenny Tumas, YLS ’20
Zachary Herz, YLS ’14
Jessica Purcell, YLS ‘17
Monika Kothari, YLS ’16
Amber Qureshi, YLS ‘19
Joe Muller, YLS ’19
Julia Coppelman, YLS ‘20
Rachel Shur, YLS ’17
Laith Aqel, YLS ‘20
Megan Wachspress, YLS ’15
John Gonzalez, YLS ’20
Poonam Daryani, Global Health Justice Partnership Clinical Fellow
Joseph Meyers, YLS ’18
Samuel Davis, YLS ‘20
Charles Du, ’17
Elise Wander, YLS ’19
Aseem Mehta, YLS ’20
Zain Rizvi, YLS ’17
Erica Turret YLS ‘20
Cal Soto, YLS ‘14
Sameer Jaywant, YLS ’18
Carl Jiang, YLS ‘20
James Bhandary-Alexander, Visiting Clinical Lecturer-in-Law
Sesenu Woldemariam, YLS ’19
Jacob Bennett, YLS ‘19
Ted Lee, YLS ’18
Helen Diagama, YLS ’17
Catherine Crooke, YLS ’19
Derek Mraz, YLS ’19
Megha Ram, YLS ’18
Dianne Lake, YLS ‘20
Ruth Lazenby, YLS ’19
Becca Steinberg, YLS ’20
Bina Peltzm YLS ’19
Nicole Brambila, YLS ‘19
Stephanie Garlock, YLS ’20
Ali Gifford, YLS ’18
Susan Lin, YLS ’04
Corey Guilmette, YLS ’16
Kai Fees, YLS ’18
Elsa Mota, YLS ’20
Alyssa Yamamoto, YLS ’18
Josh Lee, YLS ’05
Adan Martinez, YLS ’17
Charlotte Schwartz, YLS ’19
Natalia Friedlander, YLS ’18
Juliana Moraes Liu, YLS ‘20
Yasin Hegazy, YLS ’19
Zach Fields, YLS ‘20
Sonya Schoenberger, YLS ’20
Patrick Baker, YLS ’18
Mark Birhanu, YLS ’19
Callie Wilson, YLS ’18
Samantha Peltz, YLS ’20
John Lewis, YLS ’14
Clare Kane Yale ’14 YLS ’19
Jorge Bonilla, YLS ‘19
Hannah Hussey, YLS ’20
Jease Marks, YLS ’18
Ally Arias, YLS ’19
Gregory D. Phillips, YLS ‘83
Amit Jain, YLS ’18
Bethany Hill, YLS ‘18
Joanne Lee, YLS ’18
Zachary Manfredi ’17
Healy Ko, YLS ’19
Monica Cai, YLS ‘20
Leanne Gale, YLS ‘20
Rachel Kogan, YLS ’19
Ted Wojcik, YLS ’15
Sarah Ganty, YLS ’18
Ryan Cooper, YLS ‘15
Jonathan Gray, YLS ‘18
Shannon Manley, YLS ’20
Constance Zhang, YLS ’18
Rebecca Gendelman, YLS ’19
Mary Yanik, YLS ‘14
Julie Krishnaswami, Associate Law Librarian, Lillian Goldman Law Library
Owen Monkemeier YLS ‘19
Max Reinhardt, YLS ’20
Alda Yuan, YLS ’18
Molly Weston Williamson YLS ’13
David Singh Grewal, YLS ’02, Professor of Law
Sheela Ramesh, YLS ’14
Samantha Schnell, YLS ’19
Laika Abdulali, YLS ’18
Matt Lifson, YLS ’19
Alon Gur, YLS ‘16
Rhoda Hassan YLS ‘19
Jesse Williams, YLS ’20
Elizabeth Villarreal, YLS ’19
Noah Zatz, YLS ’99
Antonio Grayson ’21
Taylor Henley, YLS ‘17
Andrew Walchuk, YLS ’17
Pauline Syrnik, YLS ’19
Kathy Lu, YLS ’18
Eric Baudry, YLS ’19
Matthew Noah Smith, Lecturer in Law '07
Anil Kalhan YLS ’99
Kathryn Abrams, YLS ’84
Petey Menz, YLS ’20
Gabe Lewin, YLS ’20
Sanjukta Paul, YLS ’03
Joel Sati, YLS ‘22
Andrew Chin, YLS ’98
Henry Weaver, YLS ’18
Michael Yarbrough, YLS ’09
Michael Wright, YLS ‘15
Daniel Hornung, YLS ’20
Brian Sweeney, YLS ’15
Chandini Jha YLS ‘21
Solomon Ariwoola, YLS ’20
Julie Wilensky, YLS ‘07
Gowri Ramachandran, YLS ‘03
Daniel Friedman, YLS ’14
Ashraf Ahmed, YLS ’19
Alice Clapman, YLS ‘03
Alexander Stephens, YLS ’02
Rebecca Matsumura, YLS ‘15
Aarti Khanolkar Wilson, YLS ‘07
Rishi Gupta, YLS ’04
Jennifer Hunter, YLS ‘03
Kaitlin Welborn, YLS ’15
Tal Eisenzweig, YLS ‘17
Jonathan Zasloff YLS ’93
Michael Stone, YLS ’79
Thomas Geraghty YLS ‘95
Valentina Garzon, YLS ‘19
Carrie La Seur, YLS ‘02
Megan Wulff, YLS ‘13
Matthew W. Alsdorf, YLS ’04
Arash Ghiassi, YLS ’18
Jessica Sager, YLS ‘99
Amos Friedland, YLS ’08
Katherine Carter, YLS ’14
Andrea Parente, YLS ’19
Deborah Marcuse, YLS ‘08
Emily Rock, YLS ’14
Tal Klement, YLS ‘01
Tom Jawetz, YLS ‘03
Maria Pulzetti ‘06
Sophia Wang, YLS ’17
Stephen Ruckman, YLS ‘08
Daniel K. Phillips, YLS ‘20
Heather Khan, YLS ‘04
Tara J. Melish, YLS ‘00
Damon Hemmerdinger ‘98
Benjamin Brady, YLS ‘00
Kimberly West-Faulcon YLS ‘95
Anna Levine YLS ‘03
David Jaros, YLS ‘01
Kate Gibson YLS ’14
Lynette Lim, YLS ‘20
Asher Smith, YLS ‘14
David M. Driesen, YLS ’89
Alexi Shaw, YLS ‘17
Felisha Miles, YLS ’21
Kyle Barry, YLS ‘07
Jonah Goldberg, YLS ’15
Marvin C. Brown IV, YLS ‘16
Sam Brill, YLS ‘18
Marissa Roy, YLS ’17
Kayla Morin, YLS ’20
Matt Kellner, YLS ‘21
Katie Chamblee-Ryan, YLS ’12
Kate Mogulescu, YLS ‘03
Touraj Parang, YLS ‘99
Emily Jane O’Dell, YLS Resident Fellow in Islamic Law
David Menschel YLS ‘02
Elizabeth Pierson, YLS ’18
Vanita Kalra, YLS ’06
Susanna D. Evarts, YLS ‘18
Simon Sandoval-Moshenberg, YLS ’08
Ro Khanna, YLS ’01
Nathan J. Robinson, YLS ’14
Patrick Woolsey, YLS ‘19
Rachel Dempsey YLS ‘15
Felicia Medina, YLS ‘06
Nicole Hallett, YLS ‘08
Rebecca Bernhardt, YLS ‘97
Bob Johnson, YLS ’07
Michael Tayag, YLS ’21
Nila Bala, YLS ‘12
My Khanh Ngo, YLS ’17
Darryl Li, YLS ‘09
Christopher Lapinig, YLS ‘13
Grant Damon-Feng, YLS ’14
Emily Teplin Fox, YLS ’07
Raquiba Huq, YLS ’07
Limor Mann, YLS ‘05
Abigail Rich, YLS ’16
Lance Martinez, YLS ‘96
Daniel Margolis, YLS ‘04
J. Stephen Clark, YLS ’95
Jessica Gordon, YLS ’09
Stephen B. Cohen, YLS ’71
Zach Strassburger, YLS ‘12
Aisha Saad, YLS ’18
Josh McLaurin, YLS ‘14
Joel Ramirez, YLS ’17
Betty Hung, YLS ‘97
Rebecca Weston, YLS ‘91
Anjali Srinivasan, YLS ‘11
Blake Emerson, YLS ‘16
Alan H. Kleinman YLS ‘77
Bryn Williams, YLS ‘14
Elliot Forhan, YLS ‘13
Abigail Pershing, YLS ’20
Steph Cha, YLS ’10
Ann Manov, YLS ‘21
Nancy Yun Tang, YLS ’19
Shahana Basu YLS ‘99
Noorain Khan, YLS ‘11
Sriram MK, YLS ’06
Saumya Manohar, YLS ‘08
Robbie Silverman, YLS ’10
Joshua Tate, YLS ‘02
Charanya Krishnaswami, YLS ‘13
David Lebow, YLS ’16
Erin Conroy ’04
Rhonda Wasserman YLS ‘83
Jillian Hewitt YLS ‘15
Sofia Nelson, YLS ‘13
Lauren Oleykowski, YLS ’11
Theresa Lee, YLS ‘10
James J. Williamson YLS ‘13
Mark W. Wickersham, YLS ‘96
Michael O. Molina, YLS ’02
Cyd Oppenheimer, YLS ’04
Kate Magaram, YLS ‘09
Jesse Tripathi, YLS ’21
Anna Arons YLS ’15
Joe Nania, YLS ’19
Molly Petchenik, YLS ‘21
Ceara Donnelley, YLS ‘09
Peter Chen, YLS ’13
Elizabeth Compa YLS ‘11
Harriet Robinson Gowanlock YLS ’86
MacKenzie Pantoja, YLS ’21
Paul Sonn, YLS ’92
Andrew DeGuglielmo, YLS ’21
Susan Hazeldean YLS ‘01
Johanna Kalb YLS ’06
Issa Kohler-Hausmann, YLS ’08, Associate Professor of Law, Yale Law School
Angela Thompson, YLS ’07
Katherine Demby, YLS ‘16
Allen Hernandez, YLS ‘21
Nikko Price, YLS ‘20
Mark Malaspina, YLS ’97
Pamela Davis, YLS 93
Bassam Gergi, YLS ‘17
Margaret Betts, YLS ’03
Allison Tait, YLS ’11
Julianne Prescop, YLS ’09
Claire Benoit, YLS ’21
Sara Cervantes, YLS ‘20
Zareena Grewal, Assoc Prof, Yale University
Caitlin Miner-Le Grand, YLS ’13
Cara Reichard, YLS ’20
Allie Alperovich, YLS ‘03
Amanda Gutierrez, YLS ‘12
David Segal, visiting fellow YLS ISP ’14
Katie Mesner-Hage, YLS ’13
Gabriel J. Chin, YLS LL.M. ‘95
Sri Kuehnlenz, YLS ‘13
Helen Li, YLS ’17
Jesselyn Brown Radack, YLS ‘95
Sean C. Foley, YLS ‘21
Pirzada Ahmad, YLS ‘21
Laura Saldivia, YLS JSD ‘15
Wesley Kennedy, YLS ’84
Jennifer Sung, YLS ‘04
Emma Sokoloff-Rubin, YLS ’18
Alexander Taubes, YLS ’15
Josh Rosenthal, YLS ’13
Andrew P. Propps, YLS ’09
Kim Clayton Hershman, YLS ‘92
Adrian Gonzalez, YLS ’19
Laura Kokotailo, YLS ’20
Jonathan Smith, YLS ‘ 12
Reed Schuler, YLS ’13
Seth Wayne, YLS ’11
L. D. Wood-Hull, YLS ‘95
Georgie Boge Geraghty ’96
Olivia Luna, YLS ’15
Sam Frizell, YLS ‘20
Kirill Penteshin, YLS ’09
Kate Levien, YLS ‘21
Matt Nguyen, YLS ’19
Zachary Turgeon, YLS ’21
Devin Race, YLS ’19
Markus L. Penzel, YLS ’85
Mollie Berkowitz, YLS ‘21
Anjali Dalal, YLS ’10
Rudy Pantoja, YLS ’20
Sarah Eppler-Epstein, YLS ’21
Jessica Weisel, YLS ‘94
Matiangai Sirleaf, YLS ’08
Elizabeth Kaplan, YLS ‘89
Neera Tanden, YLS ’96
Jill Morrison, YLS ’95
Chris Kemmitt, YLS ’05
Alyssa Briody, YLS ‘13
David Ward, YLS ’98
Amy Stake, YLS ’12
Zach Summers, YLS ’07
Hope Babcock, YLS ’66
Valerie Marcus, YLS ‘87
Spiros Vavougios, YLS LL.M ‘18
Shannon Siragusa, YLS ‘00
Ray Brescia, YLS `92
Andrew Woolf, YLS ’05
Zygmunt Plater, YLS ’68
Allegra McLeod, YLS ‘06
Valarie Kaur, YLS ‘12
Meredith Hightower YLS ‘94
Christopher Hines, YLS ’12
Hillary Vedvig, YLS ‘17
Dan Mullkoff, YLS ’10
Sparky Abraham, YLS ’14
Eileen Goldsmith, YLS ’00
Thomas Buser-Clancy, YLS ‘11
Joy Horowitz, YLS ‘82
Laura Smolowe, YLS ’06
Samuel Kuhn, YLS ’21
Karun Tilak, YLS ’14
Nate Gadd, YLS ’15
Joy Horowitz, YLS ‘82
Ellen Shadur, YLS ‘85
Derrick Rice, YLS ‘21
Becca Heller, YLS ’10
Jamie O’Connell YLS ’02
Lorraine Van Kirk, YLS ‘12
Sabrina Smith, YLS ‘94
Nicole Billington, YLS ’20
Thomas D. Allison, YLS ‘69
Rumela Roy, YLS ‘17
Jill Habig, YLS ‘09
Zach Garcia, YLS ’16
Erica Chae, YLS ’20
Nic Marais, YLS ’11
C. Westbrook Murphy, YLS ’65
Christine Clarke, YLS ’10
Jen Sorenson, YLS ’09
Eric Kades, YLS ’94
Philip Poole, YLS ’16
Amy Meek, YLS ’09
Talya Lockman-Fine, YLS ’20
Melissa Ader, YLS ’12
Reshma Saujani, YLS ’02
Olivia Sinaiko, YLS ’09
Evan Welber, YLS ‘18
Jane Davenport McClintock, YLS ’97
Susan Mathews, YLS ’91
Elly Benson, YLS ’09
Christine Kwon, YLS ’17
Karolina Miriam Januszewski, YLS ‘17
Jacob Schriner-Briggs, YLS ‘21
Robert Cobbs, YLS ’13
Matteo Winkler, YLS ‘07
Ben Novick, YLS ‘06
Joseph Dorfman, YLS ’20
Monica Youn, YLS ‘98
Sara Cervantes, YLS ‘20
Taylor Asen, YLS ‘12
Carole Randolph Jurkash, YLS ’85
Steven A. Hirsch, YLS ‘86
Timur Akman-Duffy, YLS ’21
Kami Choi, YLS ’21
Ben Sweeney, YLS ’16
Amanda Smith YLS ‘00
Lorraine Van Kirk, YLS ’12
Hannah Duncan, YLS ’21
Emily Zweibel, YLS ’94
Jim Tourtelott YLS ‘89
Maxim Thorne YLS ’92

Alisha Bjerregaard, YLS ’08, Clinical Lecturer-in-Law
Lauren Thomas, YLS ‘13
Heather Richard, YLS ’18
Nicholas Kilstein, YLS ’21
Janet L. Hamilton YLS ’86
Taylor Asen, YLS ‘12
Michael Linden, YLS ’19
Elizabeth Simpson, YLS ‘09
Vicki Olds, YLS ’80
Alice M.Miller, Associate Professor (Adjunct) of Law and Co-Director of Global Health Justice Partnership of YLS and YSPH
Jake Lawson, YLS ’17
Karol Brown, YLS ’99
Ezra Friedman, YLS ’08
Carolyn Lipp, YLS ’18
Naomi Shatz, YLS ’08
Tamara Suiza, YLS ‘02
Saru Jayaraman, YLS ’00
Catherine Iorns, YLS '91
Elizabeth Wurtzel, YLS ’08
Sirine Shebaya, YLS ’12
Greg Colvin, YLS ’71
Alice Armitage YLS ‘80
Dror Ladin, YLS ’10
Cathy Bowman, YLS ’94
Malcolm Pittman, YLS ‘77
Shikha Garg, YLS ’19
Dina M Friedman YLS ‘93
Patricia Coffin Fry, ’71
Barbara Goren, YLS ’82
Ivy Wang, YLS ’13
Jane W. Ellis, YLS ‘83
Dan Livingston, YLS ‘82
Michael Yaki, YLS ’86
Martha McCluskey YLS ’88
Denise Grab, YLS ’09
David Altschul, YLS ‘74
Asli Bashir, YLS ’17
Kayla E. Oliver, YLS ’18
Richard Vaughn, YLS ’99
Ian Stock, YLS ’82
Neil Herring, YLS ’63
Alice Davenport, YLS ‘97
Henry A. Freedman, YLS ‘65
Kate Redburn, YLS ’18
Rachel Luban, YLS ’18
David Hansell, YLS ‘83
Lilian Timmermann, YLS ‘15
Peter E Fisch, ‘89
Alexandra Schluntz, YLS ’18
Laura Potter Cahn, YLS ’82
Adina Hemley-Bronstein, YLS ‘21
Shelle Shimizu, ‘17
Miriam Berkman, YLS ’82
Andrew Shipley, YLS ’15
Alexander Resar, YLS ‘17
Alpita Shah, YLS ‘96
Mridula Raman, YLS ‘12
Marvin E. Krakow, YLS ’74
Kathryn Mack, YLS ‘85
Koethi Zan, YLS ‘96
Stephanie Turner, YLS ’12
Sarah Grusin, YLS ’14
Lisa Bloom, YLS ’86
Jon Davidson, YLS ’79
Tasnim Motala, YLS ‘16
Anatoliy Bizhko, YLS ’02
Mark Del Bianco, YLS ’80
Rebecca Wilson, YLS ‘12
Ashlie Case Sletvold, YLS ’05
Larysa Kautz, YLS ‘03

Gay Morgan, YLS ’91
Sally Goldfarb, YLS ’82
Jennie Han, YLS ’10
Jeff Gurrola, YLS ’12
Carl Levine, YLS ‘97
Lori Welch-Rubin, YLS ’91
Kim Taylor-Thompson, YLS ‘80
Mary B. Trevor (nee Mary F. Benjamin), YLS ’83
Ann E Freedman, YLS ’71
Samantha Tweedy, YLS ‘06
Taylor Cranor, YLS ’21
Carla Tachau Lawrence, YLS ’83
Ruth B. Kraft, YLS ’78
Michelle Tellock, YLS ’11
Bethany Robinson, YLS ’21
Karen A. Massey, YLS ’78
Jeff Thaler, YLS ’77
Abja Midha, YLS ‘05
Kate Rabb, YLS ‘03
Subodh Chandra, YLS ’94
Richard Gass, YLS ’71
David A. Newman, YLS ‘06
Dana Khabbaz, YLS ‘21
John S. Beckerman, YLS '83
Daphne Gilbert, YLS, LLM ‘00
Corinne McClure, YLS ’18
Richard Joselson, YLS ’85
Martin M. Rutchik, YLS ’58
Amy L. Katz, YLS ’78
Tyra Harris, YLS ‘02
Deborah Megdal, YLS ‘12
Jeff Zalesin, YLS ’19
Kenneth Ebie, YLS ’06
Olivia Sohmer Rosenbaum, YLS ‘86
Mark Levin, YLS ’83
Rhoda H.Karpatkin, YLS ‘53
Barry D Green, YLS ’87
Janine Cohen, YLS ‘99
Ken Barnes, YLS ‘76
Kimberly Brayton, YLS ‘03
Jennifer Skene, YLS ’14
Tom Maher, YLS ’14
Aeryn Palmer, YLS ’12
Mateo Taussig-Rubbo YLS ‘01
John Winslow Morgan, YLS ’84
Lisa Hansmann, YLS ‘21
Angela Hefti, YLS ’18
Michael Tan, YLS ’08
Camila Bustos, YLS ’21
Helen P. O’Reilly, YLS ‘11
Evan Turnage, YLS ’17
Karen Sokol, YLS ‘00
Sarah Ricks YLS ‘90
Alexa Andaya, YLS ’20
Nadia Lambek, YLS ’10
Amyjane Rettew, YLS ’78
Laura Torre Gomez, YLS ‘14
Elizabeth Miller, YLS ‘90
Amanda Alexander, YLS ’13
Liz Dervan, YLS ’17
Tamar R. Birckhead, 2016-17 YLS Visiting Clinical Professor of Law
Alexia Korberg, YLS ’12
Ned Hirschfeld, YLS ’13
Catherine Merino Reisman, YLS ’89
Eugene Moen, YLS ’68
Suzanne Miller, YLS ‘95
Laura Berg, YLS ‘97
Amera Chowhan, YLS ’97
Ady Barkan, YLS ’10
Kenneth Taber, YLS ’80
William R. Petricone, Jr., YLS ’83
Mercer (“Monte”) Givhan, YLS ’94
Maya Hodis Nuland, YLS ’15
Kenneth M. Ehrenberg, YLS ’97
Mary Hutchings Reed, ’76
Margaret Hellerstein, YLS ‘07
Regan Kirk, YLS ’11
Hannah Brennan, YLS ’13
Katie Rosenfeld, YLS ‘01
Daniel J. Brooks, YLS ’73
Ali Frick, YLS ’12
Beth Noveck, YLS ’97
Adam Hollander, YLS ’06
David Schrom, YLS ’71
Clarence Webster, III, YLS ‘05
Marvin Lim, YLS ’13
Laurel Leff, YLS ‘93 (MSL)
Gillian Stern, YLS ’95
Andrés E Saldaña, YLS ’90
Andrew Sackett, YLS ’05
Avinash Samarth, YLS ’16
Kurt Petersen, YLS ’92
Stephen M. Greenberg, YLS ’76
Kate Desormeau, YLS ’02
David Lebowitz, YLS ’12
Jennifer Roberts, YLS ‘09
John Vafai, YLS ’70
Kelli Harsch, YLS ‘04
Aaron Littman, YLS ‘14
Charles R. Lawrence III, YLS ’69
Neal M Goldman, YLS ‘65
Sumaya Bouadi, YLS ’21
Jonathan Hafetz, YLS ’99
Ashley Ingram, YLS ’18
Harriet Katz, YLS ’72
Joan Andersson, YLS ‘68
Sarah E. Fortt, YLS ’10
Hannah Schoen, YLS ‘19
Eunice Lee, YLS ’06
David Rubin, YLS ’84
Jesse Margolin, YLS ’53
Reed Hundt, YLS ’74
Blair Levin, YLS ’80
Forrest Dunbar, YLS ’12
Robert S Rivkin, YLS, ‘65
Joey Sommer, YLS ’88
Nate Freeman, YLS ‘11
Katherine McGriff, YLS ’11
Laura Abel, YLS ’94
Sophie Laing, YLS ‘21
Stephen F. Diamond, YLS ‘94
Michael Klein, YLS ’98
Don Berry, YLS ’82
Sara Norman, YLS ’95
Alexandra Block, YLS ‘04
Jeffrey Gentes, YLS Visiting Clinical Lecturer
Susannah W. Pollvogt, YLS ’98
Deborah Jeon, YLS ’86
George L. Bischof, YLS ’93
Elise Sugarman, YLS ’20
Luke Charles Harris, YLS ’77 & ’80
Eric Naiman, YLS ’82
Matthew Matera, YLS ‘11
Paul Hechinger, YLS ’92
Jenny Kassan, YLS ’95
Michael Grisolia, YLS ’08
Elisabeth C. Lopez, YLS ‘11
Richard L. Abel, YLS Assistant and Associate Professor of Law 1969-74
Frank R. Curtis, YLS ’71
Emily Brown, YLS ’14
Ramis Wadood, YLS ’21
Victoria Liccione, YLS ‘89
Lionel Wang, YLS ’21
Tuongvy Le, YLS ‘08
Claire Chappell, YLS ’90
Adair Kleinpeter-Ross, YLS ’21
James Lindley Wilson, YLS ’07
David Whipple, YLS ’22
Kenneth Stahl, YLS ’00
Michael Stowell ‘70
Emma Alpert, YLS ’09
Jeff Gordon, YLS ’21
Alexa Milton, YLS ’16
Ian Solomon, YLS ‘02
Karen Anderson, YLS ’21
Alexandra Francis, YLS ’18
Adam Grumbach, YLS ’02
Alice H. Henkin, YLS ’57
Drucilla Raney YLS ‘72
Luis Lainer YLS ‘68
Danielle Lang, YLS ’12
George Schutzer, YLS ‘80
Ricky Herbst, YLS ’07
Robert Solomon, Clinical Professor Emeritus of Law
Carrie Hempel, YLS ’85
Sheryl Teitel Winkler, YLS ‘82
Rafael Antonio Ruiz-Ayala, YLS ’90
Edward Stein, YLS ‘00
Christopher C. Herman, YC ’68, YLS ’73
Shruti Hazra, YLS ’13
Brenda Wright, YLS ’82
Edward McCarthy, YLS ‘12
Richard Thorpe, YLS ’97
Michael Modesto Gale, YLS ’18
Alan Jay Weisbard, YLS ’77
Marvin Morse, YLS ’52
Robert C. Winn, YLS ‘89
Emma Larson, YLS ‘17
Megan Hauptman, YLS ‘21
Baolu Lan, YLS ’09
Gabriel Schnitzler, YLS ‘01
Aron Katz, YLS ‘60
Anna Arkin-Gallagher, YLS ’09
Barry Johnson-Fay, YLS ‘70
Amy F Robertson, YLS ’88
Kathryn Hunt Muse, YLS ’09
Henry Heiman, YLS ’66
Julie Suk, YLS ‘03
Lindsay Barenz, YLS ’04
Sixtine Van Outryve, YLS ’18
Catherine Chen, YLS ’18
Donna Decker Morris, YLS ‘79
Jessica R. Friedman, YLS ‘84
Poonam Juneja, YLS ’09
Michael Teter, YLS ’02
Mickey Martinez, YLS ‘07
Felix Lopez, YLS ’91
Gerald McIntyre, YLS ’67
Peter M. DelVecchio, YLS ’88
Anju Gupta, YLS ‘03
Amrit Singh, YLS ‘01
Brian E. Smith, YLS ‘03
Joanne Savage, YLS ’04
Sanya Kumar, YLS ‘17
Duncan Kennedy, YLS ‘70
Debra L. Raskin YLS 77
Rosa A. Pizzi, ’07
Lily Halpern, YLS ’21
James Boorsch, YLS ’58
Supporters from Broader Yale Community:
Inderpal Grewal, Professor, Yale University
Ruslan Medzhitov, Sterling Professor, Yale Medical School
Akiko Iwasaki, Professor, Yale Medical School
David A.Hafler, M.D., Professor of Neurology and Professor of Immunobiology, Yale School of Medicine
Joe Craft, Professor, Yale School of Medicine
Jeffrey Bender, MD, Professor of Medicine and Immunobiology, Yale School of Medicine
Joel Rosenbaum, Professor, Molecular, Cellular and Developmental Biology
Carrie Lucas, Associate Professor, Yale School of Medicine
Eric Meffre, PhD, Associate Professor, Yale School of Medicine
Richard Flavell, Yale School of Medicine
Tod Papageorge, Professor Emeritus, Yale School of Art
Deborah Gaines, YC ‘82
Richard W. Laughlin, YDS ’65
David Waugh YC ’82
Ruby Rae Spiegel, YC ‘15
Deborah Gaines, YC ‘82
Olivia Mattis, Ph.D., YC ’84
Carol Simon, YC, ’76
Helen Bronston, YC ‘85
Thomas Linden, YC ’70
Lindsey Ebeling (Williams), YC ‘11
Katherine Tsai, YC ‘05
Dan Preston, YC ‘77
Jacques Leslie, YC ’68
Douglas K. Smith, YC ’71
JoAnne Brown, YC ’76
Barbara Milrod, M.D., YC ’79
Lawrence Jay Wasser, M.D., YC ’70
Ana Ramos-Zayas, YC ’90
Laura Detres Farrell, ‘91
Marian Dolan, YSM ’94
Robert Brown, YC ‘79, YSD ‘82
Louise Spear-Swerling, YGS ‘89
Aura Young, GSAS ’18
Tao Leigh Goffe, GSAS ’15
Janet Hardy, GSAS ‘04
Michael Stern, GSAS ‘76
Cynthia Brown, YSN ’98
Kristie Vermeulen Awad, YSN ‘10
Elizabeth Boyce, YSN ’94
Peter Pohly, YC ’59
David Blevins, YC, ’61
Andrew Kerman, Physics postdoc 2002
J E, Yale staff
Linda Michlin Ludwig, PhD ‘74
Carol Reis Whitehead, YC ’72
Mark Lovett, Yale ’81
Marcia Russell, MPH, PhD, School of Public Health
Lynne Ballew, Founding Board of Editors, Yale Review of Law and Social Action, 1970
Antonella Ansani, Ph.D ‘90
Richard J.J. Scarola, YC ’79
Tom Miller, YC ’60
Amy Bauer, GSAS 1997
Mariel Jensen Bailey YSM ’75
Todd G. Glanz, YC ‘80
Suzanne Willis, PhD ’79
Robert Carpenter, BA ’65, M. Mus. ’68
Kiley Hamlin, PhD, ‘10
Denise Ryan, Yale MFA ’75
Delores Jerde Keahey, M. Mus. ’59
Catherine Wilson, YC
Dwight Andrews, ’93
Desiree Pedescleaux, GSAS
Suzanne Bartholf DeWitt, DVM, YC ’97
Daphne Gemmill EPH ’72 (Public Health School)
Barbara Chase-Riboud, Yale Design & Architecture School ’60
Christina Nordholm, YC ’77
Barry Barankin, YC ‘70
Jonathan Freeman YC ’75
Robert Emmett Curran, Ph.D. ’74
Stephen J Pearson, MD YMS 83
Zoe Adams, YSM ’21
Linus Yamane, GSAS ’91
Anne Nydam, YC ’92
Trygve Steen, Ph.D. ’67
Milton Carrigan, YC ’64
Bill Shields, YC ’72
John M. Gourlie, YC ’62
Cynthia Maris Dantzic, B.F.A. ’55
Jerry Caveney, Ph.D., YGS ”77
Cynthia B. Aten, MD YSM ’81
Micheal LeVine, YC ’62, Ph.D. ’68
Sara Frucht, YC ’80
John Terhorst, GSAS ’11
Kathleen Bonvicini, EdD, MPH ‘90
Gautam Bose, Yale SOM ’84
Antonio L. Arroyo, YC ’81
Ken Goldstein, YC ‘84
Jeff Parish, YC ’66
Kate Levin, PhD, YC ’84
Charles R. Gates, YC ’70
Ken Brownlee, YC ‘84
Robert Menefee, YC ‘79
Matthew Orel, YC ’84
Victoria Kostadinova, YC ’92
L. John Greenfield, Jr., MD, PhD, YC ’80
Michael Hollander, M. Arch.
Patricia Arzuaga, YC ’86
Karen Eisenhauer, YC ’83
Melissa Merritt, YC ‘03
Judith O Pretell, MD PhD, Yale School of Medicine
Meg Guttman, YC ’76
Dick Rees, YC ’57
Elaine Panagakos, YC ’84
Lourdes Sullivan, YC ’83
Robin Osler, M. Arch ’90
William J. McCarthy, Ph.D. ’80
Sandra Levine, M.D., YSM ’65
Jennifer Coates, YC ’84
Quentin Lee, MA ’93
Laurence R. Helfer, YC ’87
Peter DiFrancesca, YC ’04
Lydia Gonzalez, YC ’78
Rev. Joshua Rodriguez-Hobbs, DIV ‘12
Dorian Adams, YC ’71
Jane Zhang, YC ’19
Edward F McKelvey, GSAS MPhil ‘70, PhD ‘75
Kevan Herold M.D.
Joanne Godley, MD, MPH, YMS, YSPH ‘77
Ed Lowry, YC ‘73
David T. Doris, PhD ‘02
Charles Stott, Y. Arch ’93
Kateri Benoit, SOM ‘05
Arthur Swalley, YC ’88
Jean (Mogensen) McKim, YC ’84
Daniel Povinelli, PhD ’91
Wendy Jacobson, YC ‘85
Lucas Moore, YSA ’18
Naftali Kaminski MD, Yale School of Medicine
Janet Hafler, Yale School of Medicine
Terry Watnick, SOM ’86
Audrey Delaney, YC ‘94
Bart Hague, YC ’50
Gary Chanan, YC ’70
Alfred Bothwell, PhD ‘75
Daniel O’Connell Offner, YC ’84
Crystal Liu, YC ‘16
Emily Offner Hollidge, YC ’87
Leslie Meral Schick, YC ‘84
Nancy Pham, YSN ‘17
Jaime Ursic, MFA ‘02
Sarah Weiss, YC ’05
Suzanne Grady, YSN ’94
Faustina A. Roman, YSM ’18
Susan Scheer, YC ’85
Kenise Lyons, GSAS ’12
Paula Derry, Ph.D., YGS ’87
Hannah Oberman-Breindel, YC ’06
Larry Capodilupo III, YC ‘96
Matthew Horgan, YC ’79
Suzanne Woodbury, YC ‘87
Joyce Toth, YC ’84
Paul Hinkes, M.D., YC ’66
Liza M. Grant, YC ’81
Margaret Dodds, GSAS ’59
Clara Mokri, YC ’18
Bibiana Torres, YC ‘22
Curtis Bone, MD, Yale School of Medicine
Alexis Krasilovsky, YC ’71
Stephanie Boegeman, YSPH ’16
Christina Codo, YSM ‘87
Aaron Sojourner, YC ’95
Caitlin Cromwell, YC ’15
Maryellen Pachler, YSN ’03
Dennis Shea, Physician Associate Program, Yale School of Medicine
Elizabeth Esterling Stewart, YC ‘81
Richard Salzano, M.D., YC ‘84
Therese Feng, YC ‘78, PhD ‘99
Stephanie Blas-Lizarazo, YC ‘20
Noah Rae-Grant, YC ’18
Tawnie Olson, YSM ’00
Jay Lane, YC ‘88, GRD ‘97
Mark D. Siegel, MD (YMS)
Joseph Jones, YC ’16
Michael Sparkman, YDS ‘90
Maria Frank, YC ’84
Stephanie Eisenbarth, YMS ’05
Sarah Esterling, YC ’83
Charlene Araujo, YC ‘07
Steph Hagan, YDS ‘19
Katherine Alton Kaynak, YC ’93
Michael Saltzman, YC ’86
Carol Simon YC ’76
Richard H. Minear, YC ’60
Demetra Hufnagel YC ’14
Jo Ellen Green Kaiser, YC 84
Martin E Cobern GSAS ’74 PhD
Flora Irving, YSOM ’19
Meredith Angelson, YC ‘03
Ron Squibbs, YC ’84, PhD ’96
Justin Goff, YC ’06
Brian Frederick, City Planning, Yale School of Architecture ’72
Tess Aldrich, YSN ’09
Stanley L. Kaufman, GSAS, Ph.D. ‘68
David Porter, YC ’10
James Feibel, YC ’55
Lawrence S Cohen, Professor Emeritus of Medicine (Cardiology) and Clinical Professor of Nursing at Yale School of Medicine
Patricia Ohlott YC ’83
Michael Todd, PhD ’73
Amanda R Morin, YC ’06
Christiane H. Citron, YC ’71
Joan Gaylord, YC ’96
Mariah Xu, YC ’16
Elizabeth Jusino YC ’83
James Smithers, PhD ‘91
David G. Schatz, YC ’80, Professor of Immunobiology and Professor of Molecular Biophysics and Biochemistry; Chair of Immunobiology at Yale School of Medicine
Laura Frye-Levine, FES ’08
Meg Arenberg, Yale FES ’09
Joao P. Pereira, Associate Professor, Yale Medical School
Rachel Silver, M.A. ‘09


Monday, September 17, 2018

"A new research report finds that the retirement savings levels of working age Americans remain deeply inadequate despite economic recovery"-National Institute on Retirement Security

WASHINGTON, D.C., SEPTEMBER 17, 2018 – A new research report finds that the retirement savings levels of working age Americans remain deeply inadequate despite economic recovery. An analysis of U.S. Census Bureau data reveals that the median retirement account balance among all working individuals is $0.00. The data also indicate that 57 percent (more than 100 million) of working age individuals do not own any retirement account assets in an employer-sponsored 401(k)-type plan, individual account or pension. 

The analysis finds that overall, four out of five working Americans have less than one year’s income saved in retirement accounts. Also, 77 percent of Americans fall short of conservative retirement savings targets for their age based on working until age 67, even after counting an individual’s entire net worth – a generous measure of retirement savings. Moreover, a large majority of working Americans cannot meet even a substantially reduced savings target.

Growing income inequality widens the gap in retirement account ownership. Workers in the top income quartile are five times more likely to have retirement accounts than workers in the lowest income quartile. And those Individuals with retirement accounts have, on average, more than three times the annual income of individuals who do not own retirement accounts.

These findings are contained in a new research report, Retirement in America | Out of Reach for Most Americans? The report is issued today by the National Institute on Retirement Security (NIRS), and is available here.

A webinar to review the findings is scheduled for Thursday, September 20, 2018, at 11 AM ET. Register here.

“The facts and data are clear. Retirement is in peril for most working-class Americans,” says Diane Oakley, report author and NIRS executive director. “When all working individuals are considered — not just the minority with retirement accounts — the typical working American has zero, zilch, nothing saved for retirement.”

Oakley added, “What this report means is that the American dream of a modest retirement after a lifetime of work now is a middle-class nightmare. Even among workers who have accumulated savings in retirement accounts, the typical worker had a low account balance of $40,000. This is far off-track from the savings levels Americans need if they hope to sustain their standard of living in retirement.” 

The retirement savings shortfall can be attributed to a multitude of factors and a breakdown of the nation’s retirement infrastructure. There is a massive retirement plan coverage gap among American workers, fewer workers have stable and secure pensions, 401(k)-style defined contribution (DC) individual accounts provide less savings and protection, and jumps in Social Security retirement age translate into lower retirement income.   

The catastrophic financial crisis of 2008 exposed the vulnerability of the DC-centered retirement system. Many Americans saw the value of their retirement plans plummet when the financial markets crashed and destroyed trillions of dollars of household wealth. Asset values in Americans’ retirement accounts fell from $9.3 trillion at the end of 2007 to $7.2 trillion at the end of 2008. The economic downturn also triggered a decline in total contributions to DC retirement accounts as many employers stopped matching employee contributions for a time pushing total contributions below 2008 levels. Since then, the combined value of 401(k)-type accounts and IRAs reached $16.9 trillion by the end of 2017. Unfortunately, this increase in total retirement account assets did not translate to improved retirement security for the majority of American workers and their families who have nothing saved.

In this uncertain environment, Americans face an ongoing quandary: how much income will they need to retire, and can they ever save enough? To maintain their standard of living in retirement, the typical working American needs to replace roughly 85 percent of pre-retirement income. Social Security, under the current benefit formula, provides a replacement rate of roughly 35 percent for a typical worker. This leaves a retirement income gap equal to 50 percent of pre-retirement earnings that must be filled through other means.

The key findings of this report are as follows:

·         Account ownership rates are closely correlated with income and wealth. More than 100 million working age individuals (57 percent) do not own any retirement account assets, whether in an employer-sponsored 401(k)-type plan or an IRA nor are they covered by defined benefit (DB) pensions. Individuals who do own retirement accounts have, on average, more than three times the annual income of individuals who do not own retirement accounts.

·         The typical working age American has no retirement savings. When all working individuals are included—not just individuals with retirement accounts—the median retirement account balance is $0 among all working individuals. Even among workers who have accumulated savings in retirement accounts, the typical worker had a modest account balance of $40,000. Furthermore, some 68 percent of individuals age 55 to 64 have retirement savings equal to less than one times their annual income, which is far below what they will need to maintain their standard of living over their expected years in retirement.

·         Three-fourths (77 percent) of Americans fall short of conservative retirement savings targets for their age and income based on working until age 67 even after counting an individual’s entire net worth—a generous measure of retirement savings. Due to a long-term trend toward income and wealth inequality that only worsened during the recent economic recovery, a large majority of the bottom half of Americans cannot meet even a substantially reduced savings target.

·         Public policy can play a critical role in putting all Americans on a path toward a secure retirement by strengthening Social Security, expanding access to low-cost, high quality retirement plans, and helping low-income workers and families save. Social Security, the primary underpinning of retirement income security, could be strengthened to stabilize system financing and enhance benefits for vulnerable populations. States across the nation are taking key steps to expand access to workplace retirement savings, with enrollment in state-based programs this year starting in Oregon, Washington and Illinois. Other proposals to expand coverage are on the national agenda but universal retirement plan coverage has not become a national priority. Finally, expanding the Saver’s Credit and making it refundable could help boost the retirement savings of lower-income families.

To understand the challenges working-class individuals face in retirement, the report provides an analysis of the U.S. Census Bureau’s Survey of Income and Program Participation (SIPP) data released in 2016 and 2017. The study analyzes workplace retirement plan coverage, retirement account ownership, and retirement savings as a percentage of income, and estimates the share of workers that meet financial industry recommended benchmarks for retirement savings.

The National Institute on Retirement Security is a non-profit organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy through national research and education programs. Located in Washington, D.C., NIRS has a diverse membership of organizations interested in retirement including financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at

Contact: Kelly Kenneally 202.457.8190 o 202.256.1445 m

Wednesday, September 12, 2018

“If you want to feel less stressed, become happier, and live longer: Start singing!”

“Music makes everything better! It can relieve pain, reduces stress, makes you work harder, and helps you relax. Music is one of life's most beautiful gifts. To quote Jimi Hendrix: ‘Music doesn't lie. If there is something to be changed in this world, then it can only happen through music.’

“One of the best ways to capture the benefits of music is through singing. It allows you to truly feel the song with your mind, body, and soul. Research has shown singing can improve your health, increase happiness and even extend your life! No matter who or where you are, you can reap the many benefits of music by singing along to some tunes! Sing wherever you are.

“Singing is even good for your brain and can make you feel high. It releases endorphins, hormones that produce pleasure, simultaneous to oxytocin, hormones that diminish stress and anxiety. Oxytocin also decreases feelings of depression and loneliness, making us feel more connected with the world, which is precisely why singing with other people feels even better!

A study done by scientists at the University of Gothenburg in Sweden found people who sing together become so connected they exhibit synchronized heartbeats. Anyone who has ever been in choir can attest to this. When the magical sound of several people singing together is created, there is an unexplained unity between those singing.

“Singing also requires deep concentration on breathing, which works major muscle groups in the upper body and is great for both lung and cardiovascular health. Björn Vickhoff, the leader of the study, stated: ‘Song is a form of regular, controlled breathing, since breathing out occurs on the song phrases and inhaling takes place between these. It gives you pretty much the same effect as yoga breathing. It helps you relax, and there are indications that it does provide a heart benefit.’ Therefore, one could make the argument that singing is better for you than doing yoga! Research has also proven that singing produces lower levels of cortisol, reducing stress while improving our immune systems.

Lastly, a joint study from Harvard and Yale Universities in 2008 found singing increases life expectancy. If you want to feel less stressed, become happier, and live longer: Start singing!(New research says singing daily reduces stress, clears sinuses, and helps you live longer).