Spring Newsletter
Save the Date: the PRC is Celebrating its 50th Anniversary
For five decades, the Pension Rights Center has helped workers and retirees secure their earned retirement benefits and championed improvements to our nation’s private sector retirement system. The Center will celebrate this milestone in Washington, DC on November 5th at the Planet Word museum in a night of fun, food, music, and tributes. We hope to see you there!
PRC Issues Comments to DOL on Proposed Paper Statement Regulations
The Pension Rights Center submitted comments to the Department of Labor, urging the DOL to strengthen its proposed regulations to implement specific provisions of the SECURE 2.0 Act, which require private-sector retirement plans to provide workers and retirees with periodic paper pension benefit statements. The Center said that making it easier for plans to send electronic-only benefit statements could harm workers, retirees, and their families.
“One of the fundamental rights granted under the federal private pension law ERISA is for workers, retirees and spouses to get essential information – such as benefit statements, modifications to investment options, summaries of plan terms and rights – and other pertinent information,” said Karen Friedman, the Executive Director of the PRC. “These disclosures can be critical to individuals’ ability to prove their right to an earned benefit when this might be disputed by the plan.”
The PRC published two new fact sheets intended to educate consumers on common retirement benefit issues. In January, we released a fact sheet on escheatment, which is the process by which unclaimed or abandoned property—including retirement benefits—is transferred to the state. Then, in April, we published a fact sheet on the basics of dividing retirement benefits at divorce and Qualified Domestic Relations Orders (QDROs). Additional education resources can be found on our website.
Western States Pension Assistance Project Helps Retiree Receive Earned Benefits
The Western States Pension Assistance Project (WSPAP) is one of six counseling projects supported by the Administration on Community Living (ACL) that help people with retirement benefit issues in 31 states. Earlier this year, WSPAP’s expertise helped a California woman named Henrietta recover more than $20,000 in earned retirement benefits. Learn more about Henrietta’s story and the Pension Counseling and Information Program on our website.
PRC Perspectives Blogs:
Don’t Look Now, But Financial Scammers Are Targeting You
Happy Valentine’s Day from the PRC
State Auto-IRA Programs Boosting Creation of Small-Employer Plans
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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.
