House Approves Budget Agreement That Includes Hikes in PBGC Premiums
Defined benefit plan pension insurance premiums would be increased by Congress for the second time in less than two years under a new budget compromise reached by the heads of the House and Senate Budget committees, with the premium provisions projected to cut federal spending by nearly $8 billion over 10 years. [PDF]
Federal court rejects church plan status for Dignity Health
In the first decision among five major class-action lawsuits challenging church-affiliated sponsors of defined benefit plans, a federal judge found that ERISA rules do apply.
America’s Pensions Are Under Attack, and More
…In screwed news… America’s pensions are under attack. Politicians, corporations, and even our courts are all chipping away at retirement benefits and promised healthcare that workers paid into throughout their careers.
Motor City Madness
You’ve probably already heard that a judge has decided to allow the city of Detroit to file for Chapter 9 bankruptcy, which would make the Motor City the largest municipality in the country to do so. The judge also ruled that pensions for the city’s workers and retirees can be cut as part of the […]
Retirement crisis grows as cities raid pension and health plans
Across America, states, counties and cities are taking steps that will make retirement for ex-public employees much harsher. Courts, politicans and corporations are all working together to chip away at deferred wages: reducing pensions or eliminating promised healthcare, or both. Said simply, they’re looting retirements and pushing people toward poverty.
PRC on the Detroit Bankruptcy: Allowing Cuts to Retirees’ Pensions is “Unprecedented and Unconscionable”
The Pension Rights Center released a statement reacting to Judge Steven Rhodes’ decision to permit the city of Detroit to reduce pensions by entering Chapter 9 bankruptcy: “The decision to let Detroit’s bankruptcy move forward means that Emergency Manager Kevyn Orr can proceed with his plan to cut the pensions of the city’s workers and […]