Month: November 2016
Long-Lost Assets May Soon Be Reunited With Their Owners: The Pension Benefit Guaranty Corp. is expanding its long-standing missing-plan program to include defined-contribution-plan participants.
If you are one of the estimated 10,000 people a year who have lost track of their 401(k) plan, get ready for some good news: The federal insurance agency that protects private sector defined benefit pensions wants to add defined contribution plans to its search program.
PBGC Missing Participants Proposal Gets Broad Support From Array of Organizations
Reuniting missing retirement plan participants with their savings is a cause that everyone can rally around, as comments on proposed rules by the Pension Benefit Guaranty Corporation show.
Whatever Happened to That Old 401(k)?
Suspect you may have lost track of a 401(k) retirement account or pension benefit? You aren’t alone. As Americans jump from job to job, they are leaving more 401(k)-style accounts and pension benefits with ex-employers. Some lose track of the money, forfeiting a piece of their retirement security.
Blackstone’s Tony James Wants Retirement Security for All
A surprising new voice has joined the growing chorus of those worried about a retirement crisis in the U.S.
Comments to Pension Benefit Guaranty Corporation on expansion of Missing Participants Program (November 21, 2016)
The Pension Rights Center submitted comments in response to the Pension Benefit Guaranty Corporation’s request for comments on the proposed expansion of its Missing Participants Program to include participants and beneficiaries in terminating defined contribution plans, multiemployer plans and small professional service plans.
Composite bill: Another threat to multiemployer pension plans
Earlier this fall, a U.S. House of Representatives subcommittee held a hearing on draft legislation that has the potential to undermine the stability of the multiemployer pension system. What’s worse is the fact that this proposal, called the composite bill, has a real chance of being slipped into year-end omnibus legislation, not unlike the way […]
Multiemployer Pension Program’s Deficit Soars to Record High
The PBGC, which backstops defined benefit pension plans, has seen its multiemployer plan insurance program’s deficit rise by $6.5 billion in the last fiscal year to a record-high $58.8 billion
Central States Woes Continue, Pension Value Falls $500 Million
Central States Pension Fund lost $500 million during the first six months of this year, according to newly released financial documents, and continues to hemorrhage assets on the road towards eventual insolvency.
Congress returns for lame duck session
Opponents to the proposal, including AARP and the Pension Rights Center,argue it provides insufficient protections for workers and jeopardizes “current pension benefits earned by retirees.”
Iron Workers Plan Gets Bad News As Treasury Rejects Benefit Suspension
An Iron Workers defined benefit pension plan has become the third multiemployer plan to have its petition to cut benefits rejected by the Treasury Department.
Treasury rejects Ironworkers union application to cut retiree benefits
The U.S. Department of the Treasury has denied an application by Ironworkers Local 16, which represents 1,100 Baltimore-area retirees and workers, to cut pension benefits to retirees to extend the life of the fund, which is in danger of running out of money by 2032.
Religious Health Care Systems Push Back Against Pension Suits in Supreme Court
Three religious-affiliated, nonprofit health care systems are asking the U.S. Supreme Court to step into a multimillion-dollar battle with two plaintiffs firms that claim the pension plans of the medical networks are not exempt from federal law.