perspectives

Archive for the ‘Future Retirement Security’ Category

Workers and Retirees Lose Pensions - and Take Action!

Posted Thursday, January 21st, 2010 by Joellen Leavelle

On New Year’s Eve, current and retired employees of Augsburg Fortress, the publishing arm of the Evangelical Lutheran Church in America, learned that their traditional defined benefit pension plan would be terminated and that they could lose a substantial portion of their benefits as a result of the termination.  (more…)

When is a participant not a participant?

Posted Tuesday, January 5th, 2010 by Joellen Leavelle

As I was reading the most recent edition of the Private Pension Plan Bulletin Abstract of 2007 Form 5500 Annual Reports [PDF], published by the Labor Department’s Employee Benefits Security Administration, I noticed something rather odd in one of the footnotes.  (more…)

Military retirement for the 21st century

Posted Wednesday, December 16th, 2009 by Rebecca Davis

A few months ago we posted a blog entry about a letter [PDF] we wrote opposing a bill in the Oklahoma state legislature that would limit the ability of former spouses to receive an award of military retirement pay in a divorce settlement. The blog entry received a number of comments - several disagreeing with our position. (more…)

TIME Magazine says, “Time to Retire the 401(k)”

Posted Friday, October 9th, 2009 by Nancy Hwa

With the provocative title, “Time to Retire the 401(k),” the cover story of today’s issue of TIME is a must-read. The article provides a stinging indictment of the do-it-yourself savings plan that has come to dominate our patchwork retirement system. (more…)

As ERISA celebrates its 35th anniversary it is clear that there is still more to do

Posted Monday, September 7th, 2009 by Joellen Leavelle

Labor Day marks the 35th anniversary of a law hailed by its principal sponsor Senator Jacob Javits as “the greatest development in the life of the American worker since Social Security.” Thanks to the Employee Retirement Income Security Act of 1974, millions of retirees are receiving the secure lifetime pensions that are making it possible for them to live comfortably in retirement. (more…)

Relighting the match

Posted Wednesday, July 8th, 2009 by Joellen Leavelle

Last week Zep Inc. announced plans to reinstate its 401(k) matching contributions.  This move comes six months after the company suspended its match and cut executive pay to reduce costs.  At the time, Zep’s CEO said that restoring the match would be the top priority when the company returned to profitability.  Currently, Zep is restoring its match to half the level it was before the suspension, but the company expects to fully restore the match by January. (more…)

Pension Tension: Bankruptcy and Pensions

Posted Tuesday, June 16th, 2009 by Joellen Leavelle

The recent bankruptcies of Chrysler and General Motors have caused a lot of workers to be concerned about their pensions. While Chrysler has now emerged from bankruptcy GM is still going through the bankruptcy process and the question. “What will happen to my pension?” is very much on the minds of workers and retirees in the automotive sector - and elsewhere. (more…)

Does it have to be all or nothing?

Posted Thursday, June 11th, 2009 by Rebecca Davis

For the past several months, the PRC has been maintaining a list of companies that have reduced or stopped matches to their 401(k) plans.  When the economy takes a turn for the worse as it has in the past year, companies view cutting 401(k) matches as an easy way to reduce costs.  Recently, Business Management Daily published an article for employers on how to break the news to employees and how to encourage employees to continue saving despite the loss of the match.  (more…)

Success!

Posted Thursday, May 14th, 2009 by Rebecca Davis

Today the IRS announced new tax “withholding adjustment procedures” for pension plans today, repairing a problem that we raised in a letter to the Treasury Department on April 1.  (more…)

NFL punts on pensions

Posted Monday, May 11th, 2009 by Joellen Leavelle

The NFL, what many (including this avid sports fan) consider to be the nation’s favorite and most popular sport’s league, has taken an action that could potentially undermine the retirement security of it workers and retirees. (more…)