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October 19, 2006
The Pension Rights Center has launched a new monthly e-newsletter for individuals and organizations interested in retirement security issues. This e-newsletter will feature pension news and other items of interest. If you would like to unsubscribe from this e-newsletter, send an e-mail to prcnews@pensionrights.org.
Reauthorization of Older Americans Act Signed into Law
President Bush signed into law the 16th reauthorization of the Older Americans Act on Tuesday, October 17th. The reauthorization ensures the continuation of the Administration on Aging’s Pension Information and Counseling Program. The Program supports six regional pension counseling projects that provide information and assistance to individuals who need help in understanding and enforcing their rights under pension and retirement savings plans. The regional projects serve 25 states. The Pension Rights Center’s National Pension Assistance Resource Center provides training and technical assistance to the regional projects. Contact information for the projects is on the Pension Rights Center’s website at www.pensionrights.org/help/counseling.html.
Read the Pension Rights Center’s media release regarding the reauthorization of the Older Americans Act.
Redesigned Web Site Highlights PRC Initiatives and Activities
In celebration of our 30th anniversary, the Pension Rights Center has launched a newly redesigned web site, www.pensionrights.org. The new site features a What's New page, and sections on all aspects of the Center’s activities. The Pension Policy pages summarize pending legislation and recent regulations. The Pension Help pages provide information about pension counseling projects and government agencies that provide pension assistance. There are also Pension Publications and regularly updated Pension News pages, as well as overviews of our two major initiatives, the National Pension Assistance Resource Center and the Conversation on Coverage, and much more.
New Reports on Pensions and Retirement Savings Plans
The Congressional Research Service recently published two reports on retirement income issues. The first report, Pension Sponsorship and Participation: Summary of Recent Trends, finds that the rate of employee participation in employer-sponsored retirement plans has declined from 61.8 percent in 2004 to 59.7 percent in 2005. This figure includes both government and private pension plan coverage.
The second report, Topics in Aging: Income and Poverty Among Older Americans in 2005, finds that the median annual income of people 65 and older is $15,523. The study also finds that twenty-seven percent of older Americans 65 or older had incomes of less than $10,000 in 2005, while 11 percent had incomes of $50,000 or more.
Both of these reports can be found in the Reports section of our web site.
About the Pension Rights Center
Founded in 1976, the Pension Rights Center is dedicated to preserving and promoting the retirement security for workers, retirees and their families. As an independent, nonpartisan, nonprofit, tax-exempt educational and charitable organization, the Pension Rights Center is supported by grants from government agencies and private foundations, and by contributions from a wide range of organizations and individuals. We welcome your comments about this newsletter.
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