PRC statement on protecting retirees when making reforms to the multiemployer pension system (June 12, 2013)
The Pension Rights Center submitted a statement to the Subcommittee on Health, Education, Labor, and Pensions of the House Education and Workforce Committee for a hearing on “Strengthening the Multiemployer Pension System: What Reforms Should Policymakers Consider?” In its statement, the Center called for greater protections for retirees when considering benefit cuts in severely underfunded […]
Lost Defined Benefit Plans a Challenge For Those Nearing Retirement, Speakers Say
Pension specialists recommended June 4 that the Department of Labor’s Employee Benefits Security Administration develop a lost-plan registry to help individuals find retirement income when they have difficulty locating a former employer.
A Paycheck’s Impact on Retirement Income Benefits
Returning to work can affect Social Security benefits and pension payments, but may also let you turbocharge your nest egg.
PRC statement to the ERISA Advisory Council on lost participants and lost plans (June 4, 2013)
PRC Policy Analyst Jane Smith testified before the ERISA Advisory Council on helping pension plans find missing participants and vice versa. Among its suggestions, the Center recommended that the Department of Labor work with the Pension Benefit Guaranty Corporation to establish a Lost Pension Plan Registry, which will help individuals find and claim pension benefits […]
Seniors Warned, Think Twice Before Selling Pension
The practice of retirees selling their pensions for a lump sum has drawn U.S. regulators’ attention, with two government watchdogs this month warning consumers about some of the firms that engage in the practice.
Church pension plan status being tested by IRS, class-action lawsuits
The IRS’ long-term trend of allowing church-affiliated defined benefit pension plans to be exempt from federal pension rules could reverse course after an unusual decision by the agency and a flurry of lawsuits.
Hallelujahs ring after IRS reverses church pension rule
The Internal Revenue Service may be having a bad week, but Mary Rich isn’t complaining about the taxman. The former nurse and hospital executive recently won a 10-year battle to get the IRS to reverse a ruling that would have cost her and her husband, Riz Corpuz, $2,500 a month in pension benefits from their […]
Groups Give Early Praise to DOL ANPRM On Lifetime Income as a ‘Good First Step’
The Department of Labor’s recently issued advance notice of proposed rulemaking that would require lifetime income illustrations to be included on pension benefit statements is a “good first step” toward furthering retirement income education, retirement industry groups told BNA in a series of interviews.
PBGC Reverses Prior Position as It Agrees To Pay Benefits for Shuttered Hospital’s Plan
The Pension Benefit Guaranty Corporation announced May 10 that, in a reversal of a prior position, it would pay the pension benefits for more than 800 former employees of a New Jersey hospital center that closed in 2004.
‘Triumph of justice’: 800 pensions saved after feds cover $30M shortfall for closed hospital
Christmas will come early to 800 hospital workers whose pensions were at risk of being lost by December, thanks to a federal safety net program.
PBGC to take control of hospital pension plan
The PBGC will cover the pension benefits of nearly 800 former employees of the Hospital Center at Orange, after a change in legal status.
Pension Rights Center Applauds the Pension Benefit Guaranty Corporation’s Take-Back of a Hospital Pension Plan
WASHINGTON — The Pension Rights Center applauds today’s decision by the Pension Benefit Guaranty Corporation (PBGC) to take over pension payments to more than 800 former employees of the now-defunct Hospital Center at Orange (HCO). The federal agency that insures most private pension plans has announced that it will restore insurance protections lost by HCO […]
