The Big 100: A somber milestone
Earlier this week, the Pension Rights Center’s list of companies that have suspended their 401(k) matching contributions reached 100. The companies on this list are big and small. The list includes the Big Three automakers, various auto parts suppliers, a dry cleaning chemical manufacturer, a wave of newspaper publishers and even a small county in […]
Retirement plan rules trump divorce decree
The Supreme Court recently ruled that a retirement plan could follow its own rules even if they were inconsistent with the terms of a divorce decree. The decision is an important one, not just because of the legal precedent that it sets, but also because it serves as an important warning to anyone who has […]
The test of time
In my work here at the Pension Rights Center, one of my responsibilities is to update the list of companies that have suspended matching 401(k) contributions. This week I’ve had to add more than 15 companies to this list. Even worse, some of these companies are suspending matching 401(k) contributions and freezing their traditional pensions, […]
Taking a few steps back
A new report from the Congressional Research Service shows that we still have a long way to go when it comes to ensuring that American workers are covered by workplace retirement plans. In fact, we’ve taken a few steps back. According to the report: Fewer private-sector workers were offered a workplace retirement plan in 2006 […]
PRC letter to the U.S. Office of Personnel Management regarding spousal benefits for federal employees
February 2, 2009: In a letter to the U.S. Office of Personnel Management, the PRC requested that OPM send notices to federal employees warning them that their spouses could be in danger of losing survivor benefits. See OPM’s response.
Leveling the playing field
Today, President Obama signed three executive orders aimed at “leveling the playing field” for workers and the labor movement. We at the Pension Rights Center have a few ideas of our own on how President Obama can level the playing field when it comes to the nation’s retirement income system. Initiative #2 of our Consumer […]
A history of pensions in six minutes
The two stars of this entertaining video give us their unique – and accurate – take on the history of pensions and what led companies to ask for pension funding relief in the financial bailout. Watch the video and let us know what you think.
What happens to my pension if my employer declares bankruptcy?
I recently came across a helpful Department of Labor fact sheet – Your Employer’s Bankruptcy – How Will It Affect Your Employee Benefits? Given the current state of the economy, it’s never too early for workers to know what might happen to their benefits if their employer goes bankrupt. The fact sheet highlights the important […]
Three companies do “the right thing”
It isn’t every day you that hear a company say that providing a 401(k) match is the “right thing to do” for its employees. Nope, you don’t hear it that often – especially during an economic downturn that many have compared to the Great Depression. So, when I heard that Dollar Thrifty Automotive Group reinstated […]
Getting back on track
At the Pension Rights Center our happiest moments come when people receive their pensions, sometimes after many years of trying. Thanks to the new Worker, Retiree, and Employer Recovery Act of 2008, signed into law on December 23rd, Rose Colon, a former spouse of a railroad retiree, will finally receive her survivor annuity. Most of […]
The match game
With the stock market tanking, people saving for retirement through their company’s 401(k) plan have yet another reason to worry: more and more employers are suspending their 401(k) matching contributions. This means that some workers will no longer receive a dollar-for-dollar match from their employer for the money that they themselves contribute to their 401(k). […]
A 401(k) lesson learned
Some employers may have learned a lesson from the collapse of Enron and its devastating impact on the 401(k) accounts of its workers and retirees. For years, Enron had matched employee contributions to their 401(k) plans with employer stock, instead of matching their contributions with money that the employees could invest themselves. Even worse, Enron […]
