Month: January 2011
Pension Rights Center Mourns the Death of Senator Edward M. Kennedy
WASHINGTON – The following is a statement from Karen Ferguson, director of the Pension Rights Center, on the death of Senator Edward M. Kennedy: “The Pension Rights Center joins the country in mourning the loss of Senator Ted Kennedy, the Senate’s most steadfast and effective advocate for American families. As the Chairman of the Senate […]
Pension Rights Center Statement on the Introduction of the 401(k) Fair Disclosure for Retirement Security Act of 2009
WASHINGTON – The Pension Rights Center applauds Congressman George Miller (D-Calif.) and Congressman Rob Andrews (D-NJ) for introducing the 401(k) Fair Disclosure for Retirement Security Act of 2009. At a time when the decline of the stock market has decimated 401(k) plans, it is more evident than ever that every dollar counts – and workers […]
60 Minutes 401(k) Exposé Shows Need for New Retirement Income System
WASHINGTON – The television news program 60 Minutes aired a devastating indictment of 401(k) plans Sunday, further documenting the need for a new retirement system above Social Security. The piece featured several older Americans whose 401(k) accounts have dropped precipitously in the past year, shattering their dreams of retirement. The Pension Rights Center hailed the […]
Groups Launch Retirement USA Initiative, Establish Principles for a Visionary Retirement Income System
Washington – The Economic Policy Institute, the National Committee to Preserve Social Security and Medicare, the Pension Rights Center and the Service Employees International Union (SEIU) today launched Retirement USA, an initiative working for a new retirement system that, along with Social Security, will provide universal, secure, and adequate income for future retirees. The groups […]
Little-known Provision in Federal Pension Program May Prevent Some From Getting Benefits
Pension Rights Center Asks Obama Administration to Notify Workers of Potential Risk WASHINGTON – 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 […]
PENSION RIGHTS CENTER SUBMITS A CONSUMER AGENDA FOR RETIREMENT SECURITY TO OBAMA TRANSITION TEAM
WASHINGTON – In advance of President-elect Obama taking office, the Pension Rights Center has created a Consumer Agenda for Retirement Security, a list of recommendations for improving current retirement programs. The Agenda, which has been submitted to the Obama transition team, includes 40 distinct legislative and regulatory actions. These actions affect both the traditional pension […]
Pension Rights Center Calls for Increased 401(k) Fee Disclosure
WASHINGTON – At a Senate hearing today, the Pension Rights Center called for increased disclosure of the fees associated with 401(k) plans. Speaking before the Committee on Health, Education, Labor, and Pensions, Center Board member Olena Berg Lacy noted that Government Accountability Office study has shown that every one percent increase in the amount of […]
PENSION RIGHTS CENTER APPLAUDS TREASURY RULING BARRING PENSION PLAN BUYOUTS
WASHINGTON – In a clear victory for workers and retirees, the Department of the Treasury has issued a ruling ensuring that pension money will continue to be invested solely in the interests of workers, retirees and their families – and not to the benefit of financial institutions. Over the past year, a number of large […]
Pension Rights Center Asks Congress to Protect Workers’ Retirement Security in Corporate Bankruptcies
WASHINGTON – At a Congressional hearing today, the Pension Rights Center expressed its support for a bill that would stop companies from abusing bankruptcy laws to escape their pension obligations. Testifying on H.R. 3652, the Protecting Employees and Retirees in Business Bankruptcies Act of 2007, the Center illustrated how thousands of workers and retirees are […]
Retirement Security of Thousands Jeopardized by Treasury Action
Pension Rights Center Seeks Withdrawal of Cash-Balance Ruling WASHINGTON – The Department of the Treasury and the Internal Revenue Service have issued a ruling that could result in devastating losses of pension benefits for thousands of older employees, contrary to the intent of Congress. The ruling also contradicts current tax law and a long-standing regulation. […]
PENSION CUTBACK NOTICES NO APRIL FOOL’S JOKE
New Fact Sheets Help Workers Understand Possible Benefit Cuts WASHINGTON – As of April 1, workers in some traditional pension plans will start to receive notices telling them that they will not receive all of the benefits promised by their plan. The Pension Protection Act of 2006 requires certain “underfunded” pension plans to reduce their […]
The Pension Rights Center Mourns the Death of Senator Howard Metzenbaum
WASHINGTON – The Pension Rights Center issued the following statement on the death of former Senator Howard Metzenbaum. The Senator, who was honored as a “Pension Champion” at the Center’s 20th anniversary celebration in 1996, died yesterday at the age of 90. “Senator Metzenbaum was a wonderful man and an extraordinary advocate for the pension […]
