PRC In the News
ERISA at 40
The landmark legislation that promised security in retirement has fallen far short of its expectations
Landmark ERISA pension reform law sees mixed results 40 years after implementation
Forty years after President Gerald Ford signed the first comprehensive pension reform bill into law, the Employee Retirement Income Security Act has produced successes and failures.
Speakers Tell Council DOL Guidance Needed To Boost Savers’ Lifetime Income Options
A combination of guidance and online tools from the DOL on lifetime income would help retirement plan participants make good decisions about their retirement funds and investments, a speaker told the ERISA Advisory Council.
Burlington College Neglected Retirement Contributions
Burlington College neglected to make contributions to the retirement funds of staff members this summer. In an email sent to employees Monday, President Christine Plunkett called it an “inadvertent oversight as our staff balanced many responsibilities over the summer” that was “neither a planned nor intentional step,” and she assured her staff that their accounts […]
Pension law, regulation pioneer Robert Nagle dead at 84
Robert Nagle, a long-time pension policymaker and regulator, died Saturday at his home in McLean, Virginia. Mr. Nagle, 84, had been battling cancer.
Think you’re better off with a lump sum over a monthly pension? Think again.
NCR Corp. Lockheed Martin and packaging firm RockTenn are among the growing number of employers who in recent years have hit tens of thousands of their workers and retirees with an enticing offer: to accept lump sum payouts, often well into six figures, in lieu of monthly pension payments.
Robert Nagle, an architect of ERISA, dies at 84
Robert E. Nagle, who as general counsel of the Senate Committee on Labor and Public Welfare was one of the architects of the Employee Retirement Income Security Act of 1974, died on Sunday in McLean, Va., following a battle with cancer. He was 84.
Which states are tackling retirement security, and how?
With federal legislation intended to increase retirement savings for workers not covered by a plan at their job stuck at the starting gate, the retirement policy vacuum is being filled in various ways across more than a dozen states.
Church-plan status under increased scrutiny
A growing number of lawsuits and some key court rulings are making it harder for church-affiliated defined benefit plans to be exempt from federal pension rules.
Church pension plan status rejected by U.S. District Court
In one of five major class-action lawsuits challenging church-affiliated sponsors of defined benefit plans, a federal judge ruled Tuesday that the pension plan of Dignity Health is covered by ERISA.
Slow process seen in naming Gotbaum successor at PBGC
Joshua Gotbaum’s resignation as director of the Pension Benefit Guaranty Corp. is expected to create a leadership vacuum at a critical time for an agency dealing with struggling multiemployer pension plans and corporate defined benefit sponsors stressed about premium increases.
Why more companies want pensions off their books
Verizon has done it. General Motors has done it. And so have Ford and, recently, ketchup kingpin Heinz. These brand-name companies have all moved part of their pension obligations off their books and into annuities run by insurance companies.
