PRC In the News
Role of retirement plans in tax debate highlights how poorly Americans are saving for retirement
The dust-up over 401(k)s is a good opportunity to remind everyone how bad the state of the average person’s retirement plan is.
Teamsters pension plan warns thousands of beneficiaries that the checks may get smaller
The Western Pennsylvania Teamsters fund — which has about 48 cents for every $1 in benefits it owes to retirees and workers — notified participants in April that it is considering cutting benefits in order to insure that the fund doesn’t become insolvent.
Hospital Workers’ Pension Plan On Life Support
Across the country, millions of employees have entrusted their retirement savings to unregulated pension plans known as church plans. Many of these plans are run by church-affiliated schools, nursing homes and hospitals.
Furniture workers pension cuts okayed despite majority no vote
Thousands of members of a pension fund for furniture workers will soon see their benefits cut, even though a large majority of those members voted against the cuts or didn’t vote at all.
DuPont offers buyouts to 9,500 pensioners
DuPont quietly offered about 9,500 of its U.S.retirees a chance to exchange their pensions for a lump-sum buyout or small monthly annuity.
St. Joseph’s Pension Fund Bankruptcy Could Be Just One of Many in RI
Church pension plans controlled by the Diocese of Providence, like the bankrupt pension fund of St. Joseph Health services, may be in distress too – but no one knows and the Diocese of Providence will not respond to repeated requests for comments.
8 states, 8 state-sponsored retirement plans
In fact, while 30 states are considering retirement plans for small business employees, eight states are already going ahead with plans to provide workers with a means to save for retirement that doesn’t depend on their employers.
Treasury Department Gives Thumbs Up to Second Pension Rescue
A pension fund in Nashville is now the second plan covering unionized workers to receive Treasury Department approval to cut members’ benefits.
Federal Treasury Department approves potential Teamster pension cuts
The U.S. Treasury Department has approved a proposal for a 29 percent pension cut for members of a Teamsters unit based in upstate New York.
Another blow for heartland workers: Slashed pensions
February was a bad month for Larry Burruel and thousands of other retired Ohio iron workers. His monthly take-home pension was cut by more than half from $3,700 to $1,600.
UPS to freeze non-union pension plan
UPS plans to freeze pensions for non-union employees, joining a parade of U.S. corporations that have altered or dumped traditional retiree payout plans.
When ESOPs work, they work well. But some say reforms are needed.
Employee-owned stock option plans, or ESOPs, are an important part of the American economic landscape. About 7,000 American businesses have ESOPs, and roughly one out of every 12 workers participate in some form of employee-ownership plan.
