Author: dcadmin
Comments to U.S. Department of Labor on the Proposed Revision of Annual Information Reports (December 5, 2016)
The Pension Rights Center submitted comments to the U.S. Department of Labor on its proposed revisions to the Form 5500, the form retirement plans use to report data to the federal government. The Center’s comments include recommendations that the Form 5500: Add questions concerning the default features of individual account plans; Clarify the definition of “active […]
Comments to the U.S. Treasury Department on the New York State Teamsters Conference Pension and Retirement Fund’s application to cut retiree benefits (December 21, 2016)
The Pension Rights Center submitted comments to the U.S. Treasury Department on the New York State Teamsters Conference Pension and Retirement Fund’s application to cut retiree benefits under the Multiemployer Pension Reform Act of 2016. In its comments, the Center urges the Treasury Department to reject the application because: The application fails to demonstrate that […]
Cleveland union becomes first for MPRA acceptance
The first multiemployer pension plan to win approval to reduce benefits offers lessons for other struggling plans facing insolvency.
Retired iron workers could face pension cuts next month
Larry Burruel is starting the new year with a grim reality: His monthly pension check could be cut in half at the end of the month.
New York’s Teamsters May Have Their Pensions Cut. What Went Wrong?
As troubled pension funds go, the New York State Teamsters Conference Pension and Retirement Fund, with some $1.3 billion in assets, is by no means the largest. Neither is it in the direst financial shape, even though just 44.8 percent of its obligations are funded.
President-elect Trump, please help protect Cleveland ironworkers’ pension rights
If President-elect Donald Trump wants to do right by working-class Americans, he should work with Congress to repeal a cruel law that could slash the pensions of hundreds of retired ironworkers in Cleveland. Over time, it could reduce the benefits of more than one million other retirees and workers nationwide.
The Legacy of DOL’s Champion for Employee Benefits
Phyllis Borzi has one month to go in office as assistant secretary for the Department of Labor’s Employee Benefits Security Administration, but stacks of files are still heaped on her desk and on the floor.
Pension Plan Owes Rescue Petition Success to Past Rejection
A multiemployer pension plan that gained Treasury Department approval for a petition to reduce participants’ benefits did so by scanning a road map gleaned from a department rejection letter. This road map may now pave the way for other plans seeking such approval.
Treasury: Troubled Multiemployer Pension May Reduce Payouts
The U.S. Treasury Department, for the first time, approved an application from a troubled multiemployer pension plan to reduce vested benefits paid to retirees. Other deeply underfunded union plans could follow the same path.
Pre-Retirement Checkup: What You Should Do in the 5 Years Before You Retire
For people who turned 60 this year, retirement is beginning to come into sight. The question is, are they actually ready for it?
Should I take my pension as a lump sum or lifetime payments?
The lump sum-or-annuity decision can be a complicated one, and the decision that’s right for one person may not be best for another. Which makes it all the more important that you really think through your choices and settle on an option that makes the most sense for your particular circumstances.
Obama Wants Millions of Americans in His Retirement Plan. So Far He’s Got 20,000
The starter retirement account is designed for low- and moderate-income Americans without access to workplace retirement savings programs. It has no fees that could gobble up the small amounts invested and holds funds in a new Treasury security created for the program.
