Author: dcadmin
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 […]
Teamsters rank and file digging in against possible pension benefit cuts
Teamsters retirees from the trucking industry currently enjoy some of the most generous pensions in America—up to $3,500 a month for 30 years of service from any unionized trucking company that contributed to multiemployer pension plans that once covered the industry like a warm fuzzy financial security blanket. But those pension plans, once thought to […]
Treasury, IRS Modify Tax Code Rules To Expand Access to Retirement Annuities
The federal government helped broaden the choices for those shopping for lifetime income options in retirement by modifying the required minimum distribution rules for various types of plans in newly released final regulations on qualifying longevity annuity contracts.
Challenge of income adequacy perplexes execs
Pension plan designers around the world are tackling the challenge of retirement income adequacy with varying degrees of success, said speakers at Pensions & Investments‘ inaugural Investment Innovation and the Global Future of Retirement conference in New York.
Accounting mistakes can squeeze pension benefits
An article in the Pittsburgh Post-Gazette details the problem of recoupment — when a pension plan demand repayment of money that it overpaid to a retiree — and highlights the work of the Mid-America Pension Rights Project.
Betting on Getting to 80: Draw $40,000 a Year Forever, If You Don’t Die First
Sharon Carson admits she just did something strange. At 49, she wrote a check to an insurance company for a product that won’t give her any financial benefit until she’s in her 80s.
Lockheed to freeze pension plan
Lockheed Martin will freeze its defined benefit pension plan and transition its employees to a defined contribution plan, the Maryland-based aerospace giant said today.
Future of Retirement Solutions [VIDEO]
PRC Executive Vice President Karen Friedman moderates a panel discussion on the future of retirement solutions at the Global Future of Retirement conference sponsored by Pensions & Investments. More videos from the conference here.
Pension plan design should be cross-generational — panel
Income replacement and securing pension benefits for multiple generations should be the guide to achieving adequate retirement income, said panelists at Pensions & Investments‘ inaugural Investment Innovation and the Global Future of Retirement conference.
IRS Private Letter Rulings Add Fuel to Fire On Lump-Sum Offers, De-Risking Debate
Five recent Internal Revenue Service private letter rulings allowing defined benefit plans to offer lump-sum benefit distributions to participants already receiving benefits are likely to encourage more employers to jump on the de-risking bandwagon, especially at a time when many employers are expressing interest in decreasing the impact of plan risks on their balance sheets.
Senator Harkin Introduces Legislation to Protect Whistleblowers
Senator Tom Harkin (D-IA) is leading the way in Washington when it comes to championing the rights of current and future retirees. His proposal for USA Retirement Funds has received widespread acclaim as a common-sense, innovative way of providing retirement security to millions of American workers who do not have a workplace pension or 401(k) […]
The United States, on the verge of a retirement crisis
“For retirement, the answer is 4-0-1-k,” proclaimed Tyler Mathisen, then editor of Money magazine in 1996. “I feel sure that someday, like a financial Little-Engine-That-Could, it will pull me over the million-dollar mountain all by itself.” For this sentiment, and others like it, Mathisen was soon rewarded with an on-air position at financial news network […]
