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Pension Rights Center

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

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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.

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Can you afford to retire?

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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.

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DOL moving forward on fiduciary rule

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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.

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

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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.

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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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Labor Leader Robert Roach, Jr. Joins Pension Rights Center Board of Directors

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WASHINGTON – The Pension Rights Center is pleased to announce that Robert Roach, Jr., former General Secretary-Treasurer of the International Association of Machinists and Aerospace Workers (IAM) has joined the Center’s board of directors.

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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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House-Passed Highway Bill Would Extend Transfers of Excess Pension Assets

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The House passed funding legislation that includes a section that would extend for four years provisions allowing employers to transfer excess pension plan assets to retiree-health accounts and group-term life insurance accounts.

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Multiemployer pension plans in critical and declining status, by state

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The Multiemployer Pension Reform Act of 2014 allows the trustees of certain multiemployer pension plans to reduce pensions, including the benefits of retirees.

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