PRC News, Spring 2024
New “No conflicts” Retirement Investment Rule Rolled Out
Pension Rights Center Executive Director Karen Friedman joined other members of the Save Our Retirement Coalition at the White House in April for the Biden Administration’s announcement of a new U.S. Department of Labor rule to protect retirement income security. The rule requires that investment advice given to retirement savers be in their best interest — i.e. untainted by any conflicts of interest.
PRC and the SOR Coalition strongly support the rule. Earlier in the year, PRC’s Senior Legal and Policy Counsel Norman Stein submitted extensive comments to DOL making the case for why the new rule is crucial to protecting the retirement security of millions of Americans.
PRC Provides Recommendations to Senate HELP Committee to Address Retirement Income Crisis.
PRC Executive Director Karen Friedman submitted a statement to the Senate HELP Committee for a February hearing titled “Taking a Serious Look at the Retirement Crisis in America: What Can We Do to Expand Defined Benefit Plans for Workers?” PRC’s recommendations included redeploying some of the billions of dollars in tax subsidies that primarily benefit high-income taxpayers to low- and middle-income retirement savers; promoting defined benefit plans and secure hybrid plans, which reduce financial risk for plan sponsors while retaining defined benefit plan features; and exploring new plan structures to expand coverage for the future.
Pension Counseling Projects Recover Significant Benefits for Workers and Retirees
The six Pension Counseling and Information Projects (PCIP), which provide hands-on retirement legal help to individuals in 31 states, have made impressive recoveries. In just 2022 and 2023, the projects helped 3,767 people and recovered $23 million in benefits. PCIP is primarily supported by the Administration for Community Living (ACL) with additional support from RRF Foundation for Aging and other donors. PRC serves as the Resource Center for the Projects, providing technical assistance and training.
To find help or to learn more about the PCIPs, visit our website.
PRC Perspectives Blogs:
Our 2024 Resolutions Reflect our Commitment to Retirement Security for All
A (Belated) Valentine’s Day Message from the PRC
More Resources Now Available for Finding Lost Retirement Plan Benefits
PRC Supports Senate Committee in Quest to End Retirement Income Crisis
NIRS Study Finds Americans Support Pensions to Address Retirement Crisis
401(k)s Failing Most Americans, Politico Investigation Confirms
PRC In the News:
Forbes: Why You Should Demand a Guaranteed Pension From Your Employer
Forbes: One Easy Way to Boost Your 401(k) Account, Starting Now
The New York Times: Retirees’ Pensions Were Restored. Debate About It Hasn’t Died.
Bloomberg Law: AT&T, Lockheed Suits Mark First Real Test for Pension Transfers
Bloomberg Law: Athene-Linked Pension Cases Strike at Need for New DOL Guidance
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