8 states, 8 state-sponsored retirement plans
In fact, while 30 states are considering retirement plans for small business employees, eight states are already going ahead with plans to provide workers with a means to save for retirement that doesn’t depend on their employers.
Treasury Department Gives Thumbs Up to Second Pension Rescue
A pension fund in Nashville is now the second plan covering unionized workers to receive Treasury Department approval to cut members’ benefits.
Federal Treasury Department approves potential Teamster pension cuts
The U.S. Treasury Department has approved a proposal for a 29 percent pension cut for members of a Teamsters unit based in upstate New York.
Ready or not, here comes the conflict-of-interest rule!
By Jane Smith The fiduciary rule, a new Department of Labor regulation that took partial effect on June 9, 2017, requires investment advisers to provide advice that is in the best interests of their clients. The implementation of this common-sense regulation, also known as the conflict-of-interest rule, is a big win for investors. The rule […]
Another blow for heartland workers: Slashed pensions
February was a bad month for Larry Burruel and thousands of other retired Ohio iron workers. His monthly take-home pension was cut by more than half from $3,700 to $1,600.
Surprise! A lot of people are still in pension plans
By Jane Smith The newest addition to our Statistics pages reveals what some may consider a surprising fact: Nearly one-third of private-sector workers participating in retirement plans are in pension plans. Although there’s been a shift to 401(k)-type retirement savings plans, pension plans remain popular because of the security they provide to workers and retirees. […]
UPS to freeze non-union pension plan
UPS plans to freeze pensions for non-union employees, joining a parade of U.S. corporations that have altered or dumped traditional retiree payout plans.
When ESOPs work, they work well. But some say reforms are needed.
Employee-owned stock option plans, or ESOPs, are an important part of the American economic landscape. About 7,000 American businesses have ESOPs, and roughly one out of every 12 workers participate in some form of employee-ownership plan.
Church Plan Decision Bolsters Credit Ratings, Despite Unresolved Issues
A recent U.S. Supreme Court decision in favor of pension-law appeals by three religiously affiliated hospital systems was deemed a credit positive for such entities. However, further litigation is likely.
Are you entitled to a pension you’ve left behind?
It’s not every day you get good news from the IRS. But that’s exactly what happened to Danny Jo Wright of Austin, Texas, when he applied for Social Security in 2013. In a letter from Social Security, the IRS informed him he was entitled to a pension from the drug company he had worked for […]
Supreme Court Ruling Did Not Resolve Church Plan Challenges
Following oral arguments in March in three cases challenging health care organizations’ church plan status, the U.S. Supreme Court found plans maintained by principal-purpose organizations qualify as “church plans.” However, it did not rule that the hospitals in these cases were principal-purpose organizations.
More challenges promised despite church-plan victory
Sponsors of church-related pension plans are celebrating a Supreme Court decision upholding their right to be exempt from federal pension rules, but participant advocates vow to continue challenging them on other legal points and in new venues, including state courts.
