Big change to law on union pensions
A new law passed by Congress in December could affect more than one million union workers and retirees who are covered by union-sponsored multiemployer pension plans. The law, which is now in effect, allows the trustees of severely distressed pension plans to reduce benefits for current and future retirees — if doing so can save […]
For some 3Mers, crowdsourcing key to pension decision
When 3M offered to buy out defined pension plans, comparing notes online emerged as a useful tool.
Retirements reduced by the stroke of a pen in D.C.
About 100,000 New Yorkers who depend on a variety of private-sector union pensions could be facing lowered payments in coming years.
13 On Your Side Consumer Alert: Pension Advances
Michigan Attorney General Bill Schuette is warning consumers about a relatively new practice called pension advances.
Fiduciary breach issue gets Supreme Court hearing
The U.S. Supreme Court is scheduled to hear arguments next month in an ERISA case that could greatly expand guidelines for defined contribution plan executives’ fiduciary responsibilities.
High marks for retirement plans
This week, President Obama unveiled his economic fixes for the middle-class. Among them was a proposal for Automatic IRAs, which he has championed since the Administration’s early days. While the Automatic IRA is a first step in expanding coverage for those without an employer-based plan, a recent Bloomberg View article, “Experts Found the U.S. Retirement […]
Obama Signals Support for DOL Fiduciary Redraft
DOL fiduciary redraft said to be heading to OMB any day as opponents and supporters prepare for battle
Court Watchers Looking at Plan Fees, Retiree Benefits, Church Plans in 2015
Just as 2014 brought big rulings on stock-drop litigation and equitable remedies like reformation and surcharge, 2015 is shaping up to be another big year for ERISA litigation, with pending cases involving retiree health benefits, plan fee cases and ERISA’s church plan exemption.
Fiduciary Re-Proposal, Fee Disclosures On Deck for 2015; MEPs Wait in the Wings
Top employee benefit issues for the Department of Labor in 2015 are similar to those in 2014: a re-proposal that would expand the definition of “fiduciary” under the Employee Retirement Income Security Act and guidance on plan fee disclosures.
Multiemployer, 4062(e) Changes Enacted, And Now It’s Time to See How It Shakes Out
Congressional negotiations over a budget bill late last year introduced a landmark change to ERISA on the law’s 40th anniversary: To preserve their multiemployer defined benefit plans, trustees and participants can now voluntarily decide whether to reduce benefits instead of waiting for plan insolvency.
Monitoring investments doesn’t end
Supreme Court is reviewing a decision on the responsibility of plans to continually watch costs
Time to close Wall Street’s “Retirement Advice” loophole
There is a loophole in the rules that govern Wall Street brokers and financial firms that provide retirement investment advice that can drain away thousands, or even tens of thousands, of dollars of hard-earned savings from a single retirement account. Today, a coalition of senior, union and consumer groups launched a new website-SaveOurRetirement.org-to mobilize support […]
