PRC In the News
Bloomberg Law: Athene-Linked Pension Cases Strike at Need for New DOL Guidance
Annuity-only providers such as Athene may be uniquely prone to risks, because they lack the asset diversification individual life insurers enjoy, said Norman Stein, senior policy counsel at the Pension Rights Center, which advocates for the return of more traditional defined-benefit pensions and opposes pension risk transfers.
Bloomberg Law: AT&T, Lockheed Suits Mark First Real Test for Pension Transfers
Labor Department guidance requires employers seek out the “safest available annuity,” Norman Stein, senior policy counsel for the Pension Rights Center, said. That standard may not be satisfied if employers opt to work with an insurance company facing significant criticism instead of one that’s universally respected, he said.
ASPPA: Recordkeeping in the Electronic Age
Recordkeeping today is not your grandfather’s recordkeeping. Maybe not even your older sibling’s. So guidance and education from the Department of Labor (DOL) would be helpful in adjusting to the changes that have taken place, concludes a recently released report.
NYT: Retirees’ Pensions Were Restored. Debate About It Hasn’t Died.
Cathy Green has never paid much attention to what goes on in Congress. But when she learned that a federal law would allow her pension to be cut by as much as 30 percent, she became alarmed.
InvestmentNews: Companies transferred billions in pension assets to annuities. Here come the lawsuits
If the lawsuits progress, there’s a lot that observers might learn about how companies solicit and evaluate bids, said Norman Stein, senior policy counsel and acting legal director at the Pension Rights Center.
Forbes: One Easy Way To Boost Your 401(k) Account, Starting Now
“Participants who withdraw plan funds to cover non-retirement expenses,” notes the Pension Rights Center, “no matter how justified, are shortchanging their future. Every dollar withdrawn will no longer be in the account where it can grow tax deferred. That lost principle, combined with the loss of potential interest and investment gains over what could be […]
Pensions & Investments: Congress should reject attempts to block fiduciary rule using spending bills – coalition
The Save our Retirement Coalition — made up of nine organizations, including AARP, AFL-CIO, Better Markets and Pension Rights Center — specifically asked that Congress reject any appropriations riders aimed at prohibiting the use of funds for finalizing, implementing or enforcing the Labor Department’s proposed rule in a letter dated Feb. 15, sent to Senate […]
Forbes: Why You Should Demand A Guaranteed Pension From Your Employer
“What’s fueling this desire for pensions?” asks David Brandolph at the Pension Rights Center. “Workers are increasingly dissatisfied with the shortcomings of 401(k)-type plans that require do-it-yourself investing.”
Pensions & Investments: Is renewed interest in DB plans real, or just a pipe dream?
The news around corporate defined benefit plans over the past couple decades has been bleak, with companies expeditiously freezing or terminating plans. But with some help out of Washington, experts say there’s an opportunity for employers to reopen plans still on their books or provide their workers with guaranteed income in retirement.
Pensions & Investments: DOL, White House unveil latest fiduciary proposal to cover one-time rollover advice
After much anticipation, the White House and Department of Labor on Oct. 31 unveiled a new rule proposal to amend the definition of the term “fiduciary” and require rollover advice be in the best interest of the saver.
Forbes: Transferring Your 401(k) To An IRA? 5 Things You You Need To Know To Avoid Getting Burned
Trillions of dollars in 401(k) assets are on the move as employees retire or change jobs. It’s not difficult to transfer these funds, but there’s a lot you need to know to avoid getting fleeced.
Investment News: Employers racing to offload pensions to insurers
Among companies that still have active defined-benefit plans on their books, 89% are planning to offload their pensions to insurance companies using a strategy called pension risk transfer, which puts workers and retirees into group annuities.
