Author: dcadmin
Comments to Pension Benefit Guaranty Corporation on expansion of Missing Participants Program (November 21, 2016)
The Pension Rights Center submitted comments in response to the Pension Benefit Guaranty Corporation’s request for comments on the proposed expansion of its Missing Participants Program to include participants and beneficiaries in terminating defined contribution plans, multiemployer plans and small professional service plans.
Composite bill: Another threat to multiemployer pension plans
Earlier this fall, a U.S. House of Representatives subcommittee held a hearing on draft legislation that has the potential to undermine the stability of the multiemployer pension system. What’s worse is the fact that this proposal, called the composite bill, has a real chance of being slipped into year-end omnibus legislation, not unlike the way […]
Multiemployer Pension Program’s Deficit Soars to Record High
The PBGC, which backstops defined benefit pension plans, has seen its multiemployer plan insurance program’s deficit rise by $6.5 billion in the last fiscal year to a record-high $58.8 billion
Central States Woes Continue, Pension Value Falls $500 Million
Central States Pension Fund lost $500 million during the first six months of this year, according to newly released financial documents, and continues to hemorrhage assets on the road towards eventual insolvency.
Congress returns for lame duck session
Opponents to the proposal, including AARP and the Pension Rights Center,argue it provides insufficient protections for workers and jeopardizes “current pension benefits earned by retirees.”
Iron Workers Plan Gets Bad News As Treasury Rejects Benefit Suspension
An Iron Workers defined benefit pension plan has become the third multiemployer plan to have its petition to cut benefits rejected by the Treasury Department.
Treasury rejects Ironworkers union application to cut retiree benefits
The U.S. Department of the Treasury has denied an application by Ironworkers Local 16, which represents 1,100 Baltimore-area retirees and workers, to cut pension benefits to retirees to extend the life of the fund, which is in danger of running out of money by 2032.
Religious Health Care Systems Push Back Against Pension Suits in Supreme Court
Three religious-affiliated, nonprofit health care systems are asking the U.S. Supreme Court to step into a multimillion-dollar battle with two plaintiffs firms that claim the pension plans of the medical networks are not exempt from federal law.
Speech by Karen Friedman at the American Academy of Actuaries’ Annual Meeting and Public Policy Forum (November 3, 2016)
Thank you to the American Academy of Actuaries, Josh and others for inviting me to speak on this panel today on fixing underfunded multiemployer plans – and for those of you who know me, I love this topic. As you will hear loud and clear, although this is a challenging issue, we at the Pension […]
Boosting Your Clients’ Economic Security: Do You Know What You Should Know About Pensions?
Event description: Retirement benefits earned through employment can play a critical role in poverty prevention for older Americans. Are your staff and providers working directly with clients up to date on the latest ways to support older adults who may have untapped pension or retirement plans? Benefit outreach specialists, legal services providers, financial counselors, eligibility […]
Saver’s Credit fact sheet issued
An underutilized incentive to save for retirement might get a bit wider exposure, if the National Institute on Retirement Security and the Pension Rights Center have their way.
Securing Economic Justice for Seniors in a Changing Retirement Landscape
Event description: As part of the American Bar Association’s National Aging and Law Conference, Pension Rights Center staff joined with the Administration on Community Living for the following presentation. To enjoy a middle class lifestyle in retirement, seniors must supplement Social Security with earned retirement income. But recent changes to the laws governing earned retirement […]
