Month: April 2020
Pandemic relief measures place women’s retirement security at risk
By Emily Spreiser Takeaways: Industry groups are seeking changes that would make it easier for employees and retirees to access their retirement savings during the pandemic crisis. This would bypass longstanding procedures designed to protect their spouses. Changes to private retirement laws that allow people to pull money out of their retirement plans without […]
Multiemployer Plans Urgently Need Help to Avoid Catastrophe
Many multiemployer plans were already on the brink of collapse before the market downturn caused by COVID-19 came in like a wrecking ball.
PRC signed on to letter to Office of Management and Budget opposing DOL proposed regulation on electronic disclosure (April 28, 2020)
The Pension Rights Center signed on to a letter sent to the Office of Budget and Management opposed the Department of Labor’s proposed regulation on electronic disclosure. Read the full letter here.
Pandemic Spurs Push for Easing Pension Change Consent Rules
Business groups want to make it easier for pension holders facing pandemic-induced financial problems to take large lump sum withdrawals.
PRC and National Women’s Law Center Letter to Department of Treasury-IRS on Spousal Consent During the COVID-19 Emergency (April 14, 2020)
The Pension Rights Center and the National Women’s Law Center together sent a letter with recommendations on how to make benefits accessible during the COVID-19 emergency while still protecting the future retirement security of surviving spouses. Read the full letter here.
Pension rescue is no-brainer for next pandemic response legislation
By David Brandolph Confronted with the largest public health and economic crisis in modern American history, Congress on March 27 appropriately provided trillions of dollars to help put workers, businesses and state and local governments on a path to withstand the massive economic shock waves they are facing. But more action is needed. In its […]
Unions Say Next Virus Relief Package Needs Pension Reform
Union pension funds — already ailing and facing the possibility of a faster demise in a strained economy — are pushing Congress to use the next round of coronavirus relief legislation to give them the help they need to avoid going belly up.
Estranged Couples to Fight Over Virus-Stung Retirement Funds
The coronavirus pandemic could give estranged couples something else to fight over: shrinking retirement accounts stuck in a bureaucratic limbo between courts and plan administrators.
Is My Retirement Plan at Risk Due to the COVID-19 Crisis?
By Kyle Garrett We have been following the devastating effects of the current COVID-19 crisis, and while the human cost is far more important, there is also an economic component that is affecting everyone. Many individuals have lost their jobs, businesses are on the brink of economic collapse, and our healthcare system is being stretched to its […]
Companies hammered by coronavirus pandemic look to drop 401(k) matches
A growing number of companies are reducing, or eliminating, the contributions they make to their employees’ 401(k) plans, trying to cut costs as the coronavirus pandemic wallops their profits and revenues.
Companies slammed by coronavirus look to cut contributions to their employees’ 401(k)s
More corporations are looking to temporarily halt 401(k) contributions, trying to cut costs as the coronavirus crisis hits their revenue and profits, labor attorneys said.
Construction Company Workers Get Support in Stock Plan Appeal
The Pension Rights Center waded into a dispute involving Choate Construction Co.’s employee stock ownership plan, urging the Fourth Circuit to revive the employees’ lawsuit and recognize the “special risks” these plans pose for workers.