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ERISA

Getting back on track

Blog entry

At the Pension Rights Center our happiest moments come when people receive their pensions, sometimes after many years of trying. Thanks to the new Worker, Retiree, and Employer Recovery Act of 2008, signed into law on December 23rd, Rose Colon, a former spouse of a railroad retiree, will finally receive her survivor annuity. More...

Record profit yields underfunded pension

Blog entry

A recent article in Financial Week revealed a big surprise.  ExxonMobil has the most underfunded defined benefit pension plan of all the S&P 500 companies.  Yes, you read that correctly.  A company yielding record profits has neglected to adequately fund its pension plan. According to the article, the ExxonMobil pension plan was funded at just above 80 percent at the beginning of 2008. More...

More on the meltdown

Blog entry

What a week.  The Lehman Brothers bankruptcy, Merrill Lynch's sale to Bank of America, and the government rescue of AIG were just the latest upheavals in this churning Subprime Summer.  I've been getting calls every day from reporters, wanting to interview people who are concerned about their 401(k) accounts.

People are right to be concerned.  For many American workers, a 401(k) account will be their only source of retirement income besides Social Security.  While one should expect market fluctuations to affect their account balances, no one likes to see their 401(k) take a nosedive. More...

How does the Wall Street meltdown affect my pension?

Blog entry

In the past few days, large companies on Wall Street have been closing left and right, making the people who work at these companies jittery about many issues, including their retirement security.

The good news for these employees is that the money in their pension and 401(k) plans is protected from creditors, so that even when a company goes into bankruptcy, they don't have to worry about their retirement money being used to pay back debts instead. More...

Happy birthday, ERISA!

Blog entry

Happy 34th Birthday, ERISA!

Today marks the 34th anniversary of the date that the Employee Retirement Income Security Act of 1974, known to those in the field of pensions as ERISA, was signed into law. In a tribute to the workers who would be helped by the new law, that day, September 2, 1974, fell on Labor Day.

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