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IRS releases multiemployer benefit cut voting rules

09/02/2015 | Pensions & Investments

Procedures for allowing multiemployer plan participants to vote on benefit reductions in distressed plans were issued by the IRS on Wednesday.


Plans Applying for Partitions With PBGC Need Flexibility in Final Rules, Groups Say

09/01/2015 | Bloomberg BNA's Pension & Benefits Reporter

Multiemployer plans asking the PBGC to allow them to partition their pension plans need the application process to be flexible, according to comment letters from various groups.


Can you afford to retire?

08/28/2015 | Lakeland Times

Many Americans are facing the reality that they might not be able to retire in their 60s as planned. In 2014, President Obama and Congress passed the 2015 Omnibus spending bill, which includes provisions that allow trustees of certain multiemployment plans to cut retirees pensions - part of the Multiemployer Pension Reform Act of 2014.


DOL moving forward on fiduciary rule

08/17/2015 | Pensions & Investments

Labor Department officials are determined to produce a new standard of fiduciary duty for anyone giving retirement investment advice, once they process concerns raised in thousands of comment letters and four days of hearings on their proposal.


Speakers encourage fiduciary role for advice on DC lump sums, IRA rollovers

08/12/2015 | Pensions & Investments

People giving advice to defined contribution plan participants about lump-sum distributions and rollovers to individual retirement accounts should be covered by a new fiduciary standard, several speakers said Wednesday at a Department of Labor hearing on the proposed rule.


Rising costs usher in pension ‘de-risking’ cycle

08/10/2015 | Hartford Business

Many Connecticut workers probably think of a pension as something their parents had, or something they'll never get. Indeed, as companies have frozen or curtailed their pensions or "defined-benefit" plans, the number of Connecticut private-sector workers and retirees with a single-employer pension (519,000) has plummeted 42 percent over the last decade, federal data shows.


Ascension pension settlement highlights vulnerability of 'church plans'

08/07/2015 | St. Louis Post-Dispatch

Ascension, the Edmundson-based parent company of the nation’s largest nonprofit health system, has agreed to settle a 2013 class-action lawsuit that alleged it improperly maintained employee pensions plans.


There’s a glimmer of hope that the retirement system isn’t broken for good

08/06/2015 | Marketwatch

The generations from the late baby boomers to Generation X to millennials live in a different world, where only a few big companies still offer traditional pensions. For the vast majority of retirees, 401(k)s and other defined-contribution plans are, besides Social Security, the only game in town.


IRS and Treasury say no more lump-sum offers

08/05/2015 | MarketWatch

The Internal Revenue Service and the Treasury have done a wonderful thing. They announced last month that they intend to amend regulations in order to prohibit companies from “de-risking” their defined benefit plans by offering a lump-sum option for retirees already receiving benefits. More...

IRS deepens focus on lifetime income with lump-sum ban

07/27/2015 | Pensions & Investments

The Internal Revenue Service's unexpected decision July 9 to ban lump-sum payments to retirees has plan sponsors keeping one eye open for further regulation but still considering those payouts for other plan participants.