PRC In the News
House Democrats urge caution on DOL fiduciary-duty rule
A group of 30 House Democrats has warned Labor Secretary Thomas Perez that a pending rule that would raise investment advice standards for retirement-plan advisers could hurt investors with modest assets.
House Approves Budget Agreement That Includes Hikes in PBGC Premiums
Defined benefit plan pension insurance premiums would be increased by Congress for the second time in less than two years under a new budget compromise reached by the heads of the House and Senate Budget committees, with the premium provisions projected to cut federal spending by nearly $8 billion over 10 years. [PDF]
Federal court rejects church plan status for Dignity Health
In the first decision among five major class-action lawsuits challenging church-affiliated sponsors of defined benefit plans, a federal judge found that ERISA rules do apply.
America’s Pensions Are Under Attack, and More
…In screwed news… America’s pensions are under attack. Politicians, corporations, and even our courts are all chipping away at retirement benefits and promised healthcare that workers paid into throughout their careers.
Retirement crisis grows as cities raid pension and health plans
Across America, states, counties and cities are taking steps that will make retirement for ex-public employees much harsher. Courts, politicans and corporations are all working together to chip away at deferred wages: reducing pensions or eliminating promised healthcare, or both. Said simply, they’re looting retirements and pushing people toward poverty.
Lord, won’t you buy me a new pension plan
Lord, won’t you buy me a new pension plan My 401(k) savings fit in a tin can I need me some money so I can survive Or I’ll be living in my old Porsche when I’m 65 The foregoing is excerpted from a speech given by Karen Friedman, Executive Vice President and Policy Director of […]
Coalition working to expand retirement security for uncovered
A coalition of large retirement industry players, including the AARP, American Federation of State, County & Municipal Employees, Service Employees International Union and Pension Rights Center, have banded together to find new ways to build retirement security for even the lowest-income workers.
When your pension sponsor talks ‘de-risking’ – watch out
A growing number of employers are making plans to “de-risk” their pension plans. That’s jargon for reducing the financial risk posed to corporate balance sheets by pension plans – but if you have a defined-benefit pension and you start hearing that term tossed around, pay careful attention. Less risk for employers can mean more risk […]
Retired union workers facing ‘unprecedented’ pension cuts
Hundreds of thousands of retired union workers are facing pension cuts that could slash their monthly payments in half — or even more.
What to do if your pension is frozen
If you are among the few who still have a traditional defined-benefit pension plan we wish you luck. In the coming months your employer—as part of an effort to “de-risk” the plan—is likely going to offer you a lump-sum payout, an annuity, or freeze the plan.
Pilfering Your Pension [audio]
PRC Executive Vice President and Policy Director Karen Friedman appeared on the Heartland Labor Forum to discuss the retirement income crisis and the threat of unprecedented cuts to earned pension benefits. Segment begins at approximately 35:00 in the program.
Corporate pension execs wary of derisking fallout
Corporate executives are bracing for regulatory judgment calls on how they handle derisking through lump-sum payments and annuity purchases, lobbyists say.
