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Treasury Department

PRC Statement on Retiree Pension-Cut Legislation Included in Omnibus Bill

News Release

Washington – On December 16, President Obama signed the 2015 Omnibus spending bill. The new law contains provisions that allow certain underfunded multiemployer pension plans to cut retirees’ benefits. The Pension Rights Center released the following statement from Executive Vice President Karen Friedman:

 

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President Expected to Sign Spending Bill Addressing Multiemployer Plans, 4062(e)

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President Barack Obama was expected to sign into law a $1.1 trillion U.S. government spending bill that includes elements designed to boost the nation's troubled multiemployer pension plan system and provisions addressing several other employee-benefits-related areas.

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Cromnibus Continues Attack on Pensions

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There are plenty of setbacks for working people, and benefits for the rich and corporations, in the $1.1 trillion appropriations bill just passed by Congress. But what it does to pension protections is appalling.

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Congress gives final OK to bill allowing multiemployer pension plan benefit cuts

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Trustees of financially distressed multiemployer pension plans would be allowed to cut participants' benefits to prevent the plans from becoming insolvent under legislation given final congressional approval Saturday.

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Congress approves pension measure that could cut benefits for many retirees

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Glenn Zichler worked 30 years driving a bread truck around St. Louis before retiring. Now, he may be facing a sharp cut in his $33,600 annual pension. A provision just approved by Congress would let troubled multi-employer pension plans cut benefits for current retirees.

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Practitioners Say QLAC Rules Widen Choices, But Plans May Be Reluctant to Offer Them

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Recent final rules on qualifying longevity annuity contracts (QLACs)—which can help retirees ensure they have a stream of regular income through their advanced years—received praise from retirement insiders, but the new guidance doesn't guarantee that the products will be embraced, practitioners told Bloomberg BNA in a series of interviews.

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Treasury, IRS Modify Tax Code Rules To Expand Access to Retirement Annuities

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The federal government helped broaden the choices for those shopping for lifetime income options in retirement by modifying the required minimum distribution rules for various types of plans in newly released final regulations on qualifying longevity annuity contracts.

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Betting on Getting to 80: Draw $40,000 a Year Forever, If You Don't Die First

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Sharon Carson admits she just did something strange. At 49, she wrote a check to an insurance company for a product that won’t give her any financial benefit until she's in her 80s.

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IRS Rollover Guidance Eases Process, Improves Benefit Portability, Analysts Say

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When changing employers, individuals and their new retirement plan administrators have faced a time-consuming administrative process in proving the tax status of a plan rollover. And instead of dealing with the hurdles to validate a rollover, many individuals would transfer savings into individual retirement accounts or cash out the balance.

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Protecting Detroit's Pensioners Protects American Values

News Item

In one remarkable week in January, we saw the introduction of three proposals to expand retirement savings for the half of the workforce not covered by employer-sponsored plans: President Obama's myRA, Senator Tom Harkin's USA Retirement Funds Act, and Senator Bill Nelson and Senator Susan Collins' Retirement Security Act.

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