How to handle lump sum pension payout
Employees entitled to a pension from a former employer may soon receive letters offering them a lump sum payout…If you’re faced with deciding whether to take a lump sum, take your time.
Firms May Drop IRA Savers on Rule Change
The Labor Department wants to expand the scope of fiduciary responsibility to protect those saving for retirement from conflicts of interest, such as recommending investments with higher fees. The rule would require investment professionals who advise employers and workers with retirement savings plans such as 401(k)s or IRAs to act in the best interest of […]
Pension Rights Center testifies in support of proposed fiduciary rules (July 26, 2011)
The Pension Rights Center’s Senior Policy Advisor Norman Stein testified in support of the Department of Labor’s proposed fiduciary regulations at a hearing held by the Subcommittee on Health, Employment, Labor and Pensions of the Committee on Education and the Workforce in the U.S. House of Representatives. Read his testimony. Related: Letter and memo that […]
How Do I Find My Lost Pension?
I am a former employee of First Brands Corporation. I left the company in 1990 with vested rights to a small pension when I turn 65 in December 2011. I tried contacting the company at an address and phone number that I found on the internet, but they’re no longer there. Where do I go […]
DOL fiduciary ruling being postponed yet again
The delivery date for a new definition of “fiduciary” is slipping into 2012, as officials at the Department of Labor prepare more detailed economic analysis to address industry concerns.
Update beneficiaries before divorce
QUESTION: Will my divorce automatically eliminate my former spouse as the beneficiary of my life insurance and retirement plan?
Chicago paper puts brakes on surprise 401(k) fee
An uproar among Chicago Sun-Times newsroom employees has helped reverse a surprise fee slapped on their retirement plans.
Workers increasingly raid 401(k)s for short-term cash
As the economy struggles in recovery, more working Americans are making dicey moves to pluck cash from their 401(k) retirement accounts.
R.I. Treasurer Raimondo says 60-year-olds with 401(k)s typically have less than $100,000 in them
General Treasurer Gina Raimondo has been leading the drive to overhaul the retirement system for public employees — with its $7.3-billion unfunded liability — but has rebuffed calls from some critics to scrap the pension plan altogether.
Pension Rights Center supports proposed DOL regulation on definition of fiduciary (07/20/2011)
The Pension Rights Center sent a letter to members of Congress supporting a proposed Department of Labor regulation that would protect participants in 401(k) plans and IRAs by changing the definition of a plan “fiduciary” to include firms and brokers that provide investment advice for a fee. This important regulation will ensure that those who […]
Why regulations matter
In today’s anti-government political environment, there’s a lot of rhetoric thrown around about the bugaboo “excessive regulation.” Just last week, I heard a spokesperson for Dupont tell a congressional committee that the decline of traditional pensions was due, in large part, to a “burdensome regulatory regime.” We hear this time and again in almost every […]
Borzi: Final fiduciary rule might not be issued until 2012
The Department of Labor’s new fiduciary rule might not be released until 2012, Phyllis Borzi, assistant secretary of labor for the EBSA, said Wednesday.