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PRC issues recordkeeping recommendations in testimony before the ERISA Advisory Council
Pension Rights Center Senior Policy Counsel Norman Stein was joined by Anna-Marie Tabor, a visiting law professor at the University of Massachusetts School of Law and the former director of the Pension Action Center located at the University of Massachusetts Boston in testifying before the ERISA Advisory Council on September 20th. They spoke about the challenges and risks faced by workers and retirees when plan information is digitized and recommended that the Council take steps to protect consumers and safeguard retirement records and plan information. You can read Stein’s testimony here and Tabor’s here.
Butch Lewis Act providing critical assistance to growing list of plans
The Butch Lewis Emergency Pension Plan Relief Act of 2021 (BLA) continues to provide an important lifeline to financially challenged multiemployer pension plans, and in turn, has already brought monetary and mental stress relief to hundreds of thousands of retiree plan-members, their spouses, families and their communities. Read more about the continued success of the Butch Lewis Act here.
PRC urges additional consumer protections in de-risking operations
The DOL’s ERISA Advisory Council heard all-day testimony on de-risking on July 20th. De-risking (also known as a pension risk transfer) is a way for companies to sell off their pension liabilities to insurance companies. The process can be distressing for retirees, who fear that the transfer may jeopardize their benefits. Norman Stein, PRC’s Senior Policy Counsel and acting Legal Director, provided several recommendations to strengthen consumer protections. Also testifying were unions, retiree organizations, and consumer groups that shared similar views, including AARP, the National Retiree Legislative Network and Retirees for Justice. Read his full written testimony here and a transcript of his oral testimony here.
PRC and NEPAP featured in New York Times
The Pension Rights Center’s Senior Policy Counsel and acting Legal Director Norman Stein, along with the New England Pension Assistance Project’s former director Anna-Marie Tabor, was quoted in a New York Times article on the effect that Bed Bath and Beyond’s recent bankruptcy filing will have on its employee’s retirement plans. You can read the full article here.
PRC has been quoted in numerous other articles over the past few months, including Pensions & Investments, CNN, and Bloomberg Law.
See additional news articles below.
PRC In the News:
Traditional pension plans are pretty rare. But here’s who still has them and how they work
How to Find a Lost Pension Plan
New Retirement Bill Stops Spouses From Emptying 401(k)s
Apollo Is Opposing Push to Tighten Rule for Key Insurance Business
DOL Considers Changing Standards for Annuity Provider Selection
PRC Perspectives Blogs:
When Swimming in 401(k) Asset Transfer Water: Beware of Sharks
Barbienomics: from panacea to real world poverty
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