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Annuities

Should I take my pension as a lump sum or lifetime payments?

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The lump sum-or-annuity decision can be a complicated one, and the decision that's right for one person may not be best for another. Which makes it all the more important that you really think through your choices and settle on an option that makes the most sense for your particular circumstances.

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Carefully Considering Pension Payment Options

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Companies are increasingly offering retirees and former employees the option of taking their pensions in a lump-sum payment, rather than as a traditional monthly payment over a lifetime.

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Lump sum or annuity? It’s not just a question for Powerball winners

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Should a lottery winner claim the cash value of a jackpot and receive a reduced amount of money right away in a single payment, or choose 30 years of annual payments that add up to the jackpot amount? Well, few people will get rich playing the lottery, but many people do face a similar question every year, with a pension plan.

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Take a lump sum? It applies to Powerball and pensions.

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Take the lump sum? Or settle on the slow-but-steady monthly payout? No, we're not talking about winning a Powerball jackpot or some other winning lottery ticket. We're talking about what to do if your company or former employer actually has a traditional pension, not just a 401(k) plan, and offers you a lump sum if you give up the chance to receive a monthly pension check.

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A big step forward for state-based initiatives

Blog entry

For the past 15 years, one of the Center’s top priorities has been to find innovative ways of finishing the formidable task of expanding pensions and retirement savings for the about 50 percent of the workforce – 70 million Americans – who are not currently participating in an employer-sponsored retirement savings or pension plan.

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Companies that have transferred pensions to insurance companies

Publication

Below is a list of employers that have transferred their pension obligations for certain retirees and former employees to insurance companies by purchasing annuities.

(Note: this is not a comprehensive list. These are only the changes that we are aware of, based on corporate press releases, news reports, and other sources.)

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Should you take your pension as a lump sum?

Publication

Updated: August 2015

Some companies have offered to cash out the pensions of certain retirees and former employees and instead give them a one-time lump-sum payment.

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Rising costs usher in pension ‘de-risking’ cycle

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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.

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IRS and Treasury say no more lump-sum offers

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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.

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IRS deepens focus on lifetime income with lump-sum ban

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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.

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