Motor City Madness
You’ve probably already heard that a judge has decided to allow the city of Detroit to file for Chapter 9 bankruptcy, which would make the Motor City the largest municipality in the country to do so. The judge also ruled that pensions for the city’s workers and retirees can be cut as part of the […]
Retirement crisis grows as cities raid pension and health plans
Across America, states, counties and cities are taking steps that will make retirement for ex-public employees much harsher. Courts, politicans and corporations are all working together to chip away at deferred wages: reducing pensions or eliminating promised healthcare, or both. Said simply, they’re looting retirements and pushing people toward poverty.
PRC on the Detroit Bankruptcy: Allowing Cuts to Retirees’ Pensions is “Unprecedented and Unconscionable”
The Pension Rights Center released a statement reacting to Judge Steven Rhodes’ decision to permit the city of Detroit to reduce pensions by entering Chapter 9 bankruptcy: “The decision to let Detroit’s bankruptcy move forward means that Emergency Manager Kevyn Orr can proceed with his plan to cut the pensions of the city’s workers and […]
Lord, won’t you buy me a new pension plan
Lord, won’t you buy me a new pension plan My 401(k) savings fit in a tin can I need me some money so I can survive Or I’ll be living in my old Porsche when I’m 65 The foregoing is excerpted from a speech given by Karen Friedman, Executive Vice President and Policy Director of […]
Coalition working to expand retirement security for uncovered
A coalition of large retirement industry players, including the AARP, American Federation of State, County & Municipal Employees, Service Employees International Union and Pension Rights Center, have banded together to find new ways to build retirement security for even the lowest-income workers.
Speech by Karen Friedman to the Texas Municipal Retirement System (November 19, 2013)
On November 19, 2013, PRC’s Karen Friedman delivered the keynote speech at the Texas Municipal Retirement System’s annual meeting in Austin, TX. Below are her remarks. Hello, I’m Karen Friedman, the Executive Vice President and Policy Director of the Pension Rights Center. Before I begin today, I wanted to tell you that, in anticipation […]
When your pension sponsor talks ‘de-risking’ – watch out
A growing number of employers are making plans to “de-risk” their pension plans. That’s jargon for reducing the financial risk posed to corporate balance sheets by pension plans – but if you have a defined-benefit pension and you start hearing that term tossed around, pay careful attention. Less risk for employers can mean more risk […]
PRC response to an RFI on the California Secure Choice Retirement Savings Program (November 15, 2013)
The Center submitted comments [PDF] to the California State Treasurer in response to a Request for Information on the state’s new California Secure Choice Retirement Savings Program. Related: PRC Letter to the Editor in the Sacramento Bee, supporting the California Secure Choice plan (03/23/2013 — scroll down to the 7th letter) Article: A crucial step […]
Retired union workers facing ‘unprecedented’ pension cuts
Hundreds of thousands of retired union workers are facing pension cuts that could slash their monthly payments in half — or even more.
What to do if your pension is frozen
If you are among the few who still have a traditional defined-benefit pension plan we wish you luck. In the coming months your employer—as part of an effort to “de-risk” the plan—is likely going to offer you a lump-sum payout, an annuity, or freeze the plan.
Pilfering Your Pension [audio]
PRC Executive Vice President and Policy Director Karen Friedman appeared on the Heartland Labor Forum to discuss the retirement income crisis and the threat of unprecedented cuts to earned pension benefits. Segment begins at approximately 35:00 in the program.
Corporate pension execs wary of derisking fallout
Corporate executives are bracing for regulatory judgment calls on how they handle derisking through lump-sum payments and annuity purchases, lobbyists say.
