PRC In the News
Pension rights group objects to cutting retiree benefits
The Pension Rights Center agrees that many multiemployer pension plans are in financial distress right now, and that reforms are needed, but it told a House committee this week that it doesn’t agree with the idea of cutting existing benefits to retirees.
Union and retiree pressure mounting against multiemployer pension fund reform
At a hearing held Tuesday by the House Education and the Workforce Subcommittee on Health, Employment, Labor and Pensions to consider possible legislation, members of the Retirement Security Review Commission discussed their reform proposals, which would allow for reduced benefits for future and possibly current retirees in the most troubled pension funds.
Pensions ask retirees to pay back tens of thousands
Some pension plans have overpaid retirees for years — now they’re demanding their money back. For retirees, it can mean owing tens of thousands of dollars. And with little warning, their pension checks are being slashed to cover their debt.
Stealth Bill Would Allow Cuts to Current Pensions
If there was a bright side to the government shutdown, it’s that Congress has delayed taking up a little-publicized bill that would leave some pensioners high and dry.
The War on Pensions Goes Federal
Congress is expected to take up legislation in the next month that would fundamentally reshape the laws governing multi-employer plans. A soon-to-be-introduced bill could allow the trustees of some financially troubled plans, like the Central States Fund, to slash benefits already promised to current retirees. It’s not yet clear how big those cuts would be.
Law shields churches, leaves pensions unprotected
Pension shortfalls at some religiously affiliated hospitals, businesses and social service agencies are raising new alarms and spotlighting a largely overlooked gap in the law protecting Americans’ retirement benefits.
This week’s other huge (but little-noticed) fight: Wall Street’s newest scheme
While we’re all distracted, a quiet battle this week could seriously affect your finances. Here’s what’s at stake
Pension Fund Demands Overpayments Back, With Interest
In growing numbers, retirees are getting hit with shocking news: Through no fault of their own, pension fund mistakes resulted in overpayments they must pay back with interest. [VIDEO]
Target date funds drive up 401(k) fees
Final language being hammered out on new fee disclosure rules for 401(k) funds will hopefully put pressure on plan sponsors to take a hard look at the double-layering of fees by target date mutual funds.
Gotbaum Tells Council Lump-Sum Cash-Outs Are Like Cigarettes: Legal but Bad for You
Joshua Gotbaum, director of the Pension Benefit Guaranty Corporation, told the ERISA Advisory Council Aug. 29 that pension plan lump-sum cashouts to retirees are like cigarettes: They are legal, many people like them and they are bad for you.
A Pension Strategy That Could Backfire
Taking a life-only pension payout and buying life insurance to protect a spouse comes with risks.
Saint Peter’s retirees concerned with IRS ruling on pensions
Saint Peter’s University Hospital employees and retirees recently were notified that the Internal Revenue Service had issued a private letter ruling saying that their pension plan is a “church plan.”
