PRC News, Fall 2024
The Pension Rights Center wishes you and yours a very happy Thanksgiving!
Celebration of the 48th Anniversary of the Pension Rights Center
On October 16th, more than 125 friends and colleagues joined the Pension Rights Center to celebrate our 48th anniversary and the 50th anniversary of the Employee Retirement Income Security Act (ERISA). The event, held at the Planet Word museum, featured speeches and toasts by the Assistant Secretary of the Department of Labor, EBSA; officials from the Pension Benefit Guaranty Corporation; PRC board members; and retirees whose pensions have been saved by the Butch Lewis Emergency Pension Plan Relief Act. Read more and view photos from the event here.
NPARC Conducts Annual Legal Training with Pension Counseling and Information Program
The National Pension Assistance Resource Center, an initiative of the Pension Rights Center, conducted its yearly legal training with the six regional pension information and counseling projects, which are funded by the Administration for Community Living (ACL). The pension counseling projects provide free legal assistance to individuals in 31 states across the country who need help obtaining retirement benefits they earned through their employment. Topics covered during the week-long training include the basics of splitting retirement benefits at divorce, ways to identify elder abuse, and an ERISA case law update. Learn more about the PCIP here.
PRC Issues Statement on Lifetime Income Issues to the ERISA Advisory Council
Senior Policy Counsel Norman Stein submitted a written statement to the ERISA Advisory Council on behalf of the Pension Rights Center. The statement addressed the challenges associated with the incorporation of lifetime income features into Qualified Default Investment Alternatives (QDIAs), which are default investment options provided by 401(k)-type plans when a worker doesn’t otherwise specify where their money should be invested. See the full statement here.
Remembrances of Two Beloved Colleagues and Friends of PRC
The board and staff of PRC were saddened by the death on September 29 of our beloved friend, colleague and long-time board member, Ian D. Lanoff. Ian, an ERISA lawyer who had a prolific career in both the public and private sector, was an integral part of PRC. Over his decades serving on the board, Ian brought his expertise, wisdom, humor and compassion to every meeting as he weighed in on policy, fundraising and strategy. Nancy Altman, the PRC’s Board Chair, said that Ian “was a giant of a man. His death is a huge loss to the Pension Rights Center, and we will miss him dearly.”
We also mourn the death of Bob Walker, a long-time management consultant to the Pension Rights Center, who died suddenly on October 10th in Ravello, Italy – a place he and his wife loved and often visited. Bob, who had more than three decades of experience in leadership and advocacy in the nonprofit sector, assisted the PRC with policy, communications, and fundraising strategy. PRC’s Executive Director Karen Friedman said that “Bob helped us with everything. He was a master thinker and writer, a policy visionary and someone we all relied on. Bob was a treasure and will be fondly remembered.”
PRC Perspectives Blogs:
LGBTQ+ Americans Face Retirement Inequities
Just Say No to Automatic E-Delivery
More Than One Million Pensions Protected by Butch Lewis Act
Labor Day: Time to Honor Workers and Strive for Their Secure Retirement
Vanguard’s Rosy 401k Study Doesn’t Reflect Reality for Most Americans
Boeing Workers Nix Tentative Contract, Demand Pension Restoration
PRC In the News:
NPR: At the heart of the Boeing strike, an emotional fight over a lost pension plan
MarketWatch: The union fight to resuscitate the Boeing pension is a battle over the American dream
Forbes: Defined Benefit Pension Risk Transfers Remain Big Business
InvestmentNews: At Boeing, pension plan is up in the air, and 401(k) is grounded
Bloomberg Law: Annuity Uptake Among 401(k) Savers Tests ERISA’s Limits at 50
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This publication was supported by the Administration for Community Living (ACL), U.S. Department of Health and Human Services (HHS) as part of a financial assistance award totaling $415,000 funded by ACL/HHS and $158,334 funded by non-government source(s). The contents are those of the author(s) and do not necessarily represent the official views of, nor an endorsement, by ACL/HHS, or the U.S. Government.
