Sanders promises to block cuts to pension benefits if elected
Bernie Sanders (I-Vt.) vowed on Wednesday to place a moratorium on cuts to pension benefits overseen by the federal government if he is elected president in 2020. Speaking at the International Association of Machinists and Aerospace Workers legislative conference in Washington, Sanders decried the passage of a 2014 law empowering the Treasury Department to approve […]
Retirees, Weigh a Pension Lump Sum Offer Carefully
If your pension plan offers you a lump-sum payout, should you take the money and run? Because of a recent IRS policy change, more retirees are likely to face that question in the near future. In March, the IRS opened the door for defined-benefit plans to offer lump-sum payouts to retirees who are currently receiving […]
‘Saint Constance’ Fixes the Unfixable as Patron of Lost Pensions
There’s no such thing as a lost cause to Constance Donovan. In her five years as the congressionally-mandated participant and plan sponsor advocate at the Pension Benefit Guaranty Corporation, she’s been a lifeline for flustered pension holders and employers at a federal agency she’s characterized as often effective but prone to being opaque, defensive, and […]
Do away with the red tape that blocks retirees from their pensions
Thank you to Sean P. Murphy for shining a light on what people go through when they encounter a problem with their retirement income (“The annuity that fell into a black hole,” The Fine Print, Page A1, April 22). I’m the director of the Pension Action Center at the University of Massachusetts Boston’s McCormack Graduate […]
Stop & Shop agreement seen as a win for workers
Now that Stop & Shop workers are back on the job, cleaning floors and stocking shelves as they wait for deliveries to arrive, the big questions are: Was the strike worth it, and which side came out on top?
Your Financial Future: Find ways to fund retirement now
April is Financial Literacy Month. This has been designated as a time to learn new ways to improve your financial knowledge. We try to help in this regard every week in this column. There will be a lot more written in general publications this month about financial literacy. Generally, people are not as prepared as […]
America’s retirement crisis
Could you live on $2,452 per month? Would that be a problem for you? The St. Louis Fed thinks so. They recently wrote, ““It could be worrisome that, for many American households, the total balances of their retirement accounts may not be sufficient to ensure a solid life in retirement.”
It’s going to get easier for some Americans to save for retirement
Janico, a janitorial services company in North Highland, Calif., always offered a comprehensive benefits package, including health insurance, vacation days and holiday pay — but it could never include a retirement plan.
Boosting your savings can lead to a happier retirement
April is Financial Literacy Month, a time to learn new ways to improve your financial knowledge. We try to help in this regard in this weekly column. A lot more will be written this month about financial literacy. Generally, people are not as prepared as they should be for every possible financial situation. A few […]
How to Find ‘Forgotten’ Cash
Once your account starts gathering dust — meaning, typically, it has sat untouched for three to five years — banks usually transfer the money to the state of your last known address. Visit “unclaimed.org” and follow links to the website of each state where you’ve lived. If you find a listing in your name, you […]
When Orchestras Strike: The Recent History of Orchestral Labor Strife
In the fall of 2016, a performance of Aaron Copland’s Fanfare for the Common Man by the Pittsburgh Symphony Orchestra took on a special significance. With their regular concerts cancelled in the midst of a bitter contract dispute, Pittsburgh musicians put on a free public performance, joined by brass players from Boston, Cleveland, and Philadelphia, […]
There’s a retirement crisis in America where most will be unable to afford a ‘solid life’
It’s financial literacy month, do you know where your retirement is? CNBC Chairman Mark Hoffman rings the NASDAQ opening bell today to kick off the special month, created in 2003 to teach Americans how to establish and maintain healthy financial habits.
