02/09/16

Pension plans that have applied to cut benefits under the Multiemployer Pension Reform Act

The Multiemployer Pension Reform Act of 2014 (MPRA) gives the trustees of certain underfunded multiemployer plans that meet the definition of being in “critical and declining” status almost unprecedented authority to cut retiree pension benefits. The law requires, however, that before an eligible plan cuts benefits, it must first file an application with the U.S. […]


11/03/15

Resources for Central States Pension Fund Retirees

This page is intended to serve as a resource hub for retirees who are subject to cuts as a result of the Central States Pension Fund’s application to the U.S. Department of the Treasury to reduce retiree benefits. This page will be updated on an ongoing basis. On May 6, 2016, the U.S. Treasury Department […]


10/05/15

The facts about pension advances

This fact sheet describes pension advances, financial transactions in which a company gives a retiree a lump-sum cash payment in return for some or all of the retiree’s monthly pension payments for a specified period of time. Pension advances can have extremely high interest rates and threaten the economic security of the retirees who receive […]


09/28/15

Status of Church Plan Litigation

Below is a summary of current and recent church plan cases.   Case  . Ruling/Status   Result   Chavies v. Catholic Health East District Court: Eastern District of Pennsylvania Jurisdiction: 3rd Circuit Year filed: 2013 District court denied Defendants’ Motion to Dismiss. The court ordered discovery on whether the sponsor there at issue, a large […]


09/17/15

Companies That Have Changed Their Defined Benefit Pension Plans

Below is a list of employers that have announced significant changes to their defined benefit pension plans since December 2005. Changes include plan terminations, plan freezes for new and/or current employees, and changes to the formula by which pension benefits are calculated. For specifics, click on the employer’s name to see the company’s press release, […]


09/17/15

Companies that have transferred pensions to insurance companies

Below is a list of employers that have transferred their pension obligations for certain retirees and former employees to insurance companies by purchasing annuities. (Note: this is not a comprehensive list. These are only the changes that we are aware of, based on corporate press releases, news reports, and other sources.) This practice differs from […]


08/25/15

Companies that are offering lump-sum pension buyouts

Note: This list is updated on an ongoing basis. Below is a list of employers that have announced that they are offering lump-sum pension buyouts to certain groups of employees, former employees, or retirees. For specifics, click on the employer’s name to see the company’s press release, SEC filing, or news story announcing the change […]


08/21/15

What happens when a pension is transferred to an insurance company?

In 2012, General Motors and Verizon entered into arrangements with Prudential Insurance Company to pay the pensions of certain groups of their salaried retirees. Both companies transferred pension assets to Prudential, which meant that the Pension Benefit Guaranty Corporation, the federal agency that insures most private pension plans, no longer insured the pensions. Since then, […]


08/17/15

Should you take your pension as a lump sum?

Updated: August 2015 Some companies have offered to cash out the pensions of certain retirees and former employees and instead give them a one-time lump-sum payment. While the idea of suddenly having a large sum of money is tempting, this is a decision that you will have to live with for the rest of your life. […]


07/20/15

Multiemployer pension plans projected to be in “critical and declining” status

The Multiemployer Pension Reform Act of 2014 allows the trustees of certain multiemployer pension plans to reduce pensions, including the benefits of retirees. Read a summary of the cutback provisions of the law here. The Center for Retirement Research at Boston College has compiled a list of 100 plans that may be permitted to cut benefits […]


07/07/15

Tax Loopholes That Would Be Closed by the Keep Our Pension Promises Act of 2015

The Keep Our Pension Promises Act of 2015 (S. 1631 and H.R. 2844) proposes to close two tax loopholes that primarily benefit wealthy individuals and their estates. The tax revenue saved by modifying “like-kind exchange” and “minority valuation discount” rules would offset the cost of a new Legacy Fund within the Pension Benefit Guaranty Corporation, […]


06/30/15

How the Keep Our Pension Promises Act Would Save the Central States Pension Fund

The Keep Our Pension Promises Act would make it possible for the largest of the severely underfunded multiemployer pension plans, the Central States Pension Fund (CSPF), to continue to pay promised benefits to its 205,000 retirees. This is because money that would be transferred by the Pension Benefit Guaranty Corporation (PBGC) to the plan each […]