Month: September 2011
GE’s Bogus Reason for Ending Its Pension Plan
“Bringing good things to life” was the old General Electric slogan. But it’s becoming increasingly clear that GE is actually more skilled at putting “good things” to death, whether U.S. jobs, its share of federal taxes, reasonable healthcare costs for workers, or pension plans.
Retirement Heist steals the spotlight
Today, Morning Edition on NPR featured an interview with former Wall Street Journal reporter Ellen Schultz about her new book, Retirement Heist. We have already sung the praises of this important work, which details how corporations have exploited loopholes in the law to boost corporate profits at the expense of workers’ pensions, but I am […]
‘Retirement Heist’: How Firms Trimmed Pensions
As companies have been moving away from traditional pension plans, they have been shifting employees to new retirement plans, such as 401(k)s, that transfer the cost — and the risk — to workers. Companies have claimed for years that old-style pensions were unsustainable. Author Ellen Schultz tells Morning Edition host Steve Inskeep that there’s another […]
Public Sector Overwhelmingly Favors Pension-Style Retirement: NIRS
DB plans are more cost effective than DC plans
Is Your Pension at Risk?
How’s your pension these days? Are you worried about its health? If so, you’re not the only one.
IRS Issues Revenue Procedure Requiring Notices of Requests for Church Plan Status
The Internal Revenue Service issued a revenue procedure and model notice Sept. 21 requiring church plans to notify participants and other interested parties if a plan applies to IRS for a letter ruling on church plan status. [Reproduced with permission from BNA Pension & Benefits Reporter, 38 BPR 1743 (Sept. 27, 2011). Copyright 2011 by […]
Retirement: Reality Not As Rosy As Expectations
Americans pride themselves on being optimistic. But Robert Blendon, of the Harvard School of Public Health, says that may not be such a good thing when it comes to planning for retirement. For many Americans, it is proving harder than they imagined, according to a a new poll by NPR, the Robert Wood Johnson Foundation […]
You Can’t Delay Retirement If You Don’t Have a Job
It’s become fashionable to say that longer life spans mean average Americans work well into into their 60s and possibly their 70s—what was once considered the early retirement years. The problem is, few prospects await most people who need or want to stay in the workforce.
Pension Rights Center Applauds IRS for Opening “Church Plan” Rulings Process to Comments by Employees and Retirees
The Internal Revenue Service has issued a long-awaited revenue procedure clarifying the process for retirement plans to apply for “church plan” status. Rev. Proc. 2011-44 requires employers that seek an IRS ruling that their retirement plans are so-called “church plans” to notify participants in those plans that, as a church plan, their plan would not […]
As Brokers Cheer, Advisers Sound Off on DOL 401k Fiduciary Capitulation
Chances are, very few 401k plan sponsors and precious few 401k plan participants even noticed the recent goings-on at the DOL and how they just lost valuable protection so big brokers could line their pin-striped pockets with a big chunk of somebody else’s retirement assets.
Forced Out of 401(k)? Not So Fast
Employers can automatically close the accounts of former employees only if the balance is low.
