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New law allows cuts to retiree pensions

New law allows cuts to retiree pensions

The 2015 omnibus spending package allows cuts to retiree pensions. Will you be affected?Read our summary
Karen Friedman discusses retiree pension cuts on C-SPAN

Karen Friedman discusses retiree pension cuts on C-SPAN

Karen Friedman takes Q&A about retiree pension benefit cuts on C-SPAN's Washington Journal.Watch now.

11,000 signatures support pension advance legislation

PRC delivered 11,000 signatures to Rep. Matt Cartwright supporting legislation that would regulate pension advances.Read the fact sheet
Lump sum or annuity?

Lump sum or annuity?

Many retirees are being asked to make a critical decision about their retirement security.Read the fact sheet.

Latest News

New law lets some pension plans cut promised benefits

For some retirees, Congress has played the Grinch this holiday season. Tucked into the federal spending bill were provisions that will allow certain struggling multi-employer pension plans to reduce benefits already being received by retirees.

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Prudential Piles on the Corporate Pensions

Big U.S. companies have found a way to escape the burden of ballooning pension obligations: pay an insurance company to take them over.

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After the new federal pension rules: What retirees need to know

Buried in the $1.1 trillion "Cromnibus" legislation signed this week by President Barack Obama was a provision that aims to head off a looming implosion of multiemployer pension plans - traditional defined benefit plans jointly funded by groups of employers. More...

ERISA Changes Passed as Part of Controversial Spending Bill

In one fell swoop last week, a once-sacrosanct tenet of the 1974 omnibus pension law, the Employee Retirement Income Security Act (more commonly known by its acronym, ERISA), was overturned. For its sponsors, the measure meant saving troubled multiemployer pensions heading for insolvency. More...

Pension cuts helped keep the government open, but they hurt many retired women

On Nov. 14, the Pension Benefit Guaranty Corp. reported that 200 of the 1,400 multi-employer plans covering 1 million participants are at risk of failing within the next decade. The PBGC is worried about this because it becomes responsible for the pension obligations of these failed plans.

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Legal fight likely over pension reforms

Can the Kline-Miller amendment be overturned in court? Opponents were already weighing their legal options in response to this week’s passage by Congress of the amendment allowing troubled, multiemployer pension plans to cut retiree benefits.

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FSI to fight rollout of auto IRAs

Independent broker-dealer group says automatic retirement savings plans pose competition to financial advisers

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Reporters fail to capture implications of pension provision

A ‘big shift’ tucked into the spending bill goes under-examined

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Summary of the pension cutback provisions in the Omnibus spending law

Summary of the pension cutback provisions in the Omnibus spending law

In December 2014, Congress passed and President Obama signed into law the 2015 Omnibus spending bill, which includes provisions that allow trustees of certain multiemployer plans to cut retirees’ pensions. Here is a summary of these provisions: 

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PRC Statement on Retiree Pension-Cut Legislation Included in Omnibus Bill

Washington – On December 16, President Obama signed the 2015 Omnibus spending bill. The new law contains provisions that allow certain underfunded multiemployer pension plans to cut retirees’ benefits. The Pension Rights Center released the following statement from Executive Vice President Karen Friedman:

 

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