PRC In the News
IRS, Treasury Halt Lump-Sum Buyouts for Retirees Getting a Pension
The Treasury Department and Internal Revenue Service amended Treasury regulations last week to stop companies from offering lump-sum buyouts to retirees who already receive a monthly pension.
Pension advocate backs IRS rule banning annuity conversions to lump sums
A new IRS and Treasury Department ban on employers offering pension plan participants currently receiving monthly annuity benefits the option to convert their benefit to a cash lump sum was needed to protect retirees, a consumer advocacy group says.
Legislation offers workable solution to multiemployer plan underfunding
This is a Letter to the Editor from Karen Ferguson, director of the Pension Rights Center, responding to a negative editorial that Pensions & Investments published on the Keep Our Pension Promises Act of 2015.
Conn. Passes Protection for Transferred Pension Assets
Connecticut Governor Dannel Malloy signed Public Act 15-167 into law, bringing additional protections to retirees’ assets from creditor claims.
Teamster Retirees’ Campaign Against Pension Cuts Draws Support from Bernie Sanders
Less than six months after getting started, a grassroots campaign among Teamsters union retirees to protect their pensions appears to be picking up steam, attracting the support of presidential candidate Bernie Sanders and threatening to influence the outcome of the union’s own leadership elections next year.
PBGC readies rules to cut retiree pension benefits
The Pension Benefit Guaranty Corporation (PBGC) is getting ready to implement a new law that allows distressed union multi-employer pension plans to reduce retiree benefits — if that can halt them from sliding into insolvency.
PBGC Partition Rules Give Clear Guidance, Will Help Preserve Plans, Commenters Say
Regulations issued by the Department of Treasury and the Pension Benefit Guaranty Corporation will help troubled multiemployer plans from sliding into insolvency, but not without forcing participants and beneficiaries to make hard choices, pension professionals told Bloomberg BNA in recent interviews.
Critics question proposed rules for cutting pensions
Six months after Congress approved reducing benefits promised to workers covered by certain troubled pension plans, the IRS and the Pension Benefit Guaranty Corp. have published proposed rules for how pension promises can be broken.
ERISA’s Demise: The Domino Effect and Huelga: Story from a Casino Utility Closet
PRC Executive Vice President and Policy Director Karen Friedman appeared on this radio program to discuss Sen. Bernie Sanders’ bill to repeal benefit cutbacks for retirees in certain underfunded multiemployer pension plans. Karen’s segment begins at 19:40 in the podcast and lasts for approximately 30 minutes. [AUDIO]
Groups start working to pass federal law intended to stave off private pension cuts
Mike Walden used a baseball metaphor in describing the introduction Thursday of federal legislation that would, if passed, eliminate pension cut provisions that are now law and could impact more than a million people in upcoming years.
Teamsters, machinists, aerospace unions supports bill to repeal multiemployer reforms
International Brotherhood of Teamsters, Washington, endorsed legislation introduced Thursday that would repeal the Multiemployer Pension Reform Act of 2014.
Ohio congresswoman Marcy Kaptur, Bernie Sanders offer new legislation to repeal private pension cut provisions
Presidential candidate Bernie Sanders and U.S. Rep. Marcy Kaptur, D-Toledo, are introducing legislation Thursday to repeal pension cut provisions in the Multiemployer Pension Reform Act of 2014.
