Unforeseen consequences one legacy of the Pension Protection Act
Like many pension-related laws, the Pension Protection Act that passed a decade ago was designed to address a crisis. At the time, underfunded pension plans were threatening the financial stability of the Pension Benefit Guaranty Corp. But while the act did help strengthen the federal agency, it also had the unintended effect of discouraging defined […]
Multiemployer Pension Resubmits Rescue Plan to Treasury
An Iron Workers local pension fund has withdrawn and resubmitted its application for benefit suspension approval from the Treasury Department, restarting the clock on the department’s review.
Iron Workers retirees get temporary reprieve from pension cuts
Retired iron workers in Northeast Ohio will get a short reprieve before their pensions could be cut.
Wall Street Vultures May Have Wrecked the Central States Pension Fund
Bowing to the demands of thousands of angry Teamsters, the federal Government Accountability Office (GAO) has agreed to conduct an inquiry into the past investments of the Central States Pension Fund, the organization that manages the retirement benefits for more than 400,000 union members, both retired and active.
Retirement panic? It’s not all your fault.
If you’re like many Americans, you’re worried about retirement, but a new report suggests that blame for retirement insecurity can’t be laid solely at the feet of individual savers.
Democrats Promise to Defend Fiduciary Rule, Bolster Multiemployer Pension Plans
On June 22 Republican’s fell short in their effort to override President Barack Obama’s veto of resolution that would have blocked the rule from taking effect, but they haven’t given up the battle. A House Appropriations subcommittee approved spending legislation July 7 on party lines that would block a numberof Obama administration labor initiatives, including the fiduciary rule.
SAVE UPs Act mandating emplolyer contributions introduced
Rep. Joseph Crowley, D-New York, today introduced legislation intended to aggressively improve access to workplace retirement savings plans.
Pension covering hundreds of of YRC Worldwide employees faces insolvency
A pension fund that covers hundreds of YRC Worldwide Inc. employees in the New York City area faces insolvency in a matter of months.
Speaking out on Section 385
Now that opponents of the Treasury Department’s proposed Section 385 regulation have failed — so far — to stall its momentum, the next outlet for critics and supporters will come Thursday, at an IRS hearing.
Three LI multi-employer pension funds struggle financially
Three union pension funds based on Long Island, and dozens nationwide, have warned the U.S. Department of Labor that they are in danger of running out of money to pay retiree benefits because they have too few workers supporting too many retirees, according to filings and pension experts.
Con Artists Hijack Widow’s Monthly Pension
Retirees with pensions depend on their check arriving on time each month. Now, internet hackers are diverting millions of dollars from both social security and companies distributing pension checks.
Deny Hospital Church Plan Status, Groups Tell 10th Circuit
The multimillion-dollar battle over whether hospital pension plans can claim a religious exemption from federal law heated up this week, when retiree and religious freedom industry groups told an appellate court to rule against Colorado-based Catholic Health Initiatives.
