PRC In the News
Financial Industry Groups Fear Trump Will Block Investor Protection Rule
Some watchdog groups that keep an eye on the financial industry are worried about the fate of a new Labor Department rule that’s supposed to take effect this April. It says financial advisers have to act in their customers’ best interest when giving them advice about their 401k retirement accounts. Under the Trump administration, that […]
Pension advance firms could get windfall from Dallas funding crisis
A proposal being floated by state lawmakers to fix the troubled Dallas police and fire pension could benefit companies that some fear would prey upon retirees seeking advances on their plans.
Can President Trump help ironworkers about to lose part of pensions? Retiree family makes an unlikely plea
Congress didn’t help Cleveland’s retired ironworkers, who are about to lose part of their pensions. The Treasury Department didn’t either, although it said it did all it could. Can President Donald Trump help?
Retirees of former Schenectady hospital face pension loss
Owens is among more than 1,100 employees of the Schenectady hospital, closed nine years ago, to receive a letter in October warning their pension monies could be depleted within the next decade. He and his wife derive two-thirds of their income from the pension.
Feds Break Silence, Back Hospitals in Church Pension Battle
Five federal agencies have asked the U.S. Supreme Court to rule that religiously affiliated hospitals can run pension plans exempt from federal law, a move that’s been challenged in dozens of class actions by hospital employees around the country.
Cleveland-Area Iron Workers Approve Pension Cuts
Members of Iron Workers Local 17 in Cleveland have approved cuts to their pension benefits in an effort to keep their pension plan from going insolvent, and it’s the fund’s retirees who are going to take the hardest hit.
Iron Workers pension benefit reductions to start in February
Iron Workers Local 17 Pension Fund, Cleveland, will implement a benefit reduction plan Feb. 1, following approval by plan participants by a ratio of 2-to-1, the pension fund announced Friday.
Iron Workers pension cuts approved; retirees to get smaller checks
In a vote pitting current workers against retirees, the retirees in the Iron Workers Local 17 union in Cleveland lost. Starting next week, their pension payments will shrink, some by half or more.
In unprecedented move, pension plan cuts benefits promised to retirees
A pension fund in Cleveland became the first plan to approve benefit cuts for current retirees — before the plan has run out of money. The move, some critics say, could open the door for other troubled pension plans to follow suit.
First Mutltiemployer Plan to Make Benefit Cuts Under MPRA
Cleveland Iron Workers Local 17 Pension Fund announced that its retirees will be the first in the country to face pension benefit cuts as a result of the Multiemployer Pension Reform Act (MPRA), which allows ongoing plans that are severely underfunded to take action to cut retiree pension benefits.
Hospital pension fund in trouble: Retirees wonder who will pay, after ‘church plan’ fails
The pension plan covering workers at the former St. Clare’s Hospital has notified more than 1,100 participants that, based on current projections, it will run out of money to pay their retirement benefits in about another decade.
Will change in Washington bring help to ailing multi-employer pension funds?
Last year, a group of retirees collecting pension benefits from the financially struggling Central States Pension Fund were able to block big cuts in their monthly check that the fund said it needed to keep it afloat.
