Pension Action

Keep up with our blog PRC Perspectives

February 10, 2010

Bills in Congress
Two important bills relating to retirement policy have been introduced in Congress in the last few months. The Preserve Benefits and Jobs Act of 2009 (H.R. 3936) would give companies longer periods of time to make up for funding losses sustained during the economic downturn. The Pension Rights Center supports emergency pension funding relief for those companies that have not frozen their pension plans and promise to continue their plans at least for the duration of the funding relief.

The Lifetime Income Disclosure Act (S. 2832) would require 401(k)-type plans to give workers estimates of how much the money in their accounts would buy in lifetime monthly payments starting at normal retirement age. The Pension Rights Center supports this bill because it would give 401(k) account holders a more realistic view of how well they are saving for retirement.

Read summaries of these bills in the Legislation section of our web site.

Social Security Matters
The Pension Rights Center has joined OWL- The Voice of Midlife and Older Women and several other organizations in supporting Social Security Matters, an online initiative that aims to show younger generations why Social Security is so important while dispelling the myth that Social Security won’t be around for them when they need it. To learn more about Social Security Matters, visit the web site at www.SocialSecurityMatters.org.

Retiree Groups Making Waves
Many of the retiree groups that the Pension Rights Center works with have been very busy lately. The Association of BellTel Retirees, Inc. has a lawsuit on behalf of retirees who were involuntarily switched from Verizon’s healthy pension plan to the pension plan of a new company. The new company, called Idearc, cut the retirees’ health benefits and then went into bankruptcy. Learn more about the legal actions that the Association of BellTel Retirees has taken on behalf of the Idearc retirees.

The Delphi Salaried Retiree Association testified before two congressional committees about the Pension Benefit Guaranty Corporation’s takeover of their pensions and the devastating effect it has had on many Delphi salaried retirees.

After the Senate passed its version of health care reform, ProtectSeniors.org issued a press release protesting the failure of the bill to include House-passed protections for retiree health benefits. 

The National Retiree Legislative Network recently announced its 2010 Legislative Agenda, which includes several pension reform measures.

PRC Blog
Have you been reading our blog lately? If not, you’ve missed a blog entry describing efforts by Augsburg Fortress employees and retirees to save their pensions, a blog on military retirement for the 21st century, Policy Director Karen Friedman’s thoughts on a proposed Social Security Budget Commission, and the latest edition of our weekly roundup. If you haven’t already, subscribe to our blog – you won’t be disappointed!

Pensions in the News

• Sacred Heart nurses picket over breaks, benefits
• 7 reasons job hoppers are worse off in retirement
• Outrage: Bosses’ Bonuses Trump Workers’ Pensions
• Cashing out of your 401(k) should be a last resort
• Will your employer restore its 401(k) match?