Obama plan to boost retirement security, shore up pension agency faces hurdles
Joshua Gotbaum, director of the Pension Benefit Guaranty Corp., has a problem. His agency, which guarantees private-sector pensions promised to 44 million Americans, is saddled with a huge deficit at risk of growing out of control.
AP: Why we need to reduce our pension obligation
Two days after the AP union issued its “Tweet-out” memo, the Associated Press sent a letter to employees saying that it’s bargained in good faith during the last five months and that “throughout the negotiations, we have been clear that freezing the defined benefit pension plan by July 1 is essential to the health and […]
Pensions: The decline of the 401(k)
With all the talk of bringing government pensions in line, too little attention has been paid to pensions in the private sector. “Suffering” is a description for the 401(k)-style pensions that most American workers rely on.
One In Four Working Baby Boomers Say They’ll Never Retire, Survey Finds
Baby boomers are starting to retire, but many are agonizing about their finances and believe they’ll need to work longer than they had planned, a new poll finds.
Music by Gershwin, words by Gotbaum
Joshua Gotbaum’s resume got a bit longer last week. The director of the Pension Benefit Guaranty Corp. now can add lyricist and vocalist to his CV.
New Cash Balance Claims Filed Too Late
A federal judge in Kentucky has ruled that cash balance plan participants waited too long before filing amended legal claims challenging their plan’s whipsaw lump-sum distribution method and other issues.
Cardinal says he will fund pensions
Cardinal Seán P. O’Malley, reacting to criticism this week over management of the archdiocesan pension plan for lay employees, affirmed his commitment to fully funding the plan.
Cardinal reaffirms commitment to lay pension plan
Cardinal Seán P. O’Malley is reaffirming his commitment to meeting the obligations of the lay pension fund and will give anyone who has already elected to cash out of the plan a chance to reverse that decision.
A “Super” Time to Save for Retirement, by Senator Chuck Grassley
This week, a group that works to make sure people get their promised pensions gave me a “Superhero” award for my work on retirement income security. The award came with a caricature of me in a Superhero costume.
Mixed ruling in suit over AIG employees’ pension losses
A New York federal judge has dismissed some claims against American International Group Inc. related to losses sustained by its employee pension plans, but also refused to dismiss others.
Don’t blame Social Security
On Monday, I was honored to join my colleagues Senators Reid, Sanders, Franken and Blumenthal at a rally with more than 300 supporters of Social Security.
The role for DC plans in the public sector
In the wake of the financial crisis, policymakers have been chattering about moving to defined contribution (DC) plans in the public sector. Defined contribution plans may well have a role in the public sector, but not as an alternative to defined benefit (DB) plans.
