PRC In the News
SunTrust latest large company to freeze pensions
SunTrust Banks will freeze its employee pension plan at year’s end, following a cost-cutting move pursued in recent years by several companies.
BNY Mellon employees sue alleging fiduciary breaches in 401(k), ESOP
Two BNY Mellon employees have sued the company alleging breach of fiduciary duty in the management of a 401(k) plan and ESOP.
More large employers freeze defined benefit plans — analysis
More than 40% of Fortune 1000 companies that have defined benefit pension plans have frozen at least one such plan, according to a new analysis.
Audit Finds Errors in Calculating Pensions in Bankruptcies
The federal agency that takes over failing pension plans in corporate bankruptcies has made errors in calculating benefits, according to an audit released Wednesday, raising the possibility that some retirees have been getting too much or too little.
Who Killed the Pension Plan?
The continuing collapse of traditional pension plans has undermined the confidence Americans once had that they could retire comfortably, and the push toward such alternatives as 401(k) plans has yet to meet expectations.
Underfunding is a constant worry as stocks dive, rates dive low
The roller-coaster stock market and rock-bottom interest rates have buffeted the funding levels of most corporate pension plans in recent months, experts say.
Money Managers Scramble to Provide Lifetime Income Solutions
Turning working folks into professional investors has been a challenge for the asset management industry in the U.S. for nearly three decades. Trillions of dollars and 23 million defined contribution investors later, progress has clearly been made. Now comes the next challenge: decumulation.
New IRS Procedures for Church Plan Rulings
On September 26, 2011, the Internal Revenue Service (IRS) issued Rev. Proc. 2011-44, the principal purpose of which is to add a requirement that when a church plan sponsor applies for a private letter ruling on whether the plan is a church plan under Internal Revenue Code (IRC) §414(e), the applicant must notify participants and […]
Thanks but No Thanks on 401(k) Advice
An increasing number of plans offer outside help, typically for a fee. So far, most participants aren’t buying in.
Employers Restore 401(k) Matches
The majority of companies that suspended their 401(k) match during the recession have since restored them, according to a new Towers Watson report.
Retirement crisis closes in on baby boomers
Like many middle-class American baby boomers, Linda Carmona-Sanchez is anxious about slipping into poverty and says whatever dreams she once had about retirement in her “golden years” have turned into nightmares.
5 ways to improve the U.S. retirement system
U.S. has 10th best pension system of 14 countries studied.
