PRC statement to the ERISA Advisory Council on disclosures for pension-risk transfers (August 18, 2015)
08/18/15
PRC Policy Analyst Jane Smith testified before the ERISA Advisory Council on the type of information that an employer should give to its workers and retirees when a company decides to offer lump-sum buyouts or transfer their traditional pension plan to an insurance company.
Related:
- Our press release praising the Treasury Department and the IRS for moving to prohibit lump-sum buyout offers to retirees who are already getting a pension (July 13, 2015)
- Our blog entry critical of GM’s de-risking actions (June 6, 2012)
- Our press release critical of lump-sum buyouts and annuity transfers (October 18, 2012)
- Our fact sheet on annuity transfers, What Happens When a Pension is Transferred to an Insurance Company?
- Our list of companies that have transferred or plan to transfer their pensions to an insurance company
- Our list of companies that have made changes to their defined benefit plans (mostly freezes)
- Our list of companies that have reduced or eliminated their matching contributions to employees’ 401(k) plans
- A letter from U.S. Senator Ron Wyden, D-Ore., and then-Senator Tom Harkin, D-Iowa, to the Departments of Treasury and Labor, the Pension Benefit Guaranty Corporation, and the Consumer Financial Protection Bureau, requesting that the federal government establish clear and specific rules to protect the interests of employees and retirees in defined benefit pension plans (October 22, 2014)
