Barry’s Pickings: Retiree Lump Sums—a (Non-Hysterical) User’s Guide
There has been significant coverage of IRS’s recent Notice announcing that it no longer intends to amend required minimum distribution (RMD) regulations to prohibit defined benefit (DB) plans from paying lump sums to retirees.
Finding your lost retirement money
No one wants to lose money, particularly for retirement. But it happens — people lose track of, or don’t know they have, retirement accounts.
It just became easier for employers to dump retirees’ pensions
Traditional pensions are disappearing in America, and the federal government just made it easier for employers to get rid of them. With no fanfare in early March, the Treasury Department issued a notice that allows employers to buy out current retirees from their pensions with a one-time lump sum payment. The decision reverses Obama-era guidance, […]
Treasury Department OKs More Lump-Sum Pension Payments
A recent change to pension guidance makes it easier for companies to buy out a retiree’s lifetime annuity payment with one lump-sum payment, a switch that could hurt the long-term financial security of many older Americans.
Portman bill protects pension benefits by expanding voting rights
U.S. Sen. Rob Portman (R-OH) on March 14 sponsored a bipartisan bill to protect multiemployer pension payments by allowing workers and retirees to also vote on pending potential benefit cuts.
Northwestern University Fights Retirement Plan Suit in 7th Cir.
Northwestern University defended its retirement plans from a challenge brought by employees, saying the plans are designed to meet the needs of investors with different levels of sophistication and retirement planning objectives.
Legislation giving participants more say in MPRA benefit cuts reintroduced in Senate
Bipartisan legislation giving participants of struggling multiemployer pension funds more of a voice when benefit reductions are being considered was reintroduced Friday in the Senate.
Trump Treasury Backtracks On Lump-Sum Pension Rules Meant To Protect Retirees
The Treasury Department told off employers back in 2015: Lump-sum pension buyouts for retirees already in payout status are a no-no. In practice, employers stopped offering them, per Notice 2015-49, despite the fact that proposed and temporary rules never came out. Now, in a Trump-era twist, the Treasury Department has backtracked with Notice 2019-18, a […]
Braun proposes end to congressional pension
Freshman U.S. Sen. Mike Braun announced Tuesday he has introduced legislation that would eliminate congressional pensions. Braun, R-Ind., was joined on the bill by freshman Sen. Rick Scott, R-Fla. They have named their proposal the End Pensions in Congress Act.
How to Find an Old 401(k) Account
During the frenzy of leaving behind an old job and getting acclimated to a new position, rolling over your 401(k) plan isn’t always your first priority. Some people even lose track of a 401(k) plan at a former employer. Here’s what to do if you’re trying to find funds held in a previous employer’s 401(k) […]
6 Ways Retirement Has Changed Over the Past 25 Years
Twenty-five years ago, Kiplinger’s Retirement Report launched to help readers enjoy a richer retirement. Our first issue, published in February 1994, offered guidance on timely issues of the day, such as how to take advantage of the home-sale-profit exclusion (then $125,000) and how to comply with new rules that for the first time required a […]
MetLife’s $220M Deal Shows Risk In Losing Track Of Retirees
A $220 million settlement with MetLife Inc. secured by the New York Department of Financial Services on Monday marked the latest episode in the fallout over the insurer’s failure to adequately notify almost 30,000 retirees of their eligibility for retirement benefits over the course of 25 years.
