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Is the Pension Benefit Guaranty Corp. worth propping up?

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U.S. multiemployer pension plans disagree about the value of participating in the cash-strapped federal agency's insurace program.

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Proposed Rule on Conflicts of Interest in Investment Advice (November 2015)

Regulations

The Pension Rights Center submitted comments to the Department of Labor (DOL) and testified at a hearing in support of the department’s proposed revision of the definition of “fiduciary.” The proposed definition describes the circumstances under which a financial adviser becomes a fiduciary and must give advice in the best interest of the customer, avoiding all conflicts of interest unless they are expressly allowed.

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PBGC says union pensions facing less risk

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Multiemployer pension plans, those operated by unions on behalf of workers who are or were employed by more than 1 company in a particular industry, are facing less risk than they were last year. But the outlook is still not very good, according to a report issued Monday by the Pension Benefit Guaranty Corporation, or PBGC, the federal agency that guarantees private pensions.

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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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Summary of the pension cutback provisions in the Multiemployer Pension Reform Act of 2014

Legislation

In December 2014, Congress passed and President Obama signed into law the 2015 Omnibus spending bill, which included provisions of the Mult

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Red flags for those mapping out their retirement years

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You think your Social Security benefits aren’t vulnerable? Then you should pay attention to what’s happened with pensions.

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That solid pension benefit? It may be subject to change

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In the fine print of the federal budget compromise, troubled pension plans now have the right to reduce benefits

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Multiemployer plans can cut benefits to stay solvent

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Trustees of distressed multiemployer pension funds got new tools to avert insolvency in a package of reforms approved by Congress in mid-December, including the right to reduce benefits for active workers and retirees in deeply underfunded plans.

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ERISA Changes Passed as Part of Controversial Spending Bill

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In one fell swoop last week, a once-sacrosanct tenet of the 1974 omnibus pension law, the Employee Retirement Income Security Act (more commonly known by its acronym, ERISA), was overturned. For its sponsors, the measure meant saving troubled multiemployer pensions heading for insolvency.

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Summary of the pension cutback provisions in the Omnibus spending law [UPDATED]

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In December 2014, Congress passed and President Obama signed into law the 2015 Omnibus spending bill, which includes provisions that allow trustees of certain multiemployer plans to cut retirees’ pensions. Here is a summary of these provisions: 

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