Decision on pension payout will last a lifetime
Take the money or wait? That’s the $90,402 question The New York Times Co. has put to me as it offers to buy out my right to the lifelong monthly pension I earned when the parent of the Times newspaper also owned the Globe.
Multiemployer plans can cut benefits to stay solvent
Trustees of distressed multiemployer pension funds got new tools to avert insolvency in a package of reforms approved by Congress in mid-December, including the right to reduce benefits for active workers and retirees in deeply underfunded plans.
New law lets some pension plans cut promised benefits
For some retirees, Congress has played the Grinch this holiday season. Tucked into the federal spending bill were provisions that will allow certain struggling multi-employer pension plans to reduce benefits already being received by retirees.
Prudential Piles on the Corporate Pensions
Big U.S. companies have found a way to escape the burden of ballooning pension obligations: pay an insurance company to take them over.
After the new federal pension rules: What retirees need to know
Buried in the $1.1 trillion “Cromnibus” legislation signed this week by President Barack Obama was a provision that aims to head off a looming implosion of multiemployer pension plans – traditional defined benefit plans jointly funded by groups of employers. The pension reforms affect only retirees in struggling multiemployer pension plans, but any retiree living […]
ERISA Changes Passed as Part of Controversial Spending Bill
In one fell swoop last week, a once-sacrosanct tenet of the 1974 omnibus pension law, the Employee Retirement Income Security Act (more commonly known by its acronym, ERISA), was overturned. For its sponsors, the measure meant saving troubled multiemployer pensions heading for insolvency. For others, a change to the 40-year law that many believe banned […]
Pension cuts helped keep the government open, but they hurt many retired women
On Nov. 14, the Pension Benefit Guaranty Corp. reported that 200 of the 1,400 multi-employer plans covering 1 million participants are at risk of failing within the next decade. The PBGC is worried about this because it becomes responsible for the pension obligations of these failed plans.
The Retirement Savings Plan Financial Advisors Don’t Want You to Know About
For the millions of Americans who don’t have company-sponsored plans, some states are considering offering retirement accounts for private-sector workers.
Legal fight likely over pension reforms
Can the Kline-Miller amendment be overturned in court? Opponents were already weighing their legal options in response to this week’s passage by Congress of the amendment allowing troubled, multiemployer pension plans to cut retiree benefits.
FSI to fight rollout of auto IRAs
Independent broker-dealer group says automatic retirement savings plans pose competition to financial advisers
Reporters fail to capture implications of pension provision
A ‘big shift’ tucked into the spending bill goes under-examined
PRC Statement on Retiree Pension-Cut Legislation Included in Omnibus Bill
Washington – On December 16, President Obama signed the 2015 Omnibus spending bill. The new law contains provisions that allow certain underfunded multiemployer pension plans to cut retirees’ benefits. The Pension Rights Center released the following statement from Executive Vice President Karen Friedman: “For decades, the federal pension law has ensured that retirees are […]
