Author: dcadmin
Pension advocate backs IRS rule banning annuity conversions to lump sums
A new IRS and Treasury Department ban on employers offering pension plan participants currently receiving monthly annuity benefits the option to convert their benefit to a cash lump sum was needed to protect retirees, a consumer advocacy group says.
PRC letter to Pensions & Investments responding to editorial about the Keep Our Pension Promises Act (July 13, 2015 — UPDATED)
The Pension Rights Center sent a letter to the editor of Pensions & Investments, in response to its negative editorial on the Keep Our Pension Promises Act of 2015. The text of the letter as published is below. Your June 29 editorial, “Defying economic reality,” does your readers a disservice by failing to accurately inform […]
Pension Rights Center Applauds Treasury Department/IRS for Protecting Retirees by Banning Lump-Sum Buyout Offers
WASHINGTON – In a welcome move by the Department of the Treasury and the IRS, the agencies released last week a notice to amend Treasury regulations to stop companies from offering lump-sum buyouts to retirees who are already receiving a monthly pension. The Pension Rights Center has been critical of these transactions, which erase the […]
Legislation offers workable solution to multiemployer plan underfunding
This is a Letter to the Editor from Karen Ferguson, director of the Pension Rights Center, responding to a negative editorial that Pensions & Investments published on the Keep Our Pension Promises Act of 2015.
Conn. Passes Protection for Transferred Pension Assets
Connecticut Governor Dannel Malloy signed Public Act 15-167 into law, bringing additional protections to retirees’ assets from creditor claims.
Comments to the White House Conference on Aging on its Retirement Security Policy Brief (July 7, 2015)
The following comments were submitted to the White House Conference on Aging on its Retirement Security Policy Brief, in advance of the Conference’s 2015 meeting on July 13. According to the Center for Retirement Research at Boston College, the nation is facing a $7.7 trillion Retirement Income Deficit, which is the gap between what […]
Teamster Retirees’ Campaign Against Pension Cuts Draws Support from Bernie Sanders
Less than six months after getting started, a grassroots campaign among Teamsters union retirees to protect their pensions appears to be picking up steam, attracting the support of presidential candidate Bernie Sanders and threatening to influence the outcome of the union’s own leadership elections next year.
PBGC readies rules to cut retiree pension benefits
The Pension Benefit Guaranty Corporation (PBGC) is getting ready to implement a new law that allows distressed union multi-employer pension plans to reduce retiree benefits — if that can halt them from sliding into insolvency.
PBGC Partition Rules Give Clear Guidance, Will Help Preserve Plans, Commenters Say
Regulations issued by the Department of Treasury and the Pension Benefit Guaranty Corporation will help troubled multiemployer plans from sliding into insolvency, but not without forcing participants and beneficiaries to make hard choices, pension professionals told Bloomberg BNA in recent interviews.
Critics question proposed rules for cutting pensions
Six months after Congress approved reducing benefits promised to workers covered by certain troubled pension plans, the IRS and the Pension Benefit Guaranty Corp. have published proposed rules for how pension promises can be broken.
ERISA’s Demise: The Domino Effect and Huelga: Story from a Casino Utility Closet
PRC Executive Vice President and Policy Director Karen Friedman appeared on this radio program to discuss Sen. Bernie Sanders’ bill to repeal benefit cutbacks for retirees in certain underfunded multiemployer pension plans. Karen’s segment begins at 19:40 in the podcast and lasts for approximately 30 minutes. [AUDIO]
Groups start working to pass federal law intended to stave off private pension cuts
Mike Walden used a baseball metaphor in describing the introduction Thursday of federal legislation that would, if passed, eliminate pension cut provisions that are now law and could impact more than a million people in upcoming years.
