Retirees soon to learn how much pensions may be cut
Retired truck drivers and others who draw a pension from an underfunded pension plan expect to find out in the next couple of days how much their monthly stipend may be cut.
An amazing “Day of Action”
To help retirees around the country fight back against proposed reductions in their hard-earned pensions, the Pension Rights Center organized a “day of action” on September 10. The day was an amazing success with more than 200 retirees travelling to DC from 11 states to ask government officials and members of Congress to “stop the […]
Controversial Pension Advance Industry Flourishes With Little Federal, State Scrutiny
Effectively unregulated in all but two states, pension advance outfits offer lump-sum payments in exchange for a claim on future pension payouts, often from military retirees. As recent reports from the Government Accountability Office have found, the effective interest rates can be astronomical. In California, rates ranged as high as 84 percent, 7 times the […]
Labor Department’s Fiduciary Proposal: Key Provisions to Watch
The battle over the U.S. Labor Department’s proposal to require financial advisers to put retirement investors’ interests ahead of their own has been fierce, with financial advisers, investor advocates and many financial-services companies watching every twist and turn in this multiyear saga.
PBGC says union pensions facing less risk
Multiemployer pension plans, those operated by unions on behalf of workers who are or were employed by more than 1 company in a particular industry, are facing less risk than they were last year. But the outlook is still not very good, according to a report issued Monday by the Pension Benefit Guaranty Corporation, or […]
Save Our Retirement Coalition response to letter sent to Secretary Perez on the fiduciary rule
The Pension Rights Center, as part of the Save Our Retirement Coalition, issued a statement in reaction to a letter sent to Labor Secretary Tom Perez by several members of Congress regarding the Department’s proposed fiduciary rule. Read the statement.
Teamsters Protest as Treasury Debates Allowing Pension Cuts for 1.5 Million Retirees
About 300 angry Teamsters descended on Washington, D.C., September 10, demanding federal action to protect the pensions of union members threatened with benefit cuts. The retired Teamsters are among a group of as many as 1.5 million retirees from a long list of different labor unions nationwide that could see their pensions slashed under a […]
Proposed pension cuts have Teamster retirees worried
Retired truck drivers and other retirees who draw a pension from an underfunded pension plan expect to find out early this fall how much their pension will be cut.
Impassioned Voices Ring Loudly at Benefits Suspension Hearing Savings
When crafting final regulations on suspending benefits under multiemployer pension plans, the IRS and Treasury Department should use the “maximum limits” of their authority to write rules that follow the law but are as fair as possible to workers and retirees, speakers said during an IRS hearing.
Retirees brace for hardship as multi-employer pension cuts loom
Of all the negative financial surprises that can hit in retirement, learning a “guaranteed” pension could be severely cut is among the worst.
Is your adviser truly protecting your retirement?
There’s a discussion going on that is vital to the retirement money you’ve worked so hard to save. The Labor Department, directed by the Obama administration, is proposing that more advisers, when giving retirement investment advice, put their clients’ best interests first.
With union pensions in jeopardy, Ohio members plead with Congress and the feds
Alex Adams lifted his shirt so the panelists and audience could see the bandages and feeding tube. “This is how I eat,” he said in a halting voice.
