Countdown to Cuts: Retirees Call on Policymakers to Stop the Clock on Cuts to Their Pensions
WASHINGTON – Hundreds of retired truck drivers and their spouses came to Washington, D.C., today to tell policymakers how proposed cuts to their pensions – as authorized by the Multiemployer Pension Reform Act of 2014 (MPRA) – could devastate their retirement security. Retirees from Colorado, Illinois, Iowa, Massachusetts, Michigan, Missouri, Nebraska, North Carolina, Ohio, Tennessee, and Wisconsin came to […]
Speech by Karen Friedman at the “Stop the Clock on Pension Cuts” Press Conference (September 10, 2015)
My name is Karen Friedman. I’m the Executive Vice President of the Pension Rights Center, a national consumer organization that has been working since 1976 to protect retirement security of American workers, retirees, and their families. Thank you Senator Sanders, Congresswoman Kaptur, and co-sponsors for introducing the Keep Our Pension Promises Act of 2015 (KOPPA). This […]
Retirees, experts testify at Multiemployer Pension Reform Act hearing
Federal regulators charged with implementing the Multiemployer Pension Reform Act of 2014 heard from concerned retirees and pension experts Thursday during a hearing convened by the IRS. “This is a dangerous precedent for all types of pensions,” Karen Ferguson, director of the Pension Rights Center, told the panel, which included officials with the Labor Department […]
PRC testimony to Treasury on proposed rules for retiree benefits cuts under MPRA (September 10, 2015)
On September 10, 2015, the U.S. Treasury Department held a public hearing on proposed and temporary rules for implementing pension cuts for retirees in severely troubled multiemployer pension plans, as authorized by the Multiemployer Pension Reform Act of 2014. PRC Director Karen Ferguson testified at the hearing. Below are her remarks. I am Karen Ferguson, […]
Pension, patent rights at stake in SCOTUS Spokeo case: new briefs
The U.S. Supreme Court will hear oral arguments in Spokeo v. Robins on Nov. 2. And if you still had any doubts (despite my frequent reminders) about the potentially enormous consequences of this case, the 14 newly filed amicus briefs backing Thomas Robins – the lead plaintiff in a Fair Credit Reporting Act class action […]
AIG freezes pension
American International Group Inc. will freeze its defined benefit pension plan, effective January 1, 2016, according to an internal company memo obtained by the Wall Street Journal.
Financial advisers should all play by the same rules
Thousands of Registered Investment Advisers already abide by a fiduciary standard when giving advice under the federal Investment Advisers Act. But brokers and insurance agents aren’t held to this standard, even though they might use “investment advisor” on their business cards. They only need to offer choices that are “suitable” for clients, and that doesn’t […]
IRS releases multiemployer benefit cut voting rules
Procedures for allowing multiemployer plan participants to vote on benefit reductions in distressed plans were issued by the IRS on Wednesday.
Plans Applying for Partitions With PBGC Need Flexibility in Final Rules, Groups Say
Multiemployer plans asking the PBGC to allow them to partition their pension plans need the application process to be flexible, according to comment letters from various groups.
Can you afford to retire?
Many Americans are facing the reality that they might not be able to retire in their 60s as planned. In 2014, President Obama and Congress passed the 2015 Omnibus spending bill, which includes provisions that allow trustees of certain multiemployment plans to cut retirees pensions – part of the Multiemployer Pension Reform Act of 2014.
PRC comments to Treasury on rules for retiree benefit cuts in financially troubled multiemployer pension plans (August 18, 2015)
The Pension Rights Center submitted comments to the Treasury Department regarding its rules for retiree benefit cuts in severely underfunded multiemployer plans, as authorized by the Multiemployer Pension Reform Act of 2014. Our comments focus on improving the proposed regulations to better protect retirees in the following areas: Plan eligibility to suspend benefits; Post-suspension maintenance […]
PRC comments to PBGC on partition rules for financially troubled multiemployer plans (August 18, 2015)
The Pension Rights Center submitted comments to the Pension Benefit Guaranty Corporation (PBGC) regarding its rules for partitions in severely underfunded multiemployer plans, as authorized by the Multiemployer Pension Reform Act of 2014. The Center’s comments focus on five issues that most directly affect participants in plans that are seeking partition: The content of the […]
