Can we call you, Al?
When writer-comedian Al Franken was sworn in as Minnesota’s junior Senator on July 7, I was intrigued to hear that he will be serving on the Committee on Health, Education, Labor, and Pensions (also known as the Senate HELP Committee). Not surprisingly, this is one of the committees that we deal with the most, and I […]
In case you missed it
Here’s some of the latest news from the world of pensions: ▪ PlanAdviser reports that late last week the Senate confirmed Phyllis Borzi to head the Employee Benefit Security Administration as assistant secretary of labor. ▪ PRC attorney Rebecca Davis led a session in a National Women’s Law Center webinar titled What Women Need to […]
Older Americans Act celebrates an anniversary
Today marks the 44th anniversary of the Older Americans Act, a federal grant program that helps millions of older adults throughout the country. One of the programs funded by the Older Americans Act is the Administration on Aging’s Pension Counseling and Information Program, which supports regional pension counseling projects around the country. These nonprofit counseling projects provide […]
A retirement reality check
A new study released by the Ariel Education Initiative and Hewitt Associates and funded by the Rockefeller Foundation confirms what many researchers and retirement policy experts have known for a while now: When it comes to providing retirement income, 401(k) plans just aren’t cutting it for many minorities. The study finds that African Americans and […]
Relighting the match
Last week Zep Inc. announced plans to reinstate its 401(k) matching contributions. This move comes six months after the company suspended its match and cut executive pay to reduce costs. At the time, Zep’s CEO said that restoring the match would be the top priority when the company returned to profitability. Currently, Zep is restoring […]
Pension Tension: Bankruptcy and Pensions
The recent bankruptcies of Chrysler and General Motors have caused a lot of workers to be concerned about their pensions. While Chrysler has now emerged from bankruptcy GM is still going through the bankruptcy process and the question. “What will happen to my pension?” is very much on the minds of workers and retirees in […]
Does it have to be all or nothing?
For the past several months, the PRC has been maintaining a list of companies that have reduced or stopped matches to their 401(k) plans. When the economy takes a turn for the worse as it has in the past year, companies view cutting 401(k) matches as an easy way to reduce costs. Recently, Business Management […]
Success!
Today the IRS announced new tax “withholding adjustment procedures” for pension plans today, repairing a problem that we raised in a letter to the Treasury Department on April 1. As we wrote last month, the Making Work Pay Tax Credit is designed to stimulate the economy by having employers withhold less taxes from employees’ paychecks. […]
NFL punts on pensions
The NFL, what many (including this avid sports fan) consider to be the nation’s favorite and most popular sport’s league, has taken an action that could potentially undermine the retirement security of it workers and retirees. I’m not talking about the retirement security of the league’s highly paid players – players are covered by a […]
Financial Analyst: Be Wary of the ‘Cult of Equities’
There’s a firmly-ingrained notion among many investors that stocks outperform bonds over the long term by an average of 5 percent. This view isn’t based on reality but “myth.” At least that’s what contrarian financial analyst and money manager Robert D. Arnott, chairman of Research Affiliates says. Arnott, who reviewed data going back to 1801, […]
Older Americans Month
Today, May 1, marks the start of Older Americans Month. What better a day to discuss the retirement security of older Americans? Not so long ago retirement security was thought of as a three-legged stool, consisting of employer-sponsored pensions, personal savings and Social Security. Today the only leg of that stool that remains intact is Social Security. More […]
Mother Jones for Mother’s Day
With Mother’s Day approaching, it seems only fitting that I put in a plug for the current edition of Mother Jones magazine. Its cover asks, “Who Ran Away With Your 401(k)?” and the issue is required reading for anyone interested in the future of retirement income. In the lead story, “Who Shredded Our Safety Net?“, […]
