When Swimming in 401(k) Asset Transfer Water: Beware of Sharks
By David Brandolph I expect a 401(k)-type plan customer service call center to be a place to get impartial information about the plan and one’s account. But a recent experience with a center representative has made me question the impartiality of anyone—including such a representative–who recommends transferring plan assets to an IRA, particularly if that […]
PRC News, Spring 2023
PRC urges IRS to protect spouses The Pension Rights Center (PRC) filed comments with the IRS/Treasury Department on March 30th urging the agency to strengthen – not weaken – critical legal protections for spouses’ retirement security. In its letter, PRC registered its strong disapproval of an IRS proposed rule that would eliminate the long-standing requirement […]
Senior Policy Consultant Norman Stein Testifies Before the IRS
PRC’s Senior Policy Consultant Norman Stein testified before the IRS and the Department of the Treasury on April 11th, urging them to take measures to protect spousal retirement rights. Read his testimony here:
Ralph Nader Radio Hour Features Pension Rights Center
By David Brandolph Pension Rights Center Executive Director Karen Friedman was recently interviewed on the Ralph Nader Radio Hour (the interview begins at 27:48) about current retirement issues. Referring to the protests over retirement issues in France, Friedman started the interview by telling Nader and co-hosts Steve Skovran and David Feldman that “Retirement issues are so […]
PRC Urges IRS to Protect Spouses
The Pension Rights Center (PRC) filed comments with the IRS/Treasury Department today urging the agency to strengthen – not weaken – critical legal protections for spouses’ retirement security. In its letter, PRC registered its strong disapproval of an IRS proposed rule that would eliminate the long-standing requirement that a spouse can only sign away their […]
PRC Comments to IRS on Physical Presence Requirements
The PRC filed comments with the IRS registering its strong disapproval of a proposed rule that would eliminate the long-standing requirement that a spouse can only sign away their right to a survivor’s benefit knowingly and voluntarily in the physical presence of a notary or plan official in order to safeguard against fraud and coercion […]
Racial and Income Inequities Threaten Older Workers’ Retirement Security, Study Shows
By Jane Smith A joint study from The New School’s Schwartz Center for Economic Policy Analysis (SCEPA) and the Economic Policy Institute (EPI) provides insight into the systemic inequities and retirement challenges faced by lower income workers, particularly Black and Hispanic people and women. As a result, many people must overcome substantial hurdles to achieve […]
PRC Receives $560,000 Cy Press Award
The Pension Rights Center, a nonprofit consumer organization dedicated to protecting and promoting retirement security, is grateful to have been designated as a recipient of a $560,000 cy pres award by the law firm Bailey & Glasser. A cy pres award allows for the distribution of leftover funds from the settlement of a lawsuit to […]
Happy Valentine’s Day from the PRC
Happy Valentine’s Day! As we celebrate this day of love and appreciation, we want to take a moment to recognize the love you have shown for the Pension Rights Center and the love we have for all of you. Thanks to you, we can continue our mission to protect and promote the retirement security of […]
PRC Comments on Proposed Amendment to Prohibited Transaction Exemption PTE 2002-51
The PRC submitted comments to EBSA on a proposed amendment to the Voluntary Fiduciary Correction Program for timely deposits of participant contributions into 401(k) plans that would establish a self-correction component for certain plans. To encourage employers to deposit contributions on time, we recommend keeping a three-year limitation period on frequency of using the program.
PRC applauds passage of priority consumer protections in new retirement law
By Karen Friedman The Pension Rights Center (PRC) applauds the recent inclusion of several key consumer provisions in the Setting Every Community up for Retirement Enhancement Act (better known as SECURE 2.0), a retirement legislative package that was passed as part of the Omnibus spending legislation, which President Biden signed into law on December 29th. […]
PRC Letter to IRS on Notice 2022-27, Physical Presence Requirement for Spousal Consents
The PRC sent a letter to the IRS urging the Service to protect spousal retirement rights by restoring its requirement that a spouse’s surrender of rights to retirement benefits must occur in the physical presence of a notary or plan administrator to ensure that the consent is executed without fraud, coercion, or duress.
