PRC In the News
Six Items on High Court’s Labor Docket Include Church-Plan ERISA Exemption Cases
The Supreme Court will hear three cases asking whether large hospitals and other non-church employers can use the exemption to avoid fully funding their pension plans.
Puerto Rico Catholic School Teachers Win Round in Pension Suit
Puerto Rico Catholic school teachers survived a first attempt to dismiss a proposed class action that alleges the administrators of their pension plan mismanaged their retirement assets and failed to comply with ERISA.
Employees of former St. Clare’s Hospital face pension insolvency
A pension fund for employees of the former St. Clare’s Hospital in Schenectady is likely to run out of money in the next decade, leaving more than 1,100 beneficiaries uncertain about their retirement income.
Failing Multi-Employer Pension ‘Rehabilitation Plans’ Don’t Address Mismanagement of Investments
According to the Pension Rights Center, there are more than 10 million workers and retirees in 1,400 multi-employer plans. Approximately 150 to 200 of these plans are projected to run out of money within the next 20 years.
Iron Worker Retirees Face Stacked Deck in Vote to Cut Pensions
Nearly 2,000 Iron Workers in the Cleveland area will be voting by Jan. 20 to accept or reject cuts to their pensions, and the vote could pit active employees against retirees.
Donald Trump collected a massive $168,000 union pension. Will he fight for yours?
Now that Trump is about to be president, the most important question is: What is Trump’s plan to save the system that is designed to protect millions of union pensions like his own?
Cleveland union becomes first for MPRA acceptance
The first multiemployer pension plan to win approval to reduce benefits offers lessons for other struggling plans facing insolvency.
Retired iron workers could face pension cuts next month
Larry Burruel is starting the new year with a grim reality: His monthly pension check could be cut in half at the end of the month.
New York’s Teamsters May Have Their Pensions Cut. What Went Wrong?
As troubled pension funds go, the New York State Teamsters Conference Pension and Retirement Fund, with some $1.3 billion in assets, is by no means the largest. Neither is it in the direst financial shape, even though just 44.8 percent of its obligations are funded.
President-elect Trump, please help protect Cleveland ironworkers’ pension rights
If President-elect Donald Trump wants to do right by working-class Americans, he should work with Congress to repeal a cruel law that could slash the pensions of hundreds of retired ironworkers in Cleveland. Over time, it could reduce the benefits of more than one million other retirees and workers nationwide.
The Legacy of DOL’s Champion for Employee Benefits
Phyllis Borzi has one month to go in office as assistant secretary for the Department of Labor’s Employee Benefits Security Administration, but stacks of files are still heaped on her desk and on the floor.
Pension Plan Owes Rescue Petition Success to Past Rejection
A multiemployer pension plan that gained Treasury Department approval for a petition to reduce participants’ benefits did so by scanning a road map gleaned from a department rejection letter. This road map may now pave the way for other plans seeking such approval.
