Month: August 2013
PRC testimony to the ERISA Advisory Council on private-sector pension “de-risking” and participant protections (August 29, 2013)
PRC Executive Vice President and Policy Director Karen Friedman testified before the ERISA Advisory Council on the increased use “de-risking” strategies in private pension plans and the increased risk that such strategies pose for workers and retirees. Related: “De-Risking” Pensions Could be Risky to Pensioners (press release, October 18, 2012)
Saint Peter’s retirees concerned with IRS ruling on pensions
Saint Peter’s University Hospital employees and retirees recently were notified that the Internal Revenue Service had issued a private letter ruling saying that their pension plan is a “church plan.”
IRS says St. Peter’s Heathcare System is a ‘church plan’
Employees and retirees of New Jersey’s St. Peter’s Healthcare System have received notice from the IRS informing them their pension plan was now considered a “church plan.”
Pension Rights Center Statement on Saint Peter’s Healthcare System “Church Plan” Ruling from the IRS
WASHINGTON – Last week, Saint Peter’s University Hospital employees and retirees were notified that the Internal Revenue Service had issued a Private Letter Ruling saying that their pension plan is a “church plan.” If allowed to stand, the ruling will mean that the pension plan will no longer be protected by ERISA (the Employee Retirement […]
IRS grants church-plan status to St. Peter’s Healthcare System
The IRS has granted church-plan status to the defined benefit pension plan of Saint Peter’s Healthcare System, New Brunswick, N.J., exempting it from Employee Retirement Income Security Act rules on reporting, minimum contributions and paying premiums to the Pension Benefit Guaranty Corp.
Courts, Rather Than IRS, May Be Arbiter Of Church Plan Exemption, Practitioners Say
Recent Internal Revenue Service rulings on the “church plan” status of retirement plans sponsored by large hospital systems, including a ruling apparently received by the Saint Peter’s Healthcare System Retirement Plan, indicate that the IRS is disinclined to modify its long-standing interpretation of church plan exemption under federal pension law, practitioners told BNA Aug. 23.
The Search For Missing 401(k) Money
There are tens of thousands of workers who are due lost 401(k) money, but there is no one central depository where you can look for what’s rightfully yours.
Spouses deserve an equal voice in retirement decisions
Preparing for retirement is a bit like competing in a marathon. It’s long and hard, and it requires a steady pace. It also requires information about the course ahead. Although most retirement plans provide employees with information about what their pensions will be, some spouses are kept in the dark. If their husbands or wives […]
PRC comments to PBGC on missing participants and lost plans (August 20, 2013)
The Pension Rights Center submitted comments [PDF] to the Pension Benefit Guaranty Corporation in response to its Request for Information on establishing a program to help locate workers and retirees in defined contribution plans that have terminated. The Center also recommended establishing a Lost Plan Registry, which would help individuals find and claim pension benefits […]
Retirees Face Cuts in Pension Benefits
As multiemployer pension plans try to deal with their financial struggles, the benefits of current retirees are in the crosshairs.
Free legal assistance for problems collecting pension benefits
Q: My husband passed away earlier this year. When I applied for his pension survivor’s benefit I was informed I was not eligible. He was out on disability when he was forced into retirement and never officially signed paperwork regarding his pension. By default he was receiving a higher monthly payout which automatically did not […]
Groups Say Lifetime Income Guidance Should Be Flexible, Provide Protections
Any guidance promulgated by the Department of Labor’s Employee Benefits Security Administration on lifetime income illustrations should be optional for retirement plans and provide fiduciary protections, retirement and financial industry groups say in comment letters.
