Press Release
Pension Rights Center Applauds Treasury Department/IRS for Protecting Retirees by Banning Lump-Sum Buyout Offers
WASHINGTON – In a welcome move by the Department of the Treasury and the IRS, the agencies released last week a notice to amend Treasury regulations to stop companies from offering lump-sum buyouts to retirees who are already receiving a monthly pension. The Pension Rights Center has been critical of these transactions, which erase the […]
Sen. Bernie Sanders and Rep. Marcy Kaptur Act to Stop Devastating Cuts to Retirees’ Pensions
WASHINGTON – The Pension Rights Center strongly praised Senator Bernie Sanders (I-Vt.) and Representative Marcy Kaptur (D-Ohio) for introducing legislation today that would repeal the pension cutback provisions of the Multiemployer Pension Reform Act of 2014 (MPRA). The Keep Our Pension Promises Act of 2015 would preserve retirees’ pensions while providing financial relief to troubled […]
Supreme Court Decision in Tibble a Victory for 401(k) Participants
WASHINGTON – On May 18, the U.S. Supreme Court ruled in favor of employees in Tibble v. Edison International, a class-action lawsuit filed by participants in the power company’s 401(k) plan. The plaintiffs argued that plan trustees violated their fiduciary duty by paying more than necessary for certain investments, which negatively impacted their account balances. […]
Save Our Retirement Coalition’s Initial Statement on Rule Protecting Americans’ Retirement Savings
Washington, D.C. – The seven members of the SaveOurRetirement.org coalition – AARP, AFL-CIO, AFSCME, Americans for Financial Reform, Better Markets, the Consumer Federation of America and the Pension Rights Center – released the following statement following an initial review of the Department of Labor’s (DOL) proposed rule protecting Americans from harmful conflicts of interest, when brokers and other financial advisers give retirement […]
Major Groups Applaud Public Release of Dept. of Labor’s Proposal to Protect Americans’ Retirement Savings
Members of the SaveOurRetirement.org coalition and a diverse collection of public interest groups, civil rights leaders, labor unions, professional organizations and others today commended the public release of the Department of Labor’s (DOL) proposed rule to protect Americans from conflicts of interest when brokers and other financial advisers give retirement investment advice: “The release of […]
Nation’s Retirement Income Deficit Now $7.7 Trillion
Washington – Five years after it was first announced, the nation’s Retirement Income Deficit (RID) has risen from $6.6 trillion to $7.7 trillion. The updated figure was released by the Pension Rights Center today in conjunction with a hearing on “Bridging the Gap: How Prepared are Americans for Retirement?” held by the U.S. Senate Special […]
Pension Rights Center Applauds Labor Department’s Release of Proposed Rule on Conflicted Investment Advice to OMB
Washington – In a long-awaited move towards protecting millions of workers and retirees by stopping conflicted financial advice in retirement savings plans, the U.S. Department of Labor (DOL) today sent a proposed fiduciary regulation to the Office of Management and Budget (OMB), which now has up to 90 days to review the rule. If approved […]
Public Interest Organizations Join Forces to Protect Americans’ Retirement Savings
SaveOurRetirement.org will educate workers and retirees about the “Retirement Advice Loophole” – and mobilize public support to close it Washington — A broad range of national public interest organizations have joined forces in a new campaign to protect Americans from the “Retirement Advice Loophole” that can drain away thousands of dollars of hard-earned savings from […]
PRC Statement on Retiree Pension-Cut Legislation Included in Omnibus Bill
Washington – On December 16, President Obama signed the 2015 Omnibus spending bill. The new law contains provisions that allow certain underfunded multiemployer pension plans to cut retirees’ benefits. The Pension Rights Center released the following statement from Executive Vice President Karen Friedman: “For decades, the federal pension law has ensured that retirees are […]
House Votes to Allow Pension Plan Trustees to Reduce Retiree Benefits
Washington – The Pension Rights Center released the following statement from Executive Vice President Karen Friedman, following the passage by the U.S. House of Representatives of an omnibus spending bill that includes measures that allow certain underfunded multiemployer pension plans to cut retirees’ benefits: “It is a travesty that, in the year of the 40th […]
Congress’ Holiday Present to Retirees: Slashing Their Pensions
Policymakers say “Ho, Ho, Ho”…Retirees say, “NO, NO, NO” Washington – Today, the Pension Rights Center released the following statement from Executive Vice President Karen Friedman, urging the House Rules Committee not to include legislation cutting retiree pensions in the omnibus spending bill. “The Pension Rights Center and retirees across this country are outraged that […]
The Pension Rights Center and the New England Pension Assistance Project Applaud Government Agencies for Rescuing SPDs
The Pension Rights Center and the New England Pension Assistance Project applaud the Pension Benefit Guaranty Corporation (PBGC), the National Archives, and the Employee Benefits Security Administration (EBSA) of the Department of Labor for saving an extensive microfiche collection of Summary Plan Descriptions (SPDs). Summary Plan Descriptions are plain-English summaries of employee benefit plan rules, […]
