PRC In the News
Multiemployer pension plans need saving
I have frequently written of the potential difficulties facing those preparing for retirement who do not have the advantage of a defined-benefit pension. Today I’d like to address a different crisis: the potential insolvency of pension funds that cover millions of people who have lived, worked and planned their retirement on the assumption that their […]
Op-Ed: Social Security isn’t in crisis. It just needs a tune-up
Eighty-four years ago Wednesday, President Franklin D. Roosevelt signed Social Security into law. He advised future generations to continue building on the program’s foundation, which he explained “represents a cornerstone in a structure which is being built but is by no means complete.”
Retired Teamsters wait for Congress to act on wobbly pension fund
Roger Spencer uses part of his pension check from the failing Central States Pension Fund to buy a lifesaving cancer drug that costs $500 a month.
Companies are racing to dump their pension plans
The younger you are, the less retirement security you’re likely to have, as employers accelerate efforts to shed costly pensions and replace them with alternatives that make workers shoulder more of the risk and responsibility.
U.S. House passes Butch Lewis Act
The U.S. House of Representatives passed HR 397 July 24 on a bipartisan vote of 264-169. All 235 House Democrats voted for the bill, as did 29 Republicans. The bill now moves to the Senate, where it faces a difficult road.
Senate to Deal with Union Pension Crisis After House Passes Butch Lewis Act
Out to save the retirement plans of over 1.3 million pensioners, the US House of Representatives passed legislation that seeks to address a nationwide multi-employer pension funding crisis by providing low-interest loans to help fund the institutions.
The Pension Rights Center (PRC) Provides Free Legal Assistance to Singles & Couples Who Have Earned Retirement Benefits
The Short Version: Retirees face many unknowns, but their monthly incomes shouldn’t be one of them. Since 1976, the Pension Rights Center has developed useful resources to ensure Americans know what to expect when they’re ready to retire. The PRC’s online fact sheets and counselor directory can help individuals, couples, and families get answers to […]
Central States pension fund continues to bleed as Congress debates aid
The finances of the Central States Pension Fund continue to deteriorate as Congress debates whether it should shore up the fund and other struggling multi-employer pension funds.
Saving America’s Pension Plans Is A Rare Chance for Bipartisan Accomplishment
Recent studies have made news highlighting how few Americans have adequate retirement savings or pensions. But there’s an additional problem bedeviling retirement: even those who have good pensions could lose them. Scores of financially troubled pension plans are at risk of collapse, which could lead to substantial benefit cuts for up to 1.5 million Americans. […]
U.S. House Passes Pension Bailout as Democrats Eye Union-Heavy States for 2020
The U.S. House on Wednesday night passed legislation to bolster failing pension funds, an issue that Democrats are hoping will help win over voters in the Midwest’s union-heavy states for the 2020 presidential election.
Cuts in Multiemployer Pension Plans Hurt Older Americans
For 30 years, Mary Fry’s husband, Virgil, worked in construction. The pension he earned — $3,568 per month — was guaranteed to continue for Mary if he died first. But starting in April, three years after Virgil’s death from cancer, Mary’s payments were permanently reduced by more than half, to $1,514 per month. “It was […]
Elliot freezing pension plan for 600+ workers
Elliot Health System is freezing the pensions of more than 600 employees at year’s end in a move that will save several million dollars a year. “It’s not like we’re taking a pension benefit away and opening up an ice cream stand,” health system President Greg Baxter said in an interview. “We’ll use that money […]
