Month: May 2013
Seniors Warned, Think Twice Before Selling Pension
The practice of retirees selling their pensions for a lump sum has drawn U.S. regulators’ attention, with two government watchdogs this month warning consumers about some of the firms that engage in the practice.
Church pension plan status being tested by IRS, class-action lawsuits
The IRS’ long-term trend of allowing church-affiliated defined benefit pension plans to be exempt from federal pension rules could reverse course after an unusual decision by the agency and a flurry of lawsuits.
Hallelujahs ring after IRS reverses church pension rule
The Internal Revenue Service may be having a bad week, but Mary Rich isn’t complaining about the taxman. The former nurse and hospital executive recently won a 10-year battle to get the IRS to reverse a ruling that would have cost her and her husband, Riz Corpuz, $2,500 a month in pension benefits from their […]
Groups Give Early Praise to DOL ANPRM On Lifetime Income as a ‘Good First Step’
The Department of Labor’s recently issued advance notice of proposed rulemaking that would require lifetime income illustrations to be included on pension benefit statements is a “good first step” toward furthering retirement income education, retirement industry groups told BNA in a series of interviews.
PBGC Reverses Prior Position as It Agrees To Pay Benefits for Shuttered Hospital’s Plan
The Pension Benefit Guaranty Corporation announced May 10 that, in a reversal of a prior position, it would pay the pension benefits for more than 800 former employees of a New Jersey hospital center that closed in 2004.
‘Triumph of justice’: 800 pensions saved after feds cover $30M shortfall for closed hospital
Christmas will come early to 800 hospital workers whose pensions were at risk of being lost by December, thanks to a federal safety net program.
PBGC to take control of hospital pension plan
The PBGC will cover the pension benefits of nearly 800 former employees of the Hospital Center at Orange, after a change in legal status.
Pension Rights Center Applauds the Pension Benefit Guaranty Corporation’s Take-Back of a Hospital Pension Plan
WASHINGTON — The Pension Rights Center applauds today’s decision by the Pension Benefit Guaranty Corporation (PBGC) to take over pension payments to more than 800 former employees of the now-defunct Hospital Center at Orange (HCO). The federal agency that insures most private pension plans has announced that it will restore insurance protections lost by HCO […]
PRC thanks the PBGC for protecting Hospital Center at Orange retirees (05/10/2013)
On May 10, 2013, the Pension Benefit Guaranty Corporation (PBGC) announced that it would assume responsibility for the Hospital Center at Orange (HCO) pension plan, after the IRS revoked the plan’s “church plan” status. The Pension Rights Center sent a letter to Josh Gotbaum, director of the PBGC, thanking him and his staff for protecting […]
Webinar: How Financial Security Impacts Nonprofit Career Decisions
Event description: Karen Friedman joined economists and experts from TIAA-CREF and Independent Sector as they discussed the results of a study titled, Financial Security and Careers in the Nonprofit and Philanthropic Sector, and how a perceived and real lack of financial security can undermine a nonprofit’s ability to attract, retain, and develop the most talented individuals and […]
Former Lawmaker Sees Hope in Congress For Multiemployer Plan Recommendations
Greater congressional interest in retirement policy in recent years could help a proposal that would shore up the multiemployer retirement plan system get adopted into law, former Rep. Earl Pomeroy (D-N.D.) said May 2.
New Rule Signals Kiss of Death for Pensions
A little known rule change that allows companies to contribute fewer dollars to pension funds is signaling just how meaningless the retirement vehicle has become.
