Month: March 2013
Government Agencies Restore Protections to Hospital Retirees’ Pensions
“Church plan” designation for pension plan revoked in unprecedented action WASHINGTON — After a 10-year struggle, hundreds of former workers and retirees from the Hospital Center at Orange (HCO) once again have federal protections for their pensions. In an unprecedented move, the Internal Revenue Service (IRS) has reversed its 2003 decision to grant HCO’s pension […]
Marriage equality and retirement equality
Tomorrow, the U.S. Supreme Court will hear oral arguments in the first of two cases that may change the retirement landscape for millions of Americans: Hollingsworth v. Perry (the second case, U.S. v Windsor, will be heard on Wednesday). What do these cases, both dealing with same-sex marriage, have to do with retirement security, you […]
PRC Letter to the Dept. of Labor urging it to retain an archive of historic plan documents (03/25/2013)
The Pension Rights Center wrote to the Department of Labor, asking it to retain a collection of potentially valuable summary plan desciptions dating from 1976-1997. These documents, which are in danger of being destroyed, could prove invaluable in helping to determine a pension plan participant’s eligibility for and level of pension benefits. Read the letter. […]
Letter to the Editor: Secure Choice plan provides saving options
If Stephen Butler understood the California Secure Choice plan, which expands retirement savings for California residents, he wouldn’t oppose it (“Time to go public on flawed state pension plan,” Opinion, March 17).
Rochester diocese pension fund falling short
Battered by years of historically low interest rates, the pension fund for current and retired lay employees of the Roman Catholic Diocese of Rochester is underfunded to the point that its obligations nearly double its assets, raising concerns about the future of those benefits.
PRC letter to the Dept. of Labor urging it to include people without internet access in a proposed survey on benefit statements (03/20/2013)
March 20, 2013: The Pension Rights Center wrote to the Department of Labor (DoL) to request that a proposed survey about benefit statements for individual account plans include people who don’t use or have access to a computer. The Center also encouraged DoL to perform a similar survey for benefit statements of traditional defined benefit […]
How to Find Your Lost Pension Money
It’s not unusual for a worker to lose track of a pension benefit. Perhaps you left an employer long ago and forgot that you left behind a pension. Or maybe you worked for a company that changed owners or went belly up many years ago, and you figured the pension went with it…but you might […]
Dow Jones Hits ‘Record High’ Thanks To Strong Performances From Smoke, Mirrors Sectors
This week, amid the hullabaloo over President Barack Obama’s Deficit Dinner Diplomacy, and Sen. Rand Paul’s 13-hour filibuster-cum-dissertation on drone strikes and civil liberties, financial news-watchers touted a milestone in their lives of Market Worship. We speak, of course, of the Dow Jones Industrial Average, which on Tuesday hit an “all-time high” of 14,253.77.
The Future of Retirement: Pensions
Panelist Karen Friedman discusses the state of the “American Dream” and disappearing pensions with host Frank Sesno.
Free help to find lost pensions
The New England Pension Assistance Project, based at UMass. Boston, will counsel people on ways to track down pension benefits for which they may qualify.
Remarks by Karen Friedman at the 2013 NAPA/ASPPA 401(k) SUMMIT (March 3, 2013)
Karen Friedman participated in a panel discussion on the strengths and weaknesses of 401(k) plans at a conference sponsored by the National Association of Plan Advisors and the American Society of Pension Professionals and Actuaries. Below are her remarks. Are 401(k) Plans a Failed Experiment? QUESTION ONEWhat are the weaknesses of 401(k) plans? Brian, thank […]
Have 401(k)s Failed Participants?
Experts argue merits, areas for improvement to 401(k) plans