Some Lump-Sum Pension Buyouts Banned
The IRS and U.S. Treasury Department have banned lump-sum pension buyouts, like the ones offered to GM and Ford retired employees, starting July 9, 2015, according to a notice from the two agencies.
Retirement Plans At Every Employer! Is Your State Next?
Paid sick leave, raising the minimum wage, commuter benefits. What’s next on the list of items employers are going to have to offer their employees? Retirement benefits.
Curtailing Lump Sum Pension Payouts?
I applaud the IRS and Treasury for clamping down on lump-sum pension payouts. America’s pensions are in peril and the last thing it needs is more lump sum payouts which will exacerbate pension poverty.
Treasury Curtails Lump Sum Pension Payouts
In a sudden move, the Treasury Department said it will stop allowing employers to offer certain workers the option to take out their pensions in a lump sum. Notice 2015-49, Use of Lump Sum Payments to Replace Lifetime Income Being Received By Retirees Under Defined Benefit Pension Plans, applies as of July 9, 2015.
IRS, Treasury Halt Lump-Sum Buyouts for Retirees Getting a Pension
The Treasury Department and Internal Revenue Service amended Treasury regulations last week to stop companies from offering lump-sum buyouts to retirees who already receive a monthly pension.
Pension advocate backs IRS rule banning annuity conversions to lump sums
A new IRS and Treasury Department ban on employers offering pension plan participants currently receiving monthly annuity benefits the option to convert their benefit to a cash lump sum was needed to protect retirees, a consumer advocacy group says.
Pension Rights Center Applauds Treasury Department/IRS for Protecting Retirees by Banning Lump-Sum Buyout Offers
WASHINGTON – In a welcome move by the Department of the Treasury and the IRS, the agencies released last week a notice to amend Treasury regulations to stop companies from offering lump-sum buyouts to retirees who are already receiving a monthly pension. The Pension Rights Center has been critical of these transactions, which erase the […]
PRC letter to Pensions & Investments responding to editorial about the Keep Our Pension Promises Act (July 13, 2015 — UPDATED)
The Pension Rights Center sent a letter to the editor of Pensions & Investments, in response to its negative editorial on the Keep Our Pension Promises Act of 2015. The text of the letter as published is below. Your June 29 editorial, “Defying economic reality,” does your readers a disservice by failing to accurately inform […]
Legislation offers workable solution to multiemployer plan underfunding
This is a Letter to the Editor from Karen Ferguson, director of the Pension Rights Center, responding to a negative editorial that Pensions & Investments published on the Keep Our Pension Promises Act of 2015.
Conn. Passes Protection for Transferred Pension Assets
Connecticut Governor Dannel Malloy signed Public Act 15-167 into law, bringing additional protections to retirees’ assets from creditor claims.
Comments to the White House Conference on Aging on its Retirement Security Policy Brief (July 7, 2015)
The following comments were submitted to the White House Conference on Aging on its Retirement Security Policy Brief, in advance of the Conference’s 2015 meeting on July 13. According to the Center for Retirement Research at Boston College, the nation is facing a $7.7 trillion Retirement Income Deficit, which is the gap between what […]
Teamster Retirees’ Campaign Against Pension Cuts Draws Support from Bernie Sanders
Less than six months after getting started, a grassroots campaign among Teamsters union retirees to protect their pensions appears to be picking up steam, attracting the support of presidential candidate Bernie Sanders and threatening to influence the outcome of the union’s own leadership elections next year.
