Pension Rescue Law Providing Critical Assistance to Growing List of Plans
By David Brandolph The Butch Lewis Emergency Pension Plan Relief Act of 2021 (BLA) continues to provide an important lifeline to financially challenged multiemployer pension plans, and in turn, has already brought monetary and mental stress relief to hundreds of thousands of retiree-plan-members, their spouses, families and their communities. As of October 27, the Pension […]
Pensions & Investments: DOL, White House unveil latest fiduciary proposal to cover one-time rollover advice
After much anticipation, the White House and Department of Labor on Oct. 31 unveiled a new rule proposal to amend the definition of the term “fiduciary” and require rollover advice be in the best interest of the saver.
Save Our Retirement Coalition Groups Applaud Public Release of DOL’s Proposal to Protect Americans’ Retirement Savings
The Pension Rights Center is pleased to stand with our fellow Save Our Retirement coalition members in applauding the Department of Labor’s public release of a proposed rule to protect consumers from conflicts of interest when receiving retirement investment advice from financial professionals.
PRC Responds to DOL Request for Information on Reporting and Disclosure
The Pension Rights Center submitted comments on October 18th in response to a Request for Information concerning the Paper Statements provision of Secure 2.0. Read the PRC’s response to the Request for Information here and our comments on Subsection F here.
Forbes: Transferring Your 401(k) To An IRA? 5 Things You You Need To Know To Avoid Getting Burned
Trillions of dollars in 401(k) assets are on the move as employees retire or change jobs. It’s not difficult to transfer these funds, but there’s a lot you need to know to avoid getting fleeced.
PRC Voices Concerns on Effect of Plan Information Electronic Recordkeeping
By David Brandolph The U.S. Labor Department should address the challenges and risks faced by employee benefit plan members due to the electronic and digital recordkeeping of their plan information, the Pension Rights Center told the ERISA Advisory Council during recent testimony. Pension Rights Center Senior Policy Counsel and Acting Legal Director Norman P. Stein, joined by […]
Investment News: Employers racing to offload pensions to insurers
Among companies that still have active defined-benefit plans on their books, 89% are planning to offload their pensions to insurance companies using a strategy called pension risk transfer, which puts workers and retirees into group annuities.
Senior Policy Counsel Norman Stein Testifies Before the ERISA Advisory Council
Norman Stein, PRC’s Senior Policy Counsel, and Anna-Marie Tabor, a visiting law professor at the University of Massachusetts School of Law and the former director of the Pension Action Center, testified before the Council about the risks posed by electronic recordkeeping and recommended stronger consumer protections including the creation of an electronic shoebox of relevant […]
PRC Urges Protections for Electronic Recordkeeping of Pension Information
Electronic recordkeeping of employee benefits plan information can aid plan administration efficiency and reduce costs for employers, but also poses increased difficulties and risks for plan members that the U.S. Labor Department must address, the Pension Rights Center will tell the ERISA Advisory Council during testimony the morning of September 20. Pension Rights Center Acting […]
Bloomberg Law: UAW Aims to Restore Retiree Benefits Given Up in 2008 Crisis
At the center of a historic UAW strike against all three major US automakers is an effort against long odds to reclaim retirement benefits workers conceded decades ago as manufacturers teetered on the brink of collapse. United Auto Worker union activists say they want back the guaranteed lifetime pension payments and retiree medical care they […]
NYT: Why Some Ex-Workers at Bed Bath & Beyond Face 401(k) Losses
Federal law generally protects retirement savings when a company files for bankruptcy. But that’s not always the case.
CNN: Traditional pension plans are pretty rare. But here’s who still has them and how they work
The phrase “pension benefits” may come up a lot in the next several days as negotiations between the United Auto Workers union and the Big Three automakers go down to the wire to avert a strike. But for most private-sector US workers, pensions disappeared long ago.
