Month: August 2016
Uber drivers’ new option: Start a retirement account through the app
Uber has a new tool in its arsenal to attract and retain drivers: retirement savings accounts. The San Francisco ride-hailing company announced Wednesday that it teamed up with automated investor service Betterment to offer its drivers a way to set up retirement accounts through the ride-hailing app.
Guest Column: Pension fund of precipice of destruction
Few people realize a pension crisis is looming. It’s the aftershock of the 2008 market collapse. Pension funds managed by unscrupulous Wall Street Banks held the worthless real estate investments that took the markets down further than most of us had previously seen in our lifetimes. The “investments” wiped out many billions in pension funds forever.
Crowdfunding Emerging as Power to the People Pension Tool
Crowdfunding is emerging as a creative and powerful tool that pension plan participants and retirees can use to independently investigate their plans.
No Worker Left Behind
“You could argue that the 401(k) system works for many people,” says Karen Friedman, executive vice president and policy director at the Pension Rights Center in Washington, D.C. “But you also could argue that it has failed many people.”
Ten Years After, the Pension Protection Act Falls Short of Promises
Ten years ago today, President George W. Bush signed into law the Pension Protection Act of 2006. It was the largest, most comprehensive U.S. pension reform bill since the mother of them all, the Employee Retirement Income Security Act of 1974.
Trade group trying to kill bill making state-run retirement accounts a worker benefit
An investment industry trade group is trying to kill a California bill that would make retirement savings accounts an almost universal benefit for workers in the state, saying that plan will be more expensive than lawmakers anticipate and could ultimately cost taxpayers.
Unforeseen consequences one legacy of the Pension Protection Act
Like many pension-related laws, the Pension Protection Act that passed a decade ago was designed to address a crisis. At the time, underfunded pension plans were threatening the financial stability of the Pension Benefit Guaranty Corp. But while the act did help strengthen the federal agency, it also had the unintended effect of discouraging defined […]
Multiemployer Pension Resubmits Rescue Plan to Treasury
An Iron Workers local pension fund has withdrawn and resubmitted its application for benefit suspension approval from the Treasury Department, restarting the clock on the department’s review.
Iron Workers retirees get temporary reprieve from pension cuts
Retired iron workers in Northeast Ohio will get a short reprieve before their pensions could be cut.