New Stimulus Package Includes Help for DB Plan Sponsors
The American Rescue Plan Act (ARPA)—the $1.9 trillion coronavirus relief bill recently passed by Congress and signed by President Joe Biden on Thursday—includes provisions that will help both single-employer defined benefit (DB) plans and multiemployer plans.
Congress uses $1.9 trillion relief plan to rescue multiemployer pension plans
It looks like Congress has finally come to the rescue of troubled pension plans that provide benefits to more than 1 million truck drivers, grocery store workers, construction workers and other union jobs.
The COVID relief bill could help put an end to another dire crisis
After years of failed attempts to bolster struggling multi-employer pension funds, help finally may be coming through via the Democrats’ $1.9 trillion Covid relief bill.
$81.2B Rescue For Union Pensions Greenlit For COVID-19 Bill
A Senate official has confirmed that Congress can include a fix for the $81.2 billion union pension funding crisis in its coronavirus relief bill, which is moving through Congress via a special fast-tracked process reserved for budget-related legislation.
COVID-19 Relief Bill Could Rescue Union Retirees’ Pensions
The COVID-19 pandemic relief legislation set for a vote this week in the House contains a provision to save struggling union pension plans that experts say has a good shot at passing, forecasting a possible end to a $65 billion funding crisis that threatens one million retirees’ pensions.
Why We Need a New Approach to Retirement Income Planning
If you are feeling nervous about funding your retirement, you’re not alone. A survey of more than 3,200 baby boomers by financial firm Allianz found that more than 6 in 10 baby boomers feared running out of money before they died more than death itself. The reason for this anxiety is that retirement has changed significantly over […]
Pension Solvency Relief Gets Fresh Shot in Democratic Congress
Saving underfunded pension plans from bankruptcy has a better chance of coming to fruition now that Democrats control both the White House and Congress.
Pension Rights Center Aims to Protect the Retirement Security of Millions of Americans Through Resources and Advocacy
In a Nutshell: Pensions help supplement the Social Security income of millions of retirees each year and were supposed to be paid out in full when a worker reached retirement. However, many workers who are owed benefits have found them dramatically reduced, or denied altogether.
Transfer of Power
In March, Truckee-based Mountain Hardware and Sports was up against the toughest test of its 43-year record of no layoffs. As the economy was going into a deep freeze, company president Doug Wright sent a letter to his staff on March 17.
The spectre of pension failures haunts this election
It’s imperative that a new COVID-19 relief package — whenever it’s passed — shore up multiemployer pensions (retirement plans negotiated by a union with two or more employers), because if this piece of the retirement system is allowed to collapse, it would not only hurt current and future pensioners, it would deal an outsized blow […]
Few powering up with electronic disclosure
When the Department of Labor finalized a rule in May that permitted default electronic delivery of retirement plan disclosures, record keepers and plan sponsors welcomed the move by saying it will increase participant engagement and cut mailing costs.
How to Find a Lost Pension Plan
Some people lose track of their pension plan from an old job. A company might merge with or be bought by another company and change its name, move to a new location in a different city or go out of business.