Providence lawsuit raises questions about Catholic health providers’ church pension plans
Employees of Providence Health & Services, the state’s largest health care provider, are suing the Catholic health system in federal court alleging it is using a religious tax exemption to skirt federal pension law.
Congress could cut pensions in ailing plans
A proposal in Congress that could lead to cuts in pension benefits for retirees in financially troubled multiemployer plans drew fire Thursday from worker advocates and unions.
PRC letter to Congress opposing “stealth” provisions that would cut retiree benefits in multiemployer plans (December 3, 2014)
The Pension Rights Center sent a letter to every member of Congress, urging them to oppose measures that would allow certain multiemployer plans to cut the earned benefits of retirees. Such a provision might be slipped into the omnibus spending bill without public debate during the lame-duck session of the 113th Congress. Not only is […]
Lame-Duck Congress Nears Last-Minute Vote On Sweeping Pension Reform
Congress is nearing a vote on arguably the biggest change to private pension law in decades. The proposed reforms would grant sweeping new authority to the trustees of some “deeply troubled” multi-employer pension plans to slash benefits promised to current retirees—something that’s illegal under existing law.
The Pension Rights Center and the New England Pension Assistance Project Applaud Government Agencies for Rescuing SPDs
The Pension Rights Center and the New England Pension Assistance Project applaud the Pension Benefit Guaranty Corporation (PBGC), the National Archives, and the Employee Benefits Security Administration (EBSA) of the Department of Labor for saving an extensive microfiche collection of Summary Plan Descriptions (SPDs). Summary Plan Descriptions are plain-English summaries of employee benefit plan rules, […]
Amicus Briefs Filed in Church Plan Appeal, Organizations Debate Use of Exemption
The first challenge to the exemption of a religiously affiliated health-care organization’s pension plan from federal regulation to reach the federal appellate courts has drawn the attention of a nonprofit consumer organization, two religious organizations and a nonprofit law firm dedicated to free expression of religion, all of which have filed amicus briefs with the […]
Multiemployer Program Posts Record Deficit, Single-Employer Shortfall Shrinks, PBGC Says
The deficit of the Pension Benefit Guaranty Corporation’s multiemployer plan program rocketed to an all-time high in fiscal year 2014 of $42.4 billion—more than five times its previous high in 2013— the agency said in its annual report.
1 Million American Pension Plans Could Be Insolvent In 10 Years
The federal agency that regulates the nation’s pension system issued a stark warning this week about some retirement plans.
PRC letter to OMB, supporting the collection of additional information from terminating pension plans (November 18, 2014)
The Pension Rights Center sent a brief letter to the Office of Management and Budget in support of the Pension Benefit Guaranty Corporation’s request to require additional information from terminating defined benefit plans. The PBGC’s request includes the Center’s recommendation from July that plans provide an accurate list of annuity providers and list the participants […]
The Most Important Symbol for Investors Is ‘DOL’
Many investors are glued the financial news, tracking the latest reports about interest rates, earnings reports and stock movements. They believe this kind of intense focus will help them maximize returns. They couldn’t be more wrong. Instead of spending time looking up a stock symbol to find out its latest price, investors would be better […]
Benefit clawbacks: Only way to avoid a pension cliff?
The reduction and even suspension of pension benefits isn’t something anyone wants. However, a growing number of financially troubled multiemployer benefit plan managers may find it to be an inescapable eventuality.
Pension crisis looms
First we had the fiscal cliff, then the highway cliff. Now get ready for the pension cliff.
