Press Release
Pension Rights Center Statement on Saint Peter’s Healthcare System “Church Plan” Ruling from the IRS
WASHINGTON – Last week, Saint Peter’s University Hospital employees and retirees were notified that the Internal Revenue Service had issued a Private Letter Ruling saying that their pension plan is a “church plan.” If allowed to stand, the ruling will mean that the pension plan will no longer be protected by ERISA (the Employee Retirement […]
Pension Rights Center Applauds the Pension Benefit Guaranty Corporation’s Take-Back of a Hospital Pension Plan
WASHINGTON — The Pension Rights Center applauds today’s decision by the Pension Benefit Guaranty Corporation (PBGC) to take over pension payments to more than 800 former employees of the now-defunct Hospital Center at Orange (HCO). The federal agency that insures most private pension plans has announced that it will restore insurance protections lost by HCO […]
Government Agencies Restore Protections to Hospital Retirees’ Pensions
“Church plan” designation for pension plan revoked in unprecedented action WASHINGTON — After a 10-year struggle, hundreds of former workers and retirees from the Hospital Center at Orange (HCO) once again have federal protections for their pensions. In an unprecedented move, the Internal Revenue Service (IRS) has reversed its 2003 decision to grant HCO’s pension […]
“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 […]
