Happy Holidays!
VOL. 62, No. 51
December 26, 2013 - January 1, 2014
LIVING THE LIFE I LOVE
www.tsdmemphis.com
ANALYSIS
Are you willing to stop fattening up pigs this Christmas?
Retirement crisis looms! Alarming number of African-American households have no retirement account
Dear Readers:
New America Media
by Paul Kleyman
This week, I want to write a letter to YOU! After all, it is Christmas. Last week, I had the privilege of hearing my 13year-old grandson, Asa, and three of his peers “preach” at his Lucy church. It was the Shaw annual children’s celebration. Each year, young people entering or coming through puberty are selected to deliver sermonettes. They are helped and coached by committed adult church leaders in the preparation and delivery of the “Word.” The theme this year was PEACE. Children of all ages participated in the program; two girls and two boys preached. The power and uniqueness of gender and age was a joy to observe. Yet, my greatest joy was seeing the power of The Christ being born and revealed through these four young people. My grandson’s sermon was titled, “Too Many Voices in Here.” His text was that of Jesus casting out the demons from the possessed man raging in the cemetery. He, like his friends, delivered a powerful message with equal elements of humor, profound insight into human nature and the wonder of healing grace. So what did I learn that I want to pass on? The man in the cemetery said he was possessed of legions of demons. One Roman legion might have as many as 3000 men! That would be for the possessed man at least 3,000-
SEE PIGS ON PAGE 2
Study: Three of four African-American households and four in five Latino households of working age have less than $10,000 in retirement savings. About two-thirds of African-American (62 percent) and Latino (69 percent) households of working age have not one dime in a retirement account, compared to a stillpaltry one-third (37 percent) of white households. (Photo: Karanja A. Ajanaku)
- INSIDE -
“People of color face particularly severe challenges in preparing for retirement,” according to a new report titled, “Race and Retirement Insecurity in the United States,” by the National Institute on Retirement Security (NIRS). Although every demographic group faces significant risks, says the analysis, “Americans of color are significantly less likely than whites to have an employer-sponsored retirement plan or an individual retirement account (IRA), which substantially drives down the level of retirement savings.” In a live webinar last week, NIRS Research Manager Nari Rhee said that unless the United States addresses the paucity of retirement resources, “I think we’re in real trouble.” Underscoring the national retirement crisis ahead is the report’s finding that the typical U.S. household nearing retirement has only an average of $12,000 set aside in retirement savings to supplement often modest Social Security checks. Delving into federal data, Rhee examined racial disparities in retirement readiness among working households age 25-64. She found that three of four black households and four in five Latino households of working age have less than $10,000 in retirement savings, compared to half of white households. In addition, says the report, about two-thirds of African-American (62 percent) and Latino (69 percent) households of working age have not one dime in a retirement account, compared to a still-paltry one-third (37 percent) of white households. According to the report, “Workers of color, in particular Latinos, are sig-
The Root
by Janell Ross • Kwanzaa schedule accents cultural awareness, fun. See Community, page 11. • Tigers tame foe with hometown flavor. See Sports, page 12.
Joe Jackson v. Tyler Stone
MEMPHIS WEEKEND
FRIDAY
SATURDAY
SUNDAY
H- 5 4o - L - 3 3o Su nny
H- 5 8o - L - 3 7o S unn y
H- 5 3o - L - 3 2o Cl o udy
Friday H-58 L-34 H-50 L-27 H-58 L-28
Saturday H-60 L-37 H-57 L-32 H-61 L-33
Sunday H-54 L-32 H-52 L-29 H-63 L-34
nificantly less likely than white workers to be covered by an employersponsored retirement plan.” While 62 percent of whites had pensions, just over half (54 percent) of working age black and Asian workers and 38 percent of Latino employees work for an employer that sponsors a retirement plan. The report stresses, “Some 92 percent of working households do not meet conservative retirement-savings targets for their age and income. Even when counting their entire net worth, 65 percent still fall short.”
Racial disparities between public, private pensions
A major area of retirement security for non-white workers has been landing a government job, such as a postal carrier, teacher or transit worker. According to the NIRS report, 81 percent of all public employees report having an employer-sponsored retirement plan compared to only 52 percent of private employees. In addition, most retirement benefits in public jobs are in more generous traditional pensions that provide retirees a defined amount every month with cost-of-living increases to keep ahead of inflation. In contrast, most private employers that do offer pensions set up 401(k) type plans to which they may contribute funds, but which leave investment decisions (which funds to put the money in) up to individual workers. The report emphasizes, “Interracial disparities are much greater in the private sector than in the public sector.” Rhee said in an e-mail, however, that SEE CRISIS ON PAGE 3
’Tis the season for AfricanAmerican nonprofits to suffer
• 2016 dream ticket: Hillary and Michelle. See Opinion, page 4.
REGIONAL TEMPS LITTLE ROCK NASHVILLE JACKSON, MS
75 Cents
Girls on fire…
Rainey Harris (right) sang Alicia Keyʼs “Girl On Fire” and dedicated it to Tennessee State University President (and Memphis native) Dr. Glenda Baskin Glover during the “Winter Wonderland” 2013 Annual Holiday Gala presented by the TSU National Alumni Association Memphis Shelby County Chapter at The Hotel Memphis, 2625 Thousand Oaks Blvd., last Friday (Dec. 20.). The alumni chapter also presented Dr. Glover with $51,011.12 check for the TSU Foundation. Photo: Tyrone P. Easley
For Thembi Duncan, it seemed like the kind of opportunity best described as golden. A popular Washington, D.C., radio talk show wanted Duncan – the new producing artistic director of the African Continuum Theatre Company – for an interview on the air. As recently as 2011, the African Continuum, once billed as D.C.’s only professional black theater company, had a six-figure production budget. Then, leadership changes and a general malaise around donations hit. Production stopped. Now, Duncan is working to rebuild, and the radio show was needed visibility at a critical time of year for giving. But some of the radio callers offered biting commentary. The African Continuum might break even, perhaps even turn a “profit,” if it would move away from snooty plays written by long-dead African-American literary giants. Put a Tyler Perry play on the stage, a caller said. And a good show about a woman wronged or a man scorned and then saved by the blood of Jesus always sells tickets, several callers suggested. “We are in a rather unusual position in the charitable world,” Duncan told The Root. “Like every other nonprofit, we live and die by donations. But we are not an organization that feeds hungry children. So there are just some people (to) whom we don’t make sense or seem like a priority. For others, they can’t see why we don’t simply focus on commercial goals, put on something mass market. But we contribute something very important to an underserved community, too.” For nearly every fundraiser, the holiday season is critical, a time when American generosity seems to surge. And, one little-known truth in a coun-
try where African Americans are frequently depicted and described exclusively as charity recipients and, worse still, “takers,” black Americans respond to the call for charity more often than others. But in black America, the season for giving has also produced another little talked-about reality: Some causes suffer mightily. Black philanthropic giving – much like white giving – remains overwhelmingly directed at churches. However, for many black famiAfrican Amer- lies, the giving icans are often stops there. black incheerful Secular stitutions, includgivers, but ing historically the donations black colleges universities, go mostly to and museums and church, leav- other nonprofits, left struggling ing other in- are to survive. stitutions in In 2012, the W.K. Kellogg need. Foundation, a Michigan-based organization, released a study confirming that African Americans give larger shares of their income to charity than any other group. The report also found that a growing legion of identity-based foundations and giving circles such as the Associated Black Charities of Mayland together funnel about $400 million a year to a wide variety of organizations. It did not look at where these foundations are directing pooled contributions. A 2005 study did, noting that individual black households are noticeably more generous in religious giving. The average black household contributed $924 to a church or religious institution, the study found, compared to an average of about $814 donated by white households. But, SEE NONPROFITS ON PAGE 3