PRC In the News
Long-Lost Assets May Soon Be Reunited With Their Owners: The Pension Benefit Guaranty Corp. is expanding its long-standing missing-plan program to include defined-contribution-plan participants.
If you are one of the estimated 10,000 people a year who have lost track of their 401(k) plan, get ready for some good news: The federal insurance agency that protects private sector defined benefit pensions wants to add defined contribution plans to its search program.
PBGC Missing Participants Proposal Gets Broad Support From Array of Organizations
Reuniting missing retirement plan participants with their savings is a cause that everyone can rally around, as comments on proposed rules by the Pension Benefit Guaranty Corporation show.
Whatever Happened to That Old 401(k)?
Suspect you may have lost track of a 401(k) retirement account or pension benefit? You aren’t alone. As Americans jump from job to job, they are leaving more 401(k)-style accounts and pension benefits with ex-employers. Some lose track of the money, forfeiting a piece of their retirement security.
Blackstone’s Tony James Wants Retirement Security for All
A surprising new voice has joined the growing chorus of those worried about a retirement crisis in the U.S.
Multiemployer Pension Program’s Deficit Soars to Record High
The PBGC, which backstops defined benefit pension plans, has seen its multiemployer plan insurance program’s deficit rise by $6.5 billion in the last fiscal year to a record-high $58.8 billion
Central States Woes Continue, Pension Value Falls $500 Million
Central States Pension Fund lost $500 million during the first six months of this year, according to newly released financial documents, and continues to hemorrhage assets on the road towards eventual insolvency.
Congress returns for lame duck session
Opponents to the proposal, including AARP and the Pension Rights Center,argue it provides insufficient protections for workers and jeopardizes “current pension benefits earned by retirees.”
Iron Workers Plan Gets Bad News As Treasury Rejects Benefit Suspension
An Iron Workers defined benefit pension plan has become the third multiemployer plan to have its petition to cut benefits rejected by the Treasury Department.
Treasury rejects Ironworkers union application to cut retiree benefits
The U.S. Department of the Treasury has denied an application by Ironworkers Local 16, which represents 1,100 Baltimore-area retirees and workers, to cut pension benefits to retirees to extend the life of the fund, which is in danger of running out of money by 2032.
Religious Health Care Systems Push Back Against Pension Suits in Supreme Court
Three religious-affiliated, nonprofit health care systems are asking the U.S. Supreme Court to step into a multimillion-dollar battle with two plaintiffs firms that claim the pension plans of the medical networks are not exempt from federal law.
Saver’s Credit fact sheet issued
An underutilized incentive to save for retirement might get a bit wider exposure, if the National Institute on Retirement Security and the Pension Rights Center have their way.
No Easy Solutions to Help Multiemployer Pension Plans
Several options have been proposed to bolster the PBGC’s multiemployer pension program funding by altering its premium structure, but none have overwhelming appeal, and all would require some give from stakeholders, the American Academy of Actuaries said.
