Pension Action

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Delphi Salaried Retirees Fight to Protect their Pensions
A July court ruling gave some Delphi retirees news they didn’t want to hear: As a result of the company’s bankruptcy, the Pension Benefit Guaranty Corporation (PBGC) took over their pensions. This means that the pensions of thousands of Delphi salaried retirees will be paid out by the federal government insurer, instead of the company itself.  As a result, the pensions of the Delphi salaried retirees can be significantly reduced if their pension is higher than the maximum amount guaranteed by the PBGC. Den Black, Interim Chair of the Delphi Salaried Retiree Association, says DSRA has vowed to continue its battle against any pension reduction in federal district court and hopes congressional hearings will be held to address this situation.

For more information on the PBGC and its guarantees, read our helpful fact sheet. The PBGC has also published a useful list of frequently asked questions for affected Delphi workers and retirees.

Attend a Town Hall Meeting – And Get Your Voice Heard on Pension Issues
Town hall meetings have been in the news a lot lately. After all, attending a town hall meeting is one of the best ways to have face-to-face communication with your elected representatives during the August recess. Town hall meetings don’t have to be about one issue – you can ask your legislators anything you want. Why not ask them what they will do to protect your pensions?  Use our handy tip sheet and go to a town hall meeting to get your voice heard on the important issue of pensions. And don’t forget to send us an e-mail to let us know what happened at the meeting.

New Law Expands Retirement Plan for Federal Employees
Earlier this summer, new Thrift Savings Plan provisions were signed into law as part of the Family Smoking Prevention and Tobacco Control Act (H.R. 1984). Hidden in the tobacco legislation were provisions that expanded the federal Thrift Savings Plan to include: automatic enrollment for federal employees, a new Roth contribution feature, new investment options, and an annual report to Congress. Read our helpful summary to learn more about the new law.

Is Your Pension Important To You? If So, Tell Your Legislators!
Did you know that you can use the Pension Rights Center’s web site to tell your elected officials how important your pension is to you?  It’s easy as 1-2-3. Just fill out this web form with the necessary information and a message will be sent to your lawmaker letting them know that your pension is important to you and they should work to protect it.

Have You Been Reading Our Blog? If Not, You’re Missing Out.
If you haven’t been reading our blog in the last few months, you’ve missed: one editor’s take on what really matters in investing, an assessment of the newest senator’s position on pension issues, recognition of the impact the Older Americans’ Act, and some of the latest news in the world of pensions. Don’t miss out! Subscribe to our blog so you can be up-to-date on important pension news.

Pensions in the News

• Kennedy Remembered for Role in Pension Policy
• Are fees draining your 401(k) retirement savings?
• About Your 401(k)
• Syracuse area plumbers' union pension hit hard by Madoff fraud
• 401(k)s: A Disappearing Act
• Fidelity 401(k) Survey Shows Hope for Retirement Savings, but Employers Remain Wary

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