PRC News, November 4, 2021
PRC receives a generous grant to support our mission. The Pension Rights Center is thrilled to announce that we have received a three-year grant from the RRF Foundation for Aging (RRF) totaling $375,000 ($125,000 a year). The funds will enable us to expand our efforts to protect and promote retirement security for workers and retirees, […]
Easing Retirement Plan Notarization Could Put Women at Risk
A proposal federal regulators are weighing to end in-person retirement plan election requirements meant to protect spousal benefit rights instead could expose women beneficiaries to fraud.
Employer Reps Ask IRS For Higher Plan Correction Floor
An advocacy group representing large employers that offer employee benefits recommended that the Internal Revenue Service increase a threshold requiring corrections of pension plan overpayments.
Watch Out for 401(k) Fees
By Jane Smith The Pension Rights Center has long warned consumers to be aware of the fees charged by 401(k) plans. That message was reinforced by syndicated columnist Michelle Singletary in her article “Your 401(k) is pocketing fees on your investment. Many people don’t realize it.” Singletary told her readers “It’s important that you understand that the […]
PRC and Covington & Burling LLP comments to IRS on Rev. Proc. 2021-30
PRC submitted comments with Covington & Burling LLP to the IRS on Rev. Proc. 2021-30, which updated selected correction procedures for benefit overpayments under the Employee Plans Compliance Resolution System (“EPCRS”).
Companies Decide the Time Is Right to Offload Pensions to Insurers
Many Americans who still have a traditional pension—the kind that pays a regular income no matter what the market does—could soon have a different company paying their benefits. U.S. companies owe current and future retirees and their beneficiaries more than $3 trillion, and many have been trying to exit the retirement business for years. Right […]
What Women Facing Divorce Must Know About Spousal Retirement Benefits
By David Brandolph Divorce can be both emotionally traumatic and financially devastating – especially to older women who are as much as three times as likely as men to be below the poverty line in retirement. That’s why it’s important for older women and all others experiencing a divorce to know that they may be entitled to […]
The Pension Rights Center urges the IRS to protect retirement spousal rights
For Immediate Release Contact: Karen Friedman, 202-320-6518 The Pension Rights Center (PRC) sent a comment letter to the IRS in opposition to efforts to weaken spousal rights to retirement benefits. The Pension Rights Center has been a leading consumer voice working to protect the retirement security of workers, retirees […]
PRC Comments to the IRS on Notice 2021-40, Physical Presence Requirement for Spousal Consent
PRC submitted comments to the IRS on Notice 2021-40, Physical Presence Requirement for Spousal Consent.
‘I’ll be robbed twice in one lifetime’: Retirees fearing financial disaster wait for pension rescue
For Carol Podesta-Smallen, the pain of a broken promise grows worse with time. The Garfield, N.J., retiree framed her first pension check, along with a picture of herself and her husband. “That was our retirement,” she says, referring to the monthly benefit she earned after 26 years as a clerical worker.
Lawmakers want to help retirement savers find their lost 401(k) and pension plans
Help may be on the way for workers who lose track of their 401(k) accounts as they move from job to job throughout their careers.
Congress considers provisions that would limit when retirement plans can recover overpayments
By Emily Gilbert In my last blog post, I talked about how often we hear from people who cannot locate their retirement plans, and how Congress is taking steps to address this issue. Provisions related to lost retirement plans are included in legislation now pending in the Senate and House of Representatives. Two of these bills also […]
