Author: dcadmin
Bankruptcies rising among older Americans
An Associated Press story appearing in the Washington Post this week carries disturbing news about the deteriorating financial health of older Americans. According to an analysis by the Consumer Bankruptcy Project, which studied bankruptcies filed between 1991 and 2007, the bankruptcy filing rate has risen dramatically for Americans over the age of 55, with the […]
The paper chase: Keeping track of your pension
By Kyle Garrett Every day I receive calls from workers and retirees who need help with their pensions. Often, the people I speak to are looking for lost pension income that their employers promised would arrive at a critical time in their lives – retirement. These callers may be having trouble locating their pensions or […]
How the rich get richer
Earlier this week, the Wall Street Journal published a shocking exposé about how companies are using pension plans – which are intended for rank-and-file workers – to covertly fund the executive benefits of their highest-paid officers. WSJ journalists Ellen Schultz and Theo Francis report that “At a time when scores of companies are freezing pensions […]
Social insecurity
Last week the federal minimum wage rose to $6.55 an hour, increasing the annual earnings for a full-time minimum wage worker to $13,624. While it’s certainly the right move for Congress to raise the minimum wage for current workers, it raises an important question about retired workers. Take a look at our statistics page and […]
How much does a 401(k) really cost?
When I was head of the Employee Benefits Security Administration (the Department of Labor agency charged with protecting pensions) during the Clinton administration, I became concerned about whether or not people who had 401(k) plans truly understood how much they were paying in fees and what those fees were for. So in 1997 and 1998, […]
Robbing your retirement piggy bank
By Nancy Hwa In an earlier blog post, we discussed efforts in Congress to make it easier for people to withdraw money from their 401(k) accounts to save their homes from foreclosure. Such withdrawals are part of a larger problem with 401(k)s known as “leakage” (what a lovely name!) – loans, early withdrawals, and lump-sum […]
Statement of the Pension Rights Center on “Saving Smartly For Retirement: Are Americans Being Encouraged to Break on the Piggy Bank”
July 16, 2008: The Pension Rights Center’s statement [PDF] to the U.S. Senate’s Special Committee on Aging for its hearing on “Saving Smartly for Retirement: Are Americans Being Encouraged to Break Open the Piggy Bank?”
The good news about public pensions
Too often we hear bad news stories about how public pension plans are underfunded and that they’re a drain to taxpayers. But a congressional hearing last week told a different story. The hearing, Your Money, Your Future: Public Pension Plans and the Need to Strengthen Retirement Security and Economic Growth, focused on how public sector […]
MetLife and Benefit Denials: The Good, the Bad and the Ugly
Last month, the United States Supreme Court addressed the issue of how courts should review a benefit plan’s denial of an application for benefits. The results were mixed for workers and retirees. A little background first. An employee submits a claim for benefits from a pension, disability or health plan. The plan’s claims administrator denies […]
Cashed Out: Congress might make it easier for people to dip into their 401(k)s
By Joellen Leavelle In down economic times, it isn’t uncommon for people to feel the urge to dip into their assets to help make ends meet. Therefore, it isn’t a surprise to hear that more and more people are borrowing from their 401(k) plans for a little extra cash. Some people are even paying hefty […]
How do you get young people thinking about pensions?
Investment & Pensions Europe reports on a Swedish company’s efforts to address this perennial question. They ran a multi-media ad campaign that was creative enough to win an international advertising award. (An explanation of the campaign that was prepared for the competition was posted on YouTube and can be viewed here.) The advertising bureau behind […]
Does Gannett’s pension freeze leave its employees in the cold?
By Rebecca Davis You may have read that last week newspaper publisher Gannett announced that it will freeze its pension plan for all employees as of August 1, 2008. The company announced the freeze and details of its plan to “enhance” the company 401(k) in a memo sent to employees. Gannett is just one of […]
