This week’s other huge (but little-noticed) fight: Wall Street’s newest scheme
While we’re all distracted, a quiet battle this week could seriously affect your finances. Here’s what’s at stake
PRC letter to the U.S. House of Representatives opposing H.R. 2374 on fiduciary standards (September 30, 2013)
The Pension Rights Center sent a letter to every member of the U.S. House of Representatives, urging them to vote against H.R. 2374, the deceptively titled “Retail Investor Protection Act.” For more information on H.R. 2374 and the fiduciary issue, see our letter of July 8, 2013.
Funniest Celebrity Contest
OK, so on Wednesday night, I was on stage at the DC Improv, along with consumer advocate Ralph Nader, American for Tax Reform’s Grover Norquist, Pulitzer-Prize-winning columnist Clarence Page, and Josh Gotbaum, appearing in his personal capacity. What were we doing? We were all part of the Funniest Celebrity Contest. Yes, this was a contest […]
Pension Fund Demands Overpayments Back, With Interest
In growing numbers, retirees are getting hit with shocking news: Through no fault of their own, pension fund mistakes resulted in overpayments they must pay back with interest. [VIDEO]
19th Annual Funniest Celebrity Contest
Date: September 25, 2013 Event description: The Pension Rights Center is honored to be one of the beneficiaries of the 19th annual Funniest Celebrity Contest. For more information and to buy tickets online, visit http://funniestcelebrity.org. 19th Annual Funniest Celebrity Contest The Pension Rights Center is delighted to be a beneficiary of the 19th Annual Funniest Celebrity Contest – D.C.’s most […]
Memo to Saint Peter’s University Hospital retirement plan participants re: IRS church plan ruling (September 19, 2013)
The Pension Rights Center sent a memo to workers and retirees at Saint Peter’s University Hospital, who are concerned by the IRS’ ruling that their pension plan is a “church plan.” The memo details why the Center believes that the ruling was wrong. Related: PRC statement on the Saint Peter’s University Hospital church plan ruling […]
Norman Stein calls for an end to conflicts of interest in investment advice (September 13, 2013)
At a briefing for Senate staff on the importance of unconflicted investment advice, PRC Senior Policy Advisor Norman Stein discussed the history of fiduciary regulations and why they need to apply to 401(k)s and other retirement savings plans. I’m speaking today both as an academic—I teach law at Drexel University—and as a policy advisor to […]
Retiree Janice Winston speaks out in support of strong fiduciary regulations (September 13, 2013)
At a briefing for Senate staff on the importance of unconflicted investment advice, retiree Janice Winston told a personal story that illustrates the need for a strong fiduciary standard. Hello, my name is Janice Winston. I am here as a retiree to talk about the challenges facing real people. Let me briefly tell you my […]
Target date funds drive up 401(k) fees
Final language being hammered out on new fee disclosure rules for 401(k) funds will hopefully put pressure on plan sponsors to take a hard look at the double-layering of fees by target date mutual funds.
Gotbaum Tells Council Lump-Sum Cash-Outs Are Like Cigarettes: Legal but Bad for You
Joshua Gotbaum, director of the Pension Benefit Guaranty Corporation, told the ERISA Advisory Council Aug. 29 that pension plan lump-sum cashouts to retirees are like cigarettes: They are legal, many people like them and they are bad for you.
A Pension Strategy That Could Backfire
Taking a life-only pension payout and buying life insurance to protect a spouse comes with risks.
PRC testimony to the ERISA Advisory Council on private-sector pension “de-risking” and participant protections (August 29, 2013)
PRC Executive Vice President and Policy Director Karen Friedman testified before the ERISA Advisory Council on the increased use “de-risking” strategies in private pension plans and the increased risk that such strategies pose for workers and retirees. Related: “De-Risking” Pensions Could be Risky to Pensioners (press release, October 18, 2012)
