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 […]
PRC statement to the ERISA Advisory Council on disclosures for pension-risk transfers (August 18, 2015)
PRC Policy Analyst Jane Smith testified before the ERISA Advisory Council on the type of information that an employer should give to its workers and retirees when a company decides to offer lump-sum buyouts or transfer their traditional pension plan to an insurance company. Related: Our press release praising the Treasury Department and the IRS for moving […]
DOL moving forward on fiduciary rule
Labor Department officials are determined to produce a new standard of fiduciary duty for anyone giving retirement investment advice, once they process concerns raised in thousands of comment letters and four days of hearings on their proposal.
Speakers encourage fiduciary role for advice on DC lump sums, IRA rollovers
People giving advice to defined contribution plan participants about lump-sum distributions and rollovers to individual retirement accounts should be covered by a new fiduciary standard, several speakers said Wednesday at a Department of Labor hearing on the proposed rule.
