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Private Pension Plans

Saint Peter's University Hospital Retirement Plan: Responses to statements made in the February 24, 2012 letter and accompanying Q&A

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This document is a direct response to the letter and Q&A sent out by Saint Peter's University Hospital CEO Ronald Rac.

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Saint Peter's University Hospital Retirement Plan: The law and the facts

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In a letter dated February 24, 2012 to all Saint Peter's University Hospital Retirement Plan participants, Ronald C.

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Corporate Restructuring Can Cut Promised Pensions

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Legally, companies can change their plans to end special early retirement pensions, but if they do, employees must still get the portion of the special benefit they have earned as of the date of the change – as long as they later meet its age and/or service requirements.

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Federal Pension Insurance Protections

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In 1974, Congress created a federal pension insurance program for certain private retirement plans. This program is administered by the Pension Benefit Guaranty Corporation (PBGC). 

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Benefit Cutbacks in Single Employer Plans

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Starting in 2008 some underfunded pension plans sponsored by a single employer became subject to restrictions on benefits. These benefit restrictions were implemented by the Pension Protection Act of 2006 (PPA), which Congress passed to shore up the funding of traditional private sector defined benefit pension plans. This fact sheet explains the four basic benefit restrictio

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How Well-Funded is Your Pension Plan?

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Thanks to the Pension Protection Act of 2006, people covered by a traditional defined-benefit pension plan should now receive a pension funding notice every year, which gives workers an idea of how well-funded their plan is.

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Pension Funding Notices

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The Pension Protection Act of 2006 requires both single and multiemployer defined benefit pension plans to provide annual plan funding notices. These funding notices inform pension plan participants about the financial status of their pension plans.

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Defined Benefit Plans and the PBGC

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Background

Currently, 44 million private sector workers and retirees are covered by traditional pension plans. Companies are required to contribute enough money to these plans over time to pay the benefits promised by these plans.

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Benefit Cutbacks in Multiemployer Plans

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The Pension Protection Act of 2006 permits certain underfunded multiemployer plans to eliminate subsidized early retirement, subsidized joint and survivor, lump sum and other benefits.

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Can Your Pension Plan Afford To Give COLAs?

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Over time, pensions shrink in value due to inflation. To see how inflation has affected your pension, use the Census Bureau's Inflation Calculator.

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