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You'll Never Retire at This Rate
Motley Fool – June 30, 2009
It's bad enough that the market is down 40% from its high in October 2007, and that the major indices -- and for many, our index-fund-powered 401(k) balances -- are sitting at 1997 levels.
Et Tu, AARP? Good Guys Cut 401(k)s, Too
New York Times – June 26, 2009
It’s been a truly ugly year for just about everyone saving money in a retirement account at work.
Study: Pension funding rules impacting 401(k) matches
The Oregonian – June 16, 2009
A study of 251 employers that have suspended 401(k) matches for 4.4 million workers found that at least half of the employees were covered by pension plans.
The safety of your pension
Money – June 8, 2009
Can you count on those monthly pension checks from your former employer? Five things you need to know.
GM bankruptcy puts retiree benefits in jeopardy
KSRO-AM (Sonoma County, CA) – June 2, 2009
GM's filing for Chapter 11 bankruptcy protection has many wondering...Did GM’s past write checks its future can’t cash?
Is The 401(k) A Good Deal For America's Workers?
All Things Considered on NPR – June 1, 2009
The 401(k) is the one part of the U.S. tax code that everybody has heard of. During the giddy stock market rise of the 1990s, it was a source of delight for aging workers. During last fall's market crash, "401(k)" practically became a curse word.
Jobs That Still Offer Traditional Pensions
U.S. News & World Report – June 1, 2009
Traditional pensions that pay out guaranteed benefits for life aren't easy to come by these days, as most employers have long since abandoned their traditional pension plans in favor of 401(k)'s. Still, there are some holdout industries that continue to reward lifelong employees with gold-plated retirement benefits. Here are a few places to look for jobs that may offer the coveted traditional pension.
Pension Benefits Are Protected in a Bankruptcy
Wall Street Journal via Yahoo! Finance – May 31, 2009
What are the rights of senior citizens who are supposed to get pension benefits from companies in bankruptcy?
End of the 401(k) match leaves workers in the lurch
Boston Globe – May 31, 2009
Two major market crashes in a single decade have smashed the assumptions of retirement savers everywhere. And now, numerous employers are reneging on their part of the retirement equation - taking the dollars off the table they've traditionally added to workers' 401(k) savings just when employees need the help most.
Learning to Protect Your Pension
ABC News/Good Morning America – May 27, 2009
Continental Claims Pilots Scammed Pension System, Millions of Others Still Worried
Airline: Pilots Divorced to Defraud Pension Plan (video only)
ABC News/Good Morning America – May 27, 2009
Continental Claims 9 Couples Split to Get Lump-Sum Payout of Pensions
Sunday on The Rick Smith Show
The Rick Smith Show on WHYL – May 24, 2009
Nancy Hwa, Communication Director for the Pension Rights Center will be on hand to discuss the current health of the American pension system. [Segment starts about 11 minutes into the program.]
Treasury Allows More Flexibility on Small-Business 401(k)s
Bloomberg News – May 22, 2009
Small businesses facing financial hardship won relief from the U.S. Treasury through new rules providing more flexibility to suspend contributions to employee 401(k) retirement accounts.
Downturn Accelerating Demise of Traditional Pension
Money Management Executive – May 22, 2009
Companies are finding that pension plans are far too expensive to offer, despite the tax breaks, USA Today reports. Since the beginning of the year, at least 20 companies have frozen their pension plans; by comparison, that many companies did so throughout all of 2008.
Traditional company pensions are going away fast
USA Today – May 22, 2009
The number of companies offering traditional defined benefit pension plans was shrinking even before the recession, but the downturn has accelerated the decline.
Lump-Sum Distributions Become Harder to Get
Wall Street Journal via Yahoo! Finance – May 20, 2009
The option of a lump sum on retirement is likely to disappear for a lot more workers this fall.
Pension Benefit Guaranty Board Gives Little Oversight, GAO Says
Bloomberg News – May 19, 2009
The board of the government-owned Pension Benefit Guaranty Corp. that pays pensions to 44 million Americans hasn’t met in 15 months and lacks the resources for proper oversight, the Government Accountability Office said.
401(k) plans take hit from economy
The Tennessean – May 18, 2009
Just like during the last stock market bust earlier this decade, employers are yet again suspending or eliminating their contributions to 401(k) plans to save cash. But this time, more of them are doing it and the trend is crossing multiple industries.
U.S. trying to take over LandAmerica pensions
Richmond Times-Dispatch – May 12, 2009
LandAmerica Financial Group Inc. said its pension plan has enough money, but a federal agency yesterday took steps to relieve the Henrico County-based company from overseeing the fund.
More companies freeze pensions
USA Today – May 11, 2009
The number of companies that have frozen their traditional pension plans has accelerated sharply this year, a trend that will likely continue as companies wrestle with declining profits and poor investment returns.
More Pensions Being Frozen in 2009
MyFoxBoston – May 11, 2009
More soon-to-be retirees are facing hard times when it comes to their pensions.
Better get used to your 401(k)
MarketWatch – May 11, 2009
More than half of Fortune 100 companies now offer only a 401(k) or other defined-contribution plan to new employees, the first time a majority of the nation's 100 largest firms does not offer a traditional pension, according to an annual survey released Monday by consulting firm Watson Wyatt.
Don't let pension problems stop you from investing early in your retirement
Palm Beach Post – May 10, 2009
These days, we're lucky if our companies still offer matching contributions to our 401(k) plans.
US funds: retirement aid to return after recession
Reuters – May 8, 2009
More U.S. companies have trimmed or eliminated contributions to their employees' 401(k) retirement funds this year, top fund industry executives said on Friday, but said they expect benefits will be restored when the economy recovers.
Wells Fargo Freezes Pension Plan
U.S. News & World Report – May 6, 2009
Wells Fargo, a company that announced record earnings of $3.05 billion in April, is freezing its traditional pension plan for employees.
Wells Fargo freezes traditional pension plan
San Francisco Chronicle – May 6, 2009
Wells Fargo & Co. told employees on Monday it will no longer contribute to their traditional pension plan, effectively cutting the total compensation of its workers less than two weeks after announcing record first-quarter profit.
Does America need a new retirement system?
MSNBC – May 5, 2009
We may need help, but don’t necessarily trust someone else to save us.
The Law: Shutting Down to Avoid Paying Pensions
AARP Bulletin – May 1, 2009
The issue: Can a company shut down a plant in order to avoid paying workers their pensions?
Who Shredded Our Safety Net?
Mother Jones – May/June 2009
What starts with "f," ends with "k," and means "screw your workers"? That's right—401(k).
Tax experts warn: Take another look at withholding
AccountingWeb.com – April 29, 2009
The federal government has put a little extra cash into the hands of Americans by requiring employers to withhold less federal tax, resulting in bigger paychecks and monthly pension payments.
Losing your employer's 401(k) match?
Boston Globe (blog) – April 27, 2009
According to a list published by the Pension Rights Center, almost 200 companies have eliminated or reduced the employer match on 401(k) plans since December of 2008.
Pensions Plans in Peril
Dollars & Sense blog – April 25, 2009
If the auto industry is allowed to dump their pension plans through bankruptcy, it could put the pensions of millions of other retired workers at risk.
Bills focus on ill 401(k)
Gloucester County Times – April 24, 2009
Rep. Rob Andrews, D-1st Dist., is advocating new regulations on 401(k) plans after the stock market slump that dissolved so many retirement accounts.
Plight of Carmakers Could Upset All Pension Plans
New York Times – April 24, 2009
Decisions that the government will make soon on the future of General Motors and Chrysler could accelerate the decline of traditional pension plans, which have sheltered generations of workers from an impoverished old age.
Potential Pension Glitch
AARP Bulletin Today – April 23, 2009
Consider adjusting your withholding, or you could be in for a tax surprise.
How Much You Lose When Your Employer Cuts Your 401(k) Match
U.S. News and World Report – April 14, 2009
Many employees these days are realizing that the loss of a job benefit they once took for granted—the 401(k) match—is making a bit of a dent in their retirement portfolio.
Calpensions: Push to overhaul private-sector pensions
Capitol Weekly (CA) – April 9, 2009
Could a drive to improve retirement security in the private sector undermine public employee pensions?
Are 401(k)s Safe During Weak Economy?
WTMW – April 9, 2009
For years, 401(k) plans have been replacing defined-benefit pension plans as the retirement option of choice among U.S. employers. But the financial crisis has some asking if the 401k has seen its day.
25 things vanishing in America, part 2: 401(k) company matches
WalletPop – April 6, 2009
The company match for employee 401(k)s is disappearing – just at the point where we need it most.
Recession changes 401(k) match game
Clarion-Ledger (Jackson, MS) – April 5, 2009
Retirement has become more of an uncertainty for many because of the ongoing recession, but for a number of workers there is another hurdle.
Is the Economy Killing the 401(k)?
Money – April 3, 2009
For beleaguered investors in 401(k) retirement plans, the news keeps getting worse.
Podcast 27: Retirement USA
Fairness Initiative on Low-Wage Work – April 2, 2009
This 5-minute podcast features Karen Friedman of the Pension Rights Center talking about America’s retirement system. The current system fails low-wage workers. [Click on "Download" to listen to the podcast.]
Gibraltar halts 401(k) matching
Buffalo News – April 1, 2009
Gibraltar Industries has stopped making matching contributions to its workers’ 401(k) accounts as the Hamburgbased building products and steel processing firm grapples with deep slumps in its key housing and automotive markets.
Not So Golden: Employees -- and Employers -- Feel the Pinch from Shortfalls in Retirement Funding
Knowledge@Wharton – April 1, 2009
The golden years for most Americans appear increasingly threatened by the global financial crisis. Retirement accounts have lost from $2 trillion to $4 trillion as stocks have tumbled nearly 50% from their peak in 2007.
JPMorgan Said to Delay Contributions to Employees’ 401(k) Plans
Bloomberg News – March 26, 2009
JPMorgan Chase & Co. will delay contributions to 401(k) retirement plans for salaried employees until the end of the year and may reduce the payments, according to a person who received a company memo on the changes.
Employers cut back on 401(k) matches
Daily Finance – March 26, 2009
Seeking to find cash wherever they can in this tough economic climate, 34 percent of companies have reduced or eliminated their matching funds to employee 401(k)s, and 29 percent plan to do so in the next 12 months, according to a survey by the Spectrem Group.
Older workers are invaluable
Daily Breeze (Torrance, CA) – March 26, 2009
I would like to share some information from a conference I recently attended in Las Vegas. It was a workforce summit sponsored by the National Council on Aging, and was part of a larger conference, titled "Aging in America," sponsored by NCOA and the American Society on Aging.
More U.S. Employers Reducing 401(k) Match, Study Says
Bloomberg News – March 25, 2009
U.S. companies are cutting back matching contributions to employee retirement plans to save cash, and the trend is growing, according to a survey by Spectrem Group.
AARP Suspends 401(k) Match
U.S. News & World Report – March 25, 2009
AARP, a giant advocacy group representing the interests of older Americans that used to be called the American Association of Retired Persons, suspended its 401(k) match, effective this week.
$2 trillion loss of 401(k) assets stokes anger, fear
Pittsburgh Tribune-Review – March 22, 2009
Burned by a tanking economy, spiraling unemployment and a plummeting housing market, stunned investors watched Wall Street's worst bear market since 1980 erase more than $2 trillion of 401(k) assets in 17 months. The fallout, particularly among those ready to retire, raises questions about the viability and security of America's retirement system.
What to Watch in Washington
BusinessWeek – March 17, 2009
How could the Obama Administration and Congress change the way you save for your golden years? Here's a look.
What to do if you lose your 401(k) match
Bankrate.com – March 16, 2009
The list of major employers that have halted their 401(k) match continues to grow as corporate profits hit the skids, forcing thousands of retirement savers to fend for themselves -- at least until the economy recovers.
401(k) Plans Need Fixes, Advocates Tell Lawmakers
Bloomberg News – March 16, 2009
U.S. lawmakers should reform retirement plans after 401(k) and Individual Retirement Accounts lost more than $2 trillion in value since October 2007, a group of consumer and labor groups said.
HR Choices Ahead
Human Resource Executive Online – March 16, 2009
Against the background of economic turmoil, March has been a busy month for discussions about retirement-plan changes.
Our Diminished Futures
Washington Post Writers Group – March 12, 2009
We need to confront an elemental truth: No Wall Street rally can obscure the scary historical prospect that most Americans now working can expect to have less income security in retirement than their parents. [Note: this syndicated column appeared in the Miami Herald and in the Indianapolis Star on March 13, 2009, and in the Albany Times-Union on March 14.]
Coalition Unveils Principles for Creating A Universal Private Retirement System [PDF]
BNA Pension & Benefits Daily – March 11, 2009
Pension activists are hopeful President Obama will support a bold retirement security initiative, notwithstanding competing economic and political priorities, Karen Ferguson, director of the Washington, D.C., based Pension Rights Center, said at March 10 news briefing.
[Reproduced with permission from Pension & Benefits Daily (Mar. 11, 2009). Copyright 2009 by The Bureau of National Affairs, Inc. (800-372-1033) <http://www.bna.com>]
Retirement savings: The sleeper issue?
BusinessWeek – March 10, 2009
The Obama Administration’s agenda, and Congress’s, has focused heavily on health-care energy and education. But a fourth issue is gradually building in the wings – retirement security. At least one person close to the administration sees the issue growing in prominence over the coming months.
Coalition Launches Project To Revamp Retirement System
Dow Jones Newswires via Smartmoney – March 10, 2009
Pension advocacy groups joined forces with a union to launch a project aimed at overhauling the U.S. retirement system and mapping a blueprint for a new model, moves that follow outcry from significant financial losses brought via the economic downturn.
Group pushes for required contributory plan
Pensions & Investments – March 10, 2009
All employers would be required to contribute to a retirement plan for their workers under a series of reform principles offered today by a group of worker advocacy and policy associations.
Mandatory retirement policy creeps closer
Pensions & Investments – March 9, 2009
President Barack Obama is promoting two proposals that would deliver two more blows to the voluntary nature of the private retirement system.
St. Louis companies cut pay, furlough workers
St. Louis Post-Dispatch – March 8, 2009
Pay cuts come in several forms: unpaid furloughs, pension freezes, cuts in employer contributions to 401(k) plans and the shifting of health insurance costs to workers, along with old-fashioned salary reductions.
When The Nest Egg Cracks
The Morning News (Northwest Arkansas) – March 6, 2009
Financial Experts Eye Alternatives After 401(k) Retirement Plans Roiled By Recession
After a 401(k) Match is Cut, Do Workers Stop Saving For Retirement?
U.S. News & World Report – March 4, 2009
A company match to your 401(k) contributions is a valuable incentive to save for retirement. New research confirms that employees are more likely to participate in a 401(k) plan when a match is offered.
Is Your Pension Safe?
MainStreet.com – March 2, 2009
People are worrying about their retirement funds, and with good reason.
Is Your Pension Still Safe?
Kiplinger's Personal Finance – March 2009
Probably. But new rules could make it harder for you to get all of your money.
401 Not OK (video)
ABC Nightline – February 26, 2009
With retirement savings plummeting, learn how to preserve your nest egg.
US Pension Relief Could Be Limited To Active Plans
Dow Jones Newswires via the Wall Street Journal – February 25, 2009
Corporations seeking pension relief from the U.S. Congress could be asked to abstain from freezing their retiree programs as a condition of acceptance.
Companies pull 401(k) contribution program
News14 (North Carolina) – February 25, 2009
More companies are pulling the plug on matching 401(k) contributions as a way to cut costs during the economic slowdown.
End of 401(k) Match Sparks New Strategies
TheStreet.com – February 23, 2009
More than 80 companies, including Ford, Starbucks and FedEx, have reduced or eliminated matching contributions to employees' 401(k)s plans since June 2008, according to the Pension Rights Center.
401(k) plans force difficult choices
The Spokesman-Review/McClatchy-Tribune Information Services – February 23, 2009
The declining stock market isn't the only thing eroding workers' retirement savings. Increasingly, big companies are suspending contributions to their workers' 401(k) plans -- 90 had done so as of last week, according to a count kept by the Pension Rights Center.
Coca-Cola Bottling Co. Suspends 401(k) Match
U.S. News & World Report – February 23, 2009
Note to Coca-Cola Bottling Co. employees: Get your 401(k) match while you still can.
Minding your money: Protecting your pension
Daily Comet (Lafourche Parish, LA) – February 23, 2009
If your employer provides a traditional pension plan you are part of a vanishing breed. According to the Department of Labor, only about 20 percent of private sector workers are covered by pensions today, about half the level of 30 years ago.
DB relief for active plans in the works
Pensions & Investments – February 23, 2009
Corporations might get relief from stringent pension-law funding requirements — but with a big string attached that some experts see as a step toward a mandatory retirement system.
Take opportunity while still working to build retirement cushion (response to second letter)
Chicago Tribune – February 22, 2009
Financial advice columnist answers a reader's question about a "lost" pension.
Protect Your Retirement Savings Without Your Employer's Help
ABC News – February 17, 2009
First, we killed your pension plan; now, we're taking away your 401(k) matching contributions.
Financial Crisis Pulls Billions From Pension Plans, Crimping Consumers’ Dreams and Corporate Profits
Money Morning – February 16, 2009
Last year was a bad one for pension plans worldwide, with the global financial crisis vacuuming an aggregate $5 trillion from company operated retirement plans in such key markets as the United States, Japan the United Kingdom and The Netherlands.
What you shouldn’t scale back
Daily Herald (Provo, UT) – February 14, 2009
There are certain things in your budget that can be scaled back very easily, and then there are areas where you simply shouldn't budge.
Save with a Roth, save with a 401(k), but above all: save
Baltimore Sun – February 10, 2009
The steep, and continuing, decline in the stock market isn't the only hit to 401(k)s. A growing number of employers are suspending matching contributions to workers' accounts as the recession drags on.
Elders may need help with finances
Associated Press via Yahoo! Finance – February 6, 2009
At first you might notice a pile of unopened mail. Your normally fastidious mother may be getting sloppy with her checkbook. Your elderly uncle may be behind on his electric bill. The signs are often subtle, but they may indicate that aging relatives are no longer able to handle their personal finances.
OPM urged to notify CSRS participants about survivor annuity rule
GovernmentExecutive.com – February 6, 2009
A Washington advocacy group has asked the Office of Personnel Management to make sure federal employees in the Civil Service Retirement System are aware of a loophole that could prevent their spouses or ex-spouses from claiming a survivor's annuity.
Recession Slows Revival Of Cash Balance Pensions
Dow Jones Newswires via CNN/Money – February 4, 2009
The U.S. recession is slowing the expected growth of a type of pension plan that could potentially lower corporations' costs and risk.
Will Your Spouse Get a Survivor's Benefit?
FedSmith.com – February 4, 2009
Federal workers who are covered by the Civil Service Retirement System (CSRS) may not realize that, if they leave the federal government to work in the private sector and they die before applying for their CSRS pensions, their spouses and ex-spouses will not get a survivor's benefit.
A warning for CSRS spouses
FedLine (The Federal Times' blog) – February 3, 2009
Two retirement security groups are highlighting a little-known provision in the federal government’s rules that could hurt some spouses or children of federal employees under the Civil Service Retirement System.
Experts say legislation to fix fragile pension system doesn't go far enough
Employee Benefit News – February 1, 2009
It's still hard to fathom the enormity of last year's seismic shift on Wall Street that triggered serious cracks in nest eggs whose fragile shells were still hardening across America's rural, suburban and urban landscapes. Recent events raise compelling questions about the long-term health of the ailing nation's pension system.
Swallow hard: What to do if hard times scramble your retirement
El Paso Times – February 1, 2009
If you work for one of the dozens of companies that have reduced or eliminated their matching contribution to their 401(k) retirement plans, don't do anything hasty, most experts say.
Daughter Loses DuPont Pension
AARP Bulletin Today – January 30, 2009
The lesson from a U.S. Supreme Court ruling earlier this week on pension payouts is clear for working Americans: Make sure your designated beneficiary forms are updated or your pension and retirement funds may not go to your loved ones.
Stopping 401(k) Matches: The New No-brainer
CFO.com – January 29, 2009
On a day like Monday, when five big companies reported a total of at least 57,000 layoffs, it was easy to see why CFOs might want to stop providing a match to employees' 401(k) savings. In many cases, it's an easy way to cut a cost worth 2 percent or 3 percent of your payroll without having to give employees more than a week's notice.
Retirement Blues: Financial Crisis Pulls Billions From Pension Plans, Crimping Consumers’ Dreams and Corporate Profits
Money Morning – January 29, 2009
American workers are postponing long-dreamed-of plans for their Golden Years, opting to work longer than they planned, taking second jobs, downsizing the lifestyles they’ve enjoyed for decades, or even all of the above. As headlines from around the world remind us, this global retirement strategy is more than just government reports or statistics — this crisis has a very human face.
Companies reduce pay, freeze hiring, cut 401(k)s
El Paso Times – January 25, 2009
The national recession has prompted some companies to cut employee fringe benefits, reduce wages and institute hiring freezes.
Belk set to freeze pay, cut benefits
Charlotte Observer – January 14, 2009
Belk Inc. plans to curtail executive compensation, freeze salaries and eliminate its contributions to employee retirement accounts for 2009 to help weather the recession, the 121-year-old Charlotte-based department store chain said Tuesday.
31 companies that have cut or changed their 401(k) match
Planning to Retire, US News & World Report blog – January 12, 2009
401(k) matchless? Join the club. At least 31 major companies have cut or changed their contribution to employee 401(k) accounts since the financial crisis began. Most went into effect on the first of this year. Workers at many of these companies must now fund retirement entirely on their own.
Your Company's Fund Is Bruised, but Don't Worry
Washington Post – January 11, 2009
Are the weakened pension plans yet another reason to fret about your financial future? If the retirement experts who track the numbers are right, the answer is no. Your pension is most likely still better off than your 401(k) account.
401(k) match cut? No need to stop saving
Chicago Tribune – January 11, 2009
With more companies cutting their retirement plan matches and implementing pay freezes, 2009 is shaping up to be a bad year for the nest egg. The Pension Rights Center counted about 20 major corporations in December that publicly announced changes (mostly negative) to their 401(k) matches.
Skeptical Lawmakers To Discuss Easing Pension Rules With Cos
Dow Jones via SmartMoney.com – December 2, 2008
A handful of companies plan to meet Tuesday with the lawmakers, regulators and the U.S. pension insurer agency. They plan to ask for modifying pension funding requirements that could force cash-strapped businesses to inject millions into pension plans amid the financial crisis.
Your retirement
Consumer Reports – December 2008 issue
Is my pension safe?
The Economy and Pensions
The Diane Rehm Show – November 24, 2008
Diane and her guests discuss what the financial crisis means for retirement accounts, including pressures on employers, workers, and retirees.
After Losses, Pensions Ask For a Change
New York Times – November 20, 2008
Stung by outsize investment losses, some of the nation’s biggest companies are pushing Congress to roll back rules requiring them to put more money into their pension funds, just two years after President Bush signed a law meant to strengthen the pension system.
Center urges Congress to protect DB participants
Pensions & Investments – November 17, 2008
The Pension Rights Center wants Congress to change federal pension laws to protect participants in single-employer defined benefit plans in response to asset declines caused by the financial crisis.
What Happens if Your Employer Goes Broke
Kiplinger.com – November 17, 2008
What will happen to my health insurance and retirement plans if my employer files for bankruptcy?
Help wanted sign is out for top jobs
Pensions & Investments – November 10, 2008
President-elect Barack Obama — who ran on the promise of change — looks to be living up to his word, based on the potential appointees to top pension and investment policy positions in his incoming administration.
How will Obama tax plans work in this economy?
San Francisco Chronicle – November 6, 2008
On the campaign trail, Barack Obama proposed more than a dozen tax changes that would affect individuals.
Delay pension even in face of a bankruptcy
Chicago Tribune – November 2, 2008
Financial advice columnist answers a reader's question about taking a pension early.
Boomer fears rise as market falls
Chicago Tribune – November 1, 2008
Many older people who have watched in horror as the carnage on Wall Street has shrunk their nest eggs. Even before the crisis, one in five older Americans had been putting off retirement. Now that figure is undoubtedly higher.
401(k) losses: Older investors' retirement funds hit hard
USA Today – October 31, 2008
Older Americans are watching their retirement savings evaporate as the economy slumps and the stock market falters.
Down market squeezes pensions
Boston Globe – October 26, 2008
Some employers drop their plans; Others forced to pump in cash
American Dream is still alive, it's just getting harder for the middle class to achieve it
Press of Atlantic City – October 26, 2008
The financial challenges today are serious: How will I send my child to college? Or pay off my medical expenses? Or retire debt-free? Simply put, costs of food, fuel and other parts of the household budget are soaring, while incomes are staying grounded.
Working Longer as Jobs Contract
New York Times – October 23, 2008
In these extraordinarily turbulent times, with the stock market declining sharply and millions of 401(k) plans plunging in value, many workers are suddenly facing a starker situation — they worry that they might have to work 5, 7, even 10 years later than planned, perhaps well into their 70s.
Pension Plans Hit by Market Mess
CNBC – October 21, 2008
PRC Policy Director Karen Friedman is interviewed on CNBC about the stock market meltdown and retirement income.
Can my pension be reduced?
Money – October 21, 2008
Financial advice columnist answers a reader's question about her pension. The hyperlink in the second to last paragraph links to PRC's Help page.
Social Security recipients to get a raise in 2009
USA Today – October 17, 2008
More than 50 million seniors will see their Social Security benefits increase 5.8% next year, the biggest cost-of-living increase in more than 25 years, the Social Security Administration said Thursday.
Shut out of buyouts: Treasury slam the door on pension transfers to private firms
Employee Benefit News – October 1, 2008
For now, federal regulators at the Treasury Department and the Internal Revenue Service have shot down a proposal that would allow financial institutions and investment firms to acquire frozen defined benefit plans. Some critics are wary of the risk involved in the transfer of a frozen plan's assets.
DoL’s Campbell Wants Senators To Let DoL Do Rulemaking
Plan Adviser – September 17, 2008
A federal regulator on Wednesday urged U.S. Senate lawmakers not to interfere with the U.S. Department of Labor’s (DoL) regulatory scheme for retirement plan fees through additional legislation.
Labor Dept. opens advice window
Pensions & Investments – September 1, 2008
Agency proposes allowing investment companies to offer participant guidance.
Pension ruling a partial win for both sides
Los Angeles Times – August 21, 2008
An appeals court says cash-balance plans are legal, but companies must give employees adequate warning before a conversion.
Planning for Retirement
New York Times – August 21, 2008
Letter to the editor from the Pension Rights Center, responding to an Aug. 15 editorial about 401(k) leakage.
IRS slams door on pension transfers
Business Insurance – August 11, 2008
An Internal Revenue Service and Treasury Department ruling last week will stymie for now any effort by defined benefit pension plan sponsors to transfer their frozen plans to financial services firms, say observers.
Now Wall Street Wants Your Pension, Too
Businessweek – August 5, 2008
The folks who brought you the mortgage mess and the ensuing hedge fund blowups, busted buyouts, and credit market gridlock have another bold idea: buying up and running troubled corporate pension plans.
401(k) plans used to avoid foreclosure
Global Pensions – August 4, 2008
An amendment to legislation which would waiver the 10% early withdrawal penalty for US homeowners who use retirement savings to avoid foreclosure will still be pursued.
Labor, SEC Join to Streamline Retirement-Fund Protection
Washington Post – July 30, 2008
The Labor Department and the Securities and Exchange Commission agreed yesterday to step up their cooperation in protecting $5.8 trillion in 401(k) plans and other retirement assets held by American workers, retirees and their families in employee benefit plans.
10 ways to spot 401(k) abuse
Bankrate.com – July 29, 2008
In 2007, the U.S. Department of Labor's Employee Benefits Security Administration, or EBSA, the agency charged with enforcing 401(k) regulations, investigated more than 1,326 cases of 401(k) mismanagement or malfeasance, resulting in more than $51 million in restitution and penalties.
Fee-Disclosure Proposal Scrutinized
Human Resource Executive Online – July 25, 2008
Most observers were pleased with the proposed fee-disclosure regulation issued by the DOL, which could take effect for the 2009 plan year. It requires both quarterly and annual disclosures, as well as information on investment performance. Critics say the proposal does not go far enough.
Cracking Into Your Nest Egg Early [blog entry]
U.S. News & World Report – July 24, 2008
Most people who diligently tuck money into a 401(k) know that those dollars are intended for retirement. But many 401(k)'s have provisions that allow workers to take loans when necessary. And economically squeezed workers are increasingly raiding their retirement plans to make ends meet.
About half of pension sponsors have frozen plans
Associated Press via Yahoo! News – July 22, 2008
About half of employers with defined-benefit pension plans have frozen one or more of those plans, putting the retirement incomes of millions at risk, according to a government report made public Tuesday.
Raiding the Retirement Stash
Washington Post – July 20, 2008
Would you still put money in a tax-advantaged retirement fund if you couldn't touch it until you retired?
Is your employer doing the '401k float'?
Marketplace Money (NPR) – July 18, 2008
Some Americans are giving their employers an interest-free loan, whether they know it or not. [Click on the "Listen to this story" link on the program's web page to hear the audio.]
In down economy, less upside to DC plans
Financial Week – June 23, 2008
Pensions may be seen as a mill-stone around the corporate neck, but for some companies, these relics of business largesse might actually provide labor management flexibility that their defined-contribution cousins can't match.
Bickering puts pension fixit bill in slow lane
Pensions & Investments – June 10, 2008
Key funding rule change at stake in legislation aimed to fix pension law problems.
Tracking those moving pensions
St. Petersburg Times – May 11, 2008
It's not unusual for workers to become separated from their pensions.
Supreme Court sends investors mixed message
Northeastern Pennsylvania Business Journal – May 5, 2008
A recent ruling defining the rights of 401(k) holders could shape future cases about the responsibility of portfolio managers to protect clients' investments.
Take steps to protect your retirement income
Consumer Reports – April 2008
Don’t be caught off guard by changes to your pension that might result in less income in retirement. Here are a few steps you can take to help smooth out any unpleasant bumps in the road ahead.
Make Sure Your Employer Isn't Misusing 401(k) Money
TheStreet.com – March 20, 2008
If you don't pay attention to your employer's treatment of your 401(k) plan, you might want to start.
Pension help may be available to Floridians [scroll to the bottom]
Florida Today – March 13, 2008
Letter to the Editor from John Hotz, deputy director of the Pension Rights Center.
Pension plans becoming more open
Syndicated column via the Columbus (OH) Dispatch – March 11, 2008
If you're among the Americans who still have a defined benefit pension, 2008 is a good year to pay close attention. New federal rules could affect your benefits.
If company mishandles your 401(k), you can sue
Dallas Morning News – March 3, 2008
A recent landmark ruling from the U.S. Supreme Court could lead workers to believe that they have a potent legal weapon against their employer if their 401(k) loses money.
Employers now responsible for 401(k) mismanagement
Colorado Springs Business Journal – February 29, 2008
A U.S. Supreme Court ruling this month is expected to give employees a greater chance at recovering retirement money lost from a mismanaged 401(k) — and send a warning to business owners.
Pension plan didn’t pan out for Cocoa worker
Florida Today – February 27, 2008
The Pension Rights Center works in the big scope of things to protect and promote the retirement security of America’s workforce.
Quick! Plug Those Holes
Newsweek – February 23, 2008
Individual workers can sue their bosses for mismanaging their 401(k) plans, the Supreme Court said last week.
Ruling Allows Employees to Sue 401(k) Providers
SmartMoney.com – February 21, 2008
Thanks to a U.S. Supreme Court ruling Wednesday you can now sue your 401(k) plan sponsor if you've experienced a loss due to an administrative error or mismanagement of your funds.
Dark Victory for 401(k)
Condé Nast Portfolio – February 21, 2008
Top court says participants can sue, but chief justice leaves an out for companies.
Ruling Allows Workers to Sue On 401(k) Losses
Wall Street Journal via Yahoo! Finance – February 20, 2008
The U.S. Supreme Court unanimously upheld the right of workers to sue over losses in their 401(k) retirement-savings accounts in some circumstances, but pension-law experts said a minority opinion in the case could also bolster some defenses used by employers.
Pensions by the numbers
Star Tribune (Minneapolis, MN) – February 10, 2008
This is a sidebar to the main article, "What's your pension plan?"
Trying to Clear Fog From Pension Plans
New York Times – February 3, 2008
New pension rules being phased in this year may make some employees curious about the financial health of their pension plans — but it’s still hard to get enough information to make an intelligent judgment.
Profile of the Pension Rights Center
NABET News – January/February 2008 issue
The Center is profiled in this publication for members of the National Association of Broadcast Employees & Technicians and the Broadcasting and Cable Television Workers' Sector of the Communications Workers of America.
IBM pension freeze has ripple effects in retirement system
Journal News (White Plains, NY) – January 6, 2008
This month might just mark the moment when workers in America finally accept the idea that pensions are on their way out.
New rules proposed for 401(k)s
Marketplace – December 13, 2007
About 50 million of us contribute to 401(k)s. But returns can vary widely, in part because of the fees we pay to plan administrators. Today the Labor Department proposed some new rules.
Ideas for 401(k) Have-Nots
Washington Post – December 2, 2007
There are ideas percolating that would make it easier for those who don't have access to retirement savings plans to put aside money. The Conversation on Coverage, a PRC initiative, is mentioned.
Can you sue if your 401(k) nest egg is mishandled?
Christian Science Monitor – November 26, 2007
The US Supreme Court on Monday hears a case that will determine if individuals have redress under federal law if their savings plan is mismanaged.
Retirement-Fund Case at Top U.S. Court May Bolster Right to Sue
Bloomberg News – November 26, 2007
James LaRue says he tried to change the investments in his employer-offered 401(k) retirement plan in time to avoid the brunt of the 2001-02 stock market plunge. The problem, LaRue claims in a lawsuit the U.S. Supreme Court will consider today, is that his employer didn't do as he asked, costing him almost $100,000.
Retirement Plan Proposals Abound
Workforce Management – September 2007
During the past few months, a number of coalitions have come up with their own proposals for new and improved defined-benefit and defined-contribution plans.
New Retirement Plan Proposals Emerge from Conversation on Coverage (PDF)
Employee Benefit Plan Review – August 2007
The Conversation on Coverage, representing a new approach to forging consensus on retirement policy, has released four proposals for new types of retirement plans designed to increase coverage among the half of all private-sector workers who are not covered by a retirement plan in the workplace.
Nieces aren't eligible for Social Security benefit
Houston Chronicle – July 25, 2007
Personal finance columnist answers a reader's question about passing on his Social Security and pension benefits to his nieces.
Rank and file owed corner office perks
Investment News – July 16, 2007
Any company that offers non-qualified deferred-compensation plans would have to provide defined benefit pensions to all employees under legislation introduced late last month by Sen. Tom Harkin, D-Iowa.
Benefit plan idea may hurt — or help — DB cause
Pensions & Investments – July 9, 2007
The ERISA Industry Committee proposal for a new national retirement and health program that operates independently of employers could reduce the number of defined benefit plans, some pension industry stakeholders fear. But others in the industry say the proposal could breathe new life into the U.S. benefits system — particularly into DB plans.
Big Ideas for Small Business Retirement Plans
Washington Post – July 1, 2007
One group that's been thinking about ways to help ensure a financially secure retirement for a larger number of people is the Conversation on Coverage, a Pension Rights Center initiative launched in 2001
Group works to redefine retirement dictionary
Employee Benefit News – July 1, 2007
A cohort of retirement analysts have designed a national public policy initiative called “Conversation on Coverage,” which outlines ways to help low- and moderate-income workers save for retirement.
Looking for information on your retirement plan
Providence Journal – June 10, 2007
If you believe you’re entitled to receive a benefit from a pension or other retirement-savings plan, but can’t find the person or organization responsible, here are some resources.
Group's Report Continues 'Conversation' on Retirement Savings
Human Resource Executive Online – May 29, 2007
A group studying retirement savings in the United States, the Conversation on Coverage, released on May 11 a series of recommendations, including the creation of a new "hybrid" plan and a simplified defined-benefit pension plan.
Pension system proposal is worth a look
Investment News – May 21, 2007
The Pension Rights Center, a Washington consumer organization that follows retirement plan rights, recently unveiled a series of proposals designed to help overcome the retirement savings shortfall.
Conversation on Coverage Issues Recommendations
PlanSponsor – May 11, 2007
With less than half the nation’s working adults covered by a workplace retirement program, a group of industry experts has put their heads together to focus on solutions.
Diverse Pension Experts Outline Plan to Increase Coverage
Workforce Management – May 11, 2007
The goal of the initiative, dubbed the Conversation on Coverage, is to increase the number of people participating in retirement savings programs.
Group floats plan to boost retirement savings
Insurance News – May 11, 2007
The “Conversation on Coverage” group, sponsored by the Pension Rights Center in Washington, released a report that focuses on three areas: guaranteed pensions, retirement savings, and expanding small-business pension coverage.
How to Get American Workers to Save More
Wall Street Journal via MarketWatch.com – May 11, 2007
An unlikely coalition of employer, retiree and business groups is expected to unveil proposals today intended to fix problems in the private-sector U.S. retirement system, the latest in a number of such plans vying for lawmakers' attention.
Verizon retirees seek say on pay
Pittsburgh Tribune-Review – May 4, 2007
An activist group of Verizon retirees will set the issue of executive pay before the corporation's board of directors this morning at the company's annual meeting.
New Look for the Nest Egg
New York Times – April 10, 2007
We are in a third generation of changes in corporate retirement plans, and it is still not clear whether this version will succeed better than the others.
Tracking Down Your Long-Lost Pension Payments
Washington Post – February 18, 2007
Although traditional pension plans -- also known as defined-benefit plans -- have a fiduciary obligation to pay benefits, they don't have to chase down potential recipients.
Former Bank of Lodi employees unable to access 401(k) funds
Stockton Record – December 13, 2006
Bank of Lodi's former employees are still unable to access funds in their 401(k) retirement and profit-sharing accounts because of a discrepancy in the number of stock shares held by employees, and Placer Sierra Bank officials don't know when the freeze will end.
If Company Goes Bankrupt, Don’t Count on Your Pension
New York Times – October 24, 2006
When a company is in such severe financial trouble that paying the pensions it owes could put it out of business, it can turn the responsibility over to the pension agency in a so-called distress termination.
Retirement, Squeezed
Washington Post – September 17, 2006
As Traditional Plans Decline, Workers Face a Less Certain Future
DuPont Shift to Defined Contribution Plan Consistent With Trends
BNA Pension and Benefits – September 1, 2006
The DuPont Company's recent announcement that it is shifting retirement benefits toward defined contribution pension plans is consistent with current employer-provided pension plan trends, which will be accelerated by the new Pension Protection Act, practitioners told BNA Aug. 30.
Law to boost pension costs at companies
Boston Globe – August 19, 2006
Analysts say hikes will hasten end of traditional programs.
Deciphering the New Retirement Law
BusinessWeek Online – August 18, 2006
H.R. 4, 907 pages of pension legislation, has changes that will affect every worker, regardless of age and income
Congress passes complex pension bill full of favors
Northwest Labor Press – August 18, 2006
In July and August, the U.S. House and Senate approved what Massachusetts Senator Ted Kennedy called “the most important action to safeguard the retirement of hard-working Americans in a generation.”
Bush signs massive pension overhaul
Associated Press via USA Today – August 17, 2006
President Bush on Thursday signed new rules to prod companies into shoring up their pension plans with a tough message for corporate America: "Set aside enough money now."
Pension Reform: Write a check
Seattle Post-Intelligencer – August 10, 2006
The bill doesn't do enough to balance a $450 billion shortfall in pension funding, nor will it prevent companies from using bankruptcy courts to dodge their pension obligations. It even permits sleight-of-hand accounting.
Pension reform aims to boost savings
The Christian Science Monitor – August 9, 2006
Under legislation that will soon be signed by President Bush, key features of the nation's pension system will shift from discretion toward autopilot for both companies and workers.
As more companies adopt cash-balance plans, what you need to know
USA Today – August 7, 2006
The pension-reform act passed by Congress last week isn't expected to reverse the trend away from traditional pensions. It could encourage more companies to shift to the cash-balance type of plan, a hybrid that mixes features of a traditional pension and a 401(k).
Court: IBM cash-balance pension is okay
CNN Money.com – August 7, 2006
In a victory for IBM, an appeals court on Monday ruled that IBM's conversion of its traditional pension plan to a cash-balance plan did not discriminate against older workers.
Change to boost 401(k)s, put brakes on pensions
Dallas Morning News – August 7, 2006
Congress' pension reform bill will spark more savings in 401(k) plans but hasten the death of traditional pension plans, experts said Friday.
Reaction mixed to pension reform
The Republican – August 5, 2006
The pension reform bill that recently passed the House and Senate won praise yesterday from the Massachusetts Mutual Life Insurance Co., based in Springfield, Mass., but protests from the chief executive officer of the city's Teamsters union.
What's At Stake In The New Pension Bill
Nightly Business Report – August 4, 2006
Early this morning, the Senate passed a plan to shore up the Pension Benefit Guaranty Corporation and ensure better funding for the defined benefit plans that cover 44 million Americans.
Freeze To Get Deeper
HR Magazine – August 2006More plan sponsors will freeze their defined benefit plans in the next few years, retirement experts predict, continuing a 20-year shift toward defined contribution plans as the favored vehicle for employee retirement saving.
Pension bill under fire from Teamsters
The Republican – July 31, 2006Tucked inside the 900-page bill is a brief amendment that Springfield-area Teamsters say threatens their pensions by allowing labor and management to reopen agreed benefit packages in ways that could cut benefits.
Senate considers pension overhaul
Marketplace Radio – July 31, 2006Many companies have been underfunding their pension plans, so this week the Senate's expected to vote on the first pension overhaul in three decades. Host Scott Jagow talks to Karen Friedman with the Pension Rights Center about the proposed bill.
Today's Tip (scroll to bottom)
Providence Journal – July 25, 2006In time for its 30th anniversary, the Pension Rights Center has launched a newly designed Web site.
Know Where Your Pension Is?
Kiplinger's – July 2006Advice column provides answers to a person with a lost pension plan
Even healthy companies are killing pension plans
Virginian-Pilot – June 18, 2006For years, it was struggling companies in the steel, airline and auto-parts industries that scaled back or dumped their defined benefit pension plans. Today, a growing roster of large, financially healthy companies have frozen their pension plans or sharply reduced employees’ eligibility for the plans as a way to hold down labor costs.
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