Press Release
“De-Risking” Pensions Could be Risky to Pensioners
WASHINGTON — In the wake of moves by several large companies to “de-risk” their traditional pension plans, the Pension Rights Center is calling for a moratorium on such actions until Congress can look into the risks posed by these strategies to workers and retirees. Just yesterday, Verizon joined GM in announcing that it is transferring […]
California Enacts Groundbreaking Pension Legislation
The Pension Rights Center and the Schwartz Center for Economic Policy Analysis (SCEPA) join in applauding Governor Jerry Brown for signing into law the California Secure Choice Retirement Savings Trust Act. The Act, championed by Senator Kevin de Leon and Senate President Pro Tem Darrell Steinberg, lays the groundwork for a broad-based, state-administered retirement savings […]
Pension Rights Center Applauds Senator Harkin for Bold Proposal to Solve Nation’s Retirement Crisis
Today the Pension Rights Center applauded Senator Tom Harkin, chairman of the Senate Health, Education, Labor, and Pensions Committee, for his new report, The Retirement Crisis and a Plan to Solve It. “Senator Harkin’s bold report identifies the causes of the retirement crisis and proposes imaginative and realistic solutions to the address the crisis,” said […]
Organizations Urge Protections for Women in Lifetime Retirement Income Options
Eight national women’s organizations and the Pension Rights Center submitted comments to the Department of the Treasury, generally supporting proposed IRS rules aimed at encouraging lifetime income options in retirement plans. Noting that “women are more economically vulnerable in retirement than men,” the groups also made several suggestions to strengthen the rules to better protect […]
Think Paperless is the Way to Go? When It Comes to Financial Disclosure, Not Always, Says Coalition
A group of labor, women’s, minority, and consumer organizations, representing millions of Americans, sent a letter to the Department of Labor (DoL) today, strongly supporting the Department’s current rules regarding how participants receive critical information from their retirement plans. The DoL is under tremendous pressure from companies and the financial services industry to change those […]
Conference Proposes New Pension Options
Forum Examines New Retirement Plans to Reduce Risk and Increase Retirement Income WASHINGTON – Top policy experts joined with government officials to examine new retirement options for private-sector workers at a conference Wednesday on Capitol Hill. These new options will allow risks to be shared to produce optimal outcomes for both employers and employees. “The […]
Pension Rights Center Applauds IRS for Opening “Church Plan” Rulings Process to Comments by Employees and Retirees
The Internal Revenue Service has issued a long-awaited revenue procedure clarifying the process for retirement plans to apply for “church plan” status. Rev. Proc. 2011-44 requires employers that seek an IRS ruling that their retirement plans are so-called “church plans” to notify participants in those plans that, as a church plan, their plan would not […]
Pension Rights Center to Lawmakers: “Changes to Retirement Plan Tax Breaks Should Address the Retirement Income Deficit, not the Budget Deficit”
WASHINGTON – At a hearing held by the Senate Committee on Finance today, the Pension Rights Center called on lawmakers to re-examine the tax incentives associated with 401(k) plans and other retirement savings plans, so that those tax breaks work more efficiently and equitably. The Center also asked the panel to consider broader measures that […]
As Deficit Reduction Debate Rages, Groups Tell Congress to “Halt the Assault on Retirement Security”
WASHINGTON – While Congress fights over how to cut the federal budget deficit, 28 national organizations sent a letter to key members of Congress today, warning that proposed cuts to Social Security, Medicare, and traditional pensions would harm the retirement security of millions of retirees. The letter marks the launch of a new campaign to […]
Supreme Court Decision in Amara v. CIGNA a Victory for Workers and Retirees
WASHINGTON – The Pension Rights Center released the following statement from Karen Ferguson today in reaction to the U.S. Supreme Court’s decision in Amara v. CIGNA: “This is a very important decision for employees and retirees. The Court ruled that, if pension plan trustees deliberately mislead plan participants, and the participants can show that they […]
Statement by Karen Friedman, Executive Vice President, on the Failed Deficit Commission Vote
WASHINGTON – Following the failure of the National Commission on Fiscal Responsibility and Reform to get the votes necessary for its recommendations to be voted on by Congress, Karen Friedman, executive vice president of the Pension Rights Center, issued this statement: “Social Security has been saved from the unnecessary cuts that the deficit commission had […]
Groups Reveal U.S. Retirement Income Deficit at Launch of Campaign to Make Retirement Crisis a National Priority
WASHINGTON – The magnitude of the nation’s retirement income crisis was revealed at a press conference in Washington, D.C., today, with the release of the Retirement Income Deficit – the gap between the pensions and retirement savings that American households have today and what they should have today to maintain their living standards in retirement. […]
