PRC In the News
Legislation can keep pension plans funded (letter to the editor)
The first domino has fallen. In the waning moments of Congress last December, a bill was passed allowing multiemployer pension funds to cut the long-promised pension benefits of retirees.
Proposed pension payment cuts of 50 percent and deeper rock and rile Teamster retirees in Akron
Count Steve Kmet among thousands of retired Teamsters around the nation to open their mail earlier this week and get a hard financial punch to the gut
Central States Fund Alerts Participants To Potential Pension Reductions
Central States, Southeast and Southwest Area Pension Fund alerted its plan participants on its website that all fund participants were sent letters describing how the fund’s proposed pension reductions under the Multiemployer Pension Reform Act of 2014 will affect their benefits.
Who You Gonna Call? Ken Feinberg
In his latest role, mediator-in-the-spotlight sets sights on troubled pension plans.
Experts watching high court session
Pension plan executives and other investors are watching several Supreme Court cases in the term starting Oct. 5, especially ones that could change the rules for bringing legal actions against corporations, and challenges to when and where retirement plan participants can sue.
Central States Pension Fund Prepares To Slash Hundreds of Thousands of Workers’ Pensions
For several months, many current and retired truck drivers have feared receiving a letter in the mail that could be “devastating,” in the words of Teamsters union vice-president John Murphy. Finally, last Friday, the Central States Pension Fund sent those dreaded letters to 407,000 workers and retirees, mainly Teamsters employed by hundreds of trucking-related companies […]
Pensioners Fight Back When Fund Demands Overpayments Be Returned
You retire assuming the pension you were told you’ll get is correct. But imagine being told you were overpaid by your pension fund and now you have to pay back tens of thousands of dollars.
Retirees soon to learn how much pensions may be cut
Retired truck drivers and others who draw a pension from an underfunded pension plan expect to find out in the next couple of days how much their monthly stipend may be cut.
Controversial Pension Advance Industry Flourishes With Little Federal, State Scrutiny
Effectively unregulated in all but two states, pension advance outfits offer lump-sum payments in exchange for a claim on future pension payouts, often from military retirees. As recent reports from the Government Accountability Office have found, the effective interest rates can be astronomical. In California, rates ranged as high as 84 percent, 7 times the […]
Labor Department’s Fiduciary Proposal: Key Provisions to Watch
The battle over the U.S. Labor Department’s proposal to require financial advisers to put retirement investors’ interests ahead of their own has been fierce, with financial advisers, investor advocates and many financial-services companies watching every twist and turn in this multiyear saga.
PBGC says union pensions facing less risk
Multiemployer pension plans, those operated by unions on behalf of workers who are or were employed by more than 1 company in a particular industry, are facing less risk than they were last year. But the outlook is still not very good, according to a report issued Monday by the Pension Benefit Guaranty Corporation, or […]
Teamsters Protest as Treasury Debates Allowing Pension Cuts for 1.5 Million Retirees
About 300 angry Teamsters descended on Washington, D.C., September 10, demanding federal action to protect the pensions of union members threatened with benefit cuts. The retired Teamsters are among a group of as many as 1.5 million retirees from a long list of different labor unions nationwide that could see their pensions slashed under a […]
