Month: July 2021
Congressional proposal would limit when retirees must return pension overpayments
For some retirees, getting a large pension payment can become a big problem. Let’s say a pension plan mistakenly has been paying a participant too much and requires the person to pay back the money, typically through reduced future payments.
Congress gets closer to addressing the issue of lost retirement plans
By Emily Gilbert Here at PRC, we often hear from people who worked for a company that has since moved, been bought, or gone out of business, and they cannot find their retirement plan. The good news is that Congress seems to be getting closer to addressing this issue. In May of 2021, Senators Elizabeth […]
PRC News, July 9, 2021
Multiemployer reform: We did it! For the past seven years, the Pension Rights Center has vigorously advocated – alongside tens of thousands of retirees and dozens of allied organizations – for a solution to the multiemployer crisis. We are thrilled to report that Congress passed legislation that will save multiemployer plans, protect the benefits of […]
IRS Again Extends Remote Witnessing for Retirement Plan Changes
The IRS has extended through June 30, 2022, remote notarization relief that gives retirement plans greater flexibility for participant elections that require a witness, such as 401(k) loan applications and spousal consent to changes in the distribution of survivor’s pension benefits.