Author: dcadmin
Which states are tackling retirement security, and how?
With federal legislation intended to increase retirement savings for workers not covered by a plan at their job stuck at the starting gate, the retirement policy vacuum is being filled in various ways across more than a dozen states.
Pensions lost and (hopefully) found
Imagine earning a pension after many years of hard work with a company. Then you leave your employer before retiring and without claiming your pension. When you reach retirement age, you expect to be able to start receiving that pension but you are unable to find the employer or the plan. Your pension plan is […]
Speech by Karen Friedman to the Governor’s Task Force to Ensure Retirement Security for All Marylanders (August 7, 2014)
My name is Karen Friedman, and I am the executive vice president and policy director of the Pension Rights Center, a national consumer organization working exclusively to protect and promote the retirement rights of workers, retirees, and their families. Thank you, Chairwoman Townsend for inviting me to speak today at the very first meeting of […]
Church-plan status under increased scrutiny
A growing number of lawsuits and some key court rulings are making it harder for church-affiliated defined benefit plans to be exempt from federal pension rules.
PRC Comments to the PBGC on documentation of terminated plans (July 30, 2014)
Pension Rights Center submitted comments to the Pension Benefit Guaranty Corporation, recommending documents and information that pension plan administrators should submit to the agency when plans are terminated. Such documentation could help plan participants obtain their pension benefits when they reach retirement age.
Church pension plan status rejected by U.S. District Court
In one of five major class-action lawsuits challenging church-affiliated sponsors of defined benefit plans, a federal judge ruled Tuesday that the pension plan of Dignity Health is covered by ERISA.
Unemployed today, no retirement savings tomorrow
Last week, I accompanied Karen Friedman to Witness Wednesday, where she spoke about the fact that too many people who have lost their jobs and whose unemployment benefits have expired have had to dip into their 401(k) savings to pay for basic needs. She said, “If people use up their 401(k) money today…what will they […]
Why more companies want pensions off their books
Verizon has done it. General Motors has done it. And so have Ford and, recently, ketchup kingpin Heinz. These brand-name companies have all moved part of their pension obligations off their books and into annuities run by insurance companies.
Slow process seen in naming Gotbaum successor at PBGC
Joshua Gotbaum’s resignation as director of the Pension Benefit Guaranty Corp. is expected to create a leadership vacuum at a critical time for an agency dealing with struggling multiemployer pension plans and corporate defined benefit sponsors stressed about premium increases.
Offering State-Sponsored IRAs to Private-Sector Workers
California Senate President Pro Tem Kevin de Leon’s “second mother,” his Aunt Francisca, spent most of her 74-plus years cleaning houses for people who had pensions through their employers or were wealthy enough to set aside money in their own retirement accounts.
Pension Advance Transaction Firms Use ‘Questionable’ Practices, GAO Report Says
An undercover Government Accountability Office investigator looking into firms that offer pension advances received offers with effective interest rates that mostly ranged from 27 percent to 46 percent, at times far exceeding the legal limits set by states on the interest rates assessed for various types of personal credit, the GAO said in a new […]
Practitioners Say QLAC Rules Widen Choices, But Plans May Be Reluctant to Offer Them
Recent final rules on qualifying longevity annuity contracts (QLACs)—which can help retirees ensure they have a stream of regular income through their advanced years—received praise from retirement insiders, but the new guidance doesn’t guarantee that the products will be embraced, practitioners told Bloomberg BNA in a series of interviews.
