Month: August 2012
How Safe Are the New GM Retirees’ Annuities?
Back in June, thousands of salaried General Motors retirees were given seven weeks to decide whether to take their pension as a lump sum or continue with their lifetime monthly payments. As Pension Rights Center Executive Vice President Karen Friedman wrote in a Detroit Free Press op-ed, the annuity was the better option for most […]
Postponing Retirement Indefinitely
More than a third of adults near retirement age — 35 percent — said last year that they simply don’t expect to retire. That was up from just 29 percent two years earlier.
Cash Balance Plan Ordered to Pay $18 Million for Improper Benefit Calculation
A cash balance pension plan must pay a certified class of plan participants $18,677,671 in additional plan benefits and prejudgment interest as a result of its failure to use a whipsaw calculation in determining lump-sum distributions of participants who terminated employment before their normal retirement age, the U.S. District Court for the Western District of […]
When a 401(k) Is Locked in the Freezer
Everyone with a 401(k) knows that bad investments and high fees can threaten their retirement. But what if the company that sponsors your plan goes bankrupt?
Benbrook widow sues Fort Worth fund for husband’s pension benefits
When So Son Harabedoff’s husband died last year, she thought she would receive his pension from the Fort Worth Employees’ Retirement Fund.
PRC and NWLC comments to the ERISA Advisory Council on beneficiary designation in retirement plans (08/24/2012)
The National Women’s Law Center and the Pension Rights Center submitted comments to the ERISA Advisory Council on challenges and best practices for beneficiary designations in retirement and life insurance plans. Our comments focused on two areas: electronic communication and recommendations for best practices. Read the comments.
Big Income Losses for Those Near Retirement
Another reason, besides the housing bust, that Americans nearing retirement age may have suffered most from the financial crisis: The typical American 55 to 64 years old has a household income almost 10 percent less than it was when the recovery officially began three years ago, according to a new report from Sentier Research.
Defending Your 401(k)
If you think your company may go bankrupt, more than your job is at risk. Your retirement account may also be in jeopardy.
Got Pension Questions? Get Free Help
For free legal advice and support about your retirement plan, turn to this counseling program
Seniors could get free legal help with pension issues
Seniors may qualify for free legal help on questions about their pension, 401(k) or other employer-sponsored retirement plan.
Remarks by Karen Friedman at a CalPERS Town Hall Meeting on the Pension Crisis (August 16, 2012)
It’s great to be here in Anaheim. Thank you very much to CalPERS for inviting me to speak at this town hall meeting on the pension crisis in America. Before I start, I’d like survey the room. How many people here are retired? How many of you have good defined benefit plans? And how many […]
Joint PRC/NWLF letter to the Dept. of Labor, urging it to include more information on spousal protections in booklet (08/14/2012)
The Pension Rights Center and the National Women’s Law Center sent a letter to the Employee Benefits Security Administration, asking it to include more information on spousal rights in its publication, “What You Should Know About Your Retirement Plan.”