PRC Comments on Proposed Amendment to Prohibited Transaction Exemption PTE 2002-51
The PRC submitted comments to EBSA on a proposed amendment to the Voluntary Fiduciary Correction Program for timely deposits of participant contributions into 401(k) plans that would establish a self-correction component for certain plans. To encourage employers to deposit contributions on time, we recommend keeping a three-year limitation period on frequency of using the program.
PRC applauds passage of priority consumer protections in new retirement law
By Karen Friedman The Pension Rights Center (PRC) applauds the recent inclusion of several key consumer provisions in the Setting Every Community up for Retirement Enhancement Act (better known as SECURE 2.0), a retirement legislative package that was passed as part of the Omnibus spending legislation, which President Biden signed into law on December 29th. […]
PRC Letter to IRS on Notice 2022-27, Physical Presence Requirement for Spousal Consents
The PRC sent a letter to the IRS urging the Service to protect spousal retirement rights by restoring its requirement that a spouse’s surrender of rights to retirement benefits must occur in the physical presence of a notary or plan administrator to ensure that the consent is executed without fraud, coercion, or duress.
Butch Lewis Act saves Central States Pension Fund
FOR IMMEDIATE RELEASE The Pension Rights Center and thousands of retired truck drivers, warehouse workers and spouses across the country are celebrating the approval of an infusion of funds that will keep the Central States Pension Fund going strong for decades to come. The White House announced today that the Pension Benefit Guaranty Corporation (PBGC) […]
Photos from the Pension Rights Center’s Celebration of Karen Ferguson
See photos from our October 26th event at Planet Word here.
PRC Recommendations to IRS on Agenda Items for the 2022-2023 IRS Priority Guidance Plan
The Pension Rights Center submitted comments to the IRS requesting the agency to include in its Priority Guidance Plan several items to better protect consumers, including: (a) directing plans to provide former employees who leave before retirement with a single complete statement of their earned benefits ; (b) asking the agency to rethink its position on allowing plans […]
PRC letter to the IRS on OMB 1545–2187, Proposed Collection of Annual Registration Statement Identifying Separated Participants with Deferred Vested Benefits
The Pension Rights Center sent a letter to the IRS urging the Service to strengthen protections for “deferred vested” participants – those who have earned retirement benefits but have left their jobs before collecting benefits. The Center specifically asked the Service to change its guidance to require plan administrators to provide a single unified individual benefit statement […]
The truckers’ triumph: The incredible story of how a scrappy group of blue-collar retirees rescued their pensions
‘I had to get this fight done no matter what’: It took retired trucker Mike Walden nine years, but reinstated benefits recently started flowing to multiemployer pension participants across America.
How to Find an Old 401(k) Account
During the frenzy of leaving behind an old job and getting acclimated to a new position, rolling over your 401(k) plan isn’t always your first priority. Some people even lose track of a 401(k) plan at a former employer. Here’s what to do if you’re trying to find funds held in a previous employer’s 401(k) […]
Commentary: Money maze, as retirees become detectives to find ‘lost’ pensions
When Sam Semilia toted up his retirement finances, he was pretty sure that he was due a pension from his time working as a steam engineer for the Diamond Crystal salt company four decades before.