Month: August 2014
Landmark ERISA pension reform law sees mixed results 40 years after implementation
Forty years after President Gerald Ford signed the first comprehensive pension reform bill into law, the Employee Retirement Income Security Act has produced successes and failures.
Speakers Tell Council DOL Guidance Needed To Boost Savers’ Lifetime Income Options
A combination of guidance and online tools from the DOL on lifetime income would help retirement plan participants make good decisions about their retirement funds and investments, a speaker told the ERISA Advisory Council.
Burlington College Neglected Retirement Contributions
Burlington College neglected to make contributions to the retirement funds of staff members this summer. In an email sent to employees Monday, President Christine Plunkett called it an “inadvertent oversight as our staff balanced many responsibilities over the summer” that was “neither a planned nor intentional step,” and she assured her staff that their accounts […]
PRC testimony to the ERISA Advisory Council on lifetime participation in retirement plans (August 21, 2014)
PRC Senior Policy Adviser Norman Stein testified before the ERISA Advisory Council on the issues surrounding lifetime participation in retirement plans and the factors that affect whether participants stay in a plan or cash out. Read his testimony here. [PDF]
Pension law, regulation pioneer Robert Nagle dead at 84
Robert Nagle, a long-time pension policymaker and regulator, died Saturday at his home in McLean, Virginia. Mr. Nagle, 84, had been battling cancer.
PRC testimony to the ERISA Advisory Council on outsourcing retirement plan services (August 19, 2014)
PRC Senior Policy Adviser Norman Stein testified before the ERISA Advisory Council on fiduciary issues related to the outsourcing of retirement plan services. Read his testimony here [PDF].
A tribute to retirement security hero Bob Nagle
WASHINGTON – The Pension Rights Center pays tribute to a true retirement security hero, Robert E. Nagle, who died at his home at the age of 84 on Saturday, August 16, 2014. As General Counsel of the Senate Committee on Labor and Public Welfare, Bob was responsible for crafting and securing passage of the Employee […]
Think you’re better off with a lump sum over a monthly pension? Think again.
NCR Corp. Lockheed Martin and packaging firm RockTenn are among the growing number of employers who in recent years have hit tens of thousands of their workers and retirees with an enticing offer: to accept lump sum payouts, often well into six figures, in lieu of monthly pension payments.
Robert Nagle, an architect of ERISA, dies at 84
Robert E. Nagle, who as general counsel of the Senate Committee on Labor and Public Welfare was one of the architects of the Employee Retirement Income Security Act of 1974, died on Sunday in McLean, Va., following a battle with cancer. He was 84.
The Case of the Deleted Social Security Data: Why It is Bad for Workers and Retirees
In their 2014 report on the finances of Social Security, the trustees of the system deleted key information on the replacement rates of Social Security. What’s the harm in that, right? Isn’t this just a technical or administrative issue? According to Alicia Munnell, director of the Center for Retirement Research at Boston College and one […]
Which states are tackling retirement security, and how?
With federal legislation intended to increase retirement savings for workers not covered by a plan at their job stuck at the starting gate, the retirement policy vacuum is being filled in various ways across more than a dozen states.
Pensions lost and (hopefully) found
Imagine earning a pension after many years of hard work with a company. Then you leave your employer before retiring and without claiming your pension. When you reach retirement age, you expect to be able to start receiving that pension but you are unable to find the employer or the plan. Your pension plan is […]