Author: dcadmin
Obama Attacks Advisors Selling Snake Oil, Lauds New DOL Fiduciary Rule
Take two. President Barack Obama today called on the Department of Labor to move forward with a proposed rulemaking to require retirement advisers to put their clients’ best interest before their own profits. It’s a rewrite of the dropped 2010 rewrite of the 40-year-old fiduciary rule. (The 2010 rewrite was withdrawn in 2011 amidst industry […]
Justices Wrestle With Monitoring Duties Of 401(k) Fiduciaries During Oral Argument
Whether 401(k) plan fiduciaries in monitoring investments must look for cheaper options was the question dividing justices and litigants when the U.S. Supreme Court heard oral argument Feb. 24 in a case involving the time frame in which plan participants can challenge their plan’s investment options.
Retirees Facing Severe Pension Cuts [VIDEO]
Whit Wyatt of Washington Court House worked as a teamster truck driver for 33 years. Now Whit and his wife Barb have a comfortable retirement living on Whit’s teamster pension and social security. But Wyatt is one of hundreds of thousands of union retirees who may soon see severe cuts to their monthly pension checks.
Pension Rights Center Applauds Labor Department’s Release of Proposed Rule on Conflicted Investment Advice to OMB
Washington – In a long-awaited move towards protecting millions of workers and retirees by stopping conflicted financial advice in retirement savings plans, the U.S. Department of Labor (DOL) today sent a proposed fiduciary regulation to the Office of Management and Budget (OMB), which now has up to 90 days to review the rule. If approved […]
High-Court Spotlight Put on 401(k) Plans Supreme Court to hear arguments in case that could have broad implications for the way people save for retirement
The U.S. Supreme Court is scheduled to hear arguments Tuesday in a case that could have broad implications for the way millions of Americans save for retirement. The court will focus on a narrow issue concerning the statute of limitations in the case, called Tibble v. Edison International. A ruling against Edison could trigger a […]
Supreme Court to hear 401(k) fee case
Retirement savers may soon get a boost from the U.S. Supreme Court. On Tuesday, the country’s highest court will hear arguments in a case that revolves around the investment fees paid by 401(k) plan participants.
State private retirement programs get help from president
Private-sector retirement solutions programs at the state level are getting a boost from the White House.
Persistent UMass center helps retirees track down pensions
Such persistence is the hallmark of the Pension Action Center, a nonprofit that for more than 20 years has helped people find and claim the benefits due them. Since its founding in 1994, the center has helped recover more than $50 million owed to 7,500 retirees.
Union retirees fear dramatic pension cuts under new federal law
Bill Hendershot and his wife live on his union pension and Social Security. Hendershot, a retired Consolidated Freightways long-distance truck driver, gets around now in a 12-year-old Toyota Corolla. The couple still pay a mortgage on their home in Canal Fulton. And he’s among a huge group of union retirees nationwide who could see their monthly […]
PBGC report highlights importance of pension counseling
We at the Pension Rights Center have long recognized the important role that U.S. Administration on Aging’s Pension Counseling and Information Program (PCIP) plays in protecting the legal rights of retirees and their families. So we were gratified to see that sentiment echoed by Constance Donovan, the Pension Benefit Guaranty Corporation’s Participant and Plan Sponsor […]
Pension plans, once inviolable promises to employees, are getting cut
The stock market has soared more than 75 percent in the past five years, yet many pension funds, where many middle-class workers should benefit from the market’s rise, continue to struggle, jeopardizing benefits for the workers who were counting on them in retirement.
Large Foundations: Rethink Your Priorities
It is potentially the golden age of philanthropy, but unfortunately many areas of recognized need are too often ignored by foundation boards and their executives.
