04/10/16

Proposed regulations on the recovery of pension plan overpayments (July 2015)

The Pension Rights Center submitted comments to the Internal Revenue Service (IRS) on procedures for the recoupment (recovery) of overpayments made to participants. Overpayments occur for several reasons, often due to plan errors in calculating benefit amounts. Retirees are usually unaware that their benefit amounts have been calculated incorrectly and are surprised when they receive a […]


01/30/16

Proposed regulations on state-based retirement plans for private-sector workers (January 2016)

The Pension Rights Center submitted comments on the U.S. Department of Labor’s proposed regulations that would allow the creation of certain state-legislated retirement savings plans that would be exempt from the Employee Retirement Income Security Act of 1974 (ERISA). The Center notes that “uncertainty about the effects and impacts of ERISA coverage, preemption, and regulatory […]


11/03/15

Proposed Rule on Conflicts of Interest in Investment Advice (November 2015)

The Pension Rights Center submitted comments to the Department of Labor (DOL) and testified at a hearing in support of the department’s proposed revision of the definition of “fiduciary.” The proposed definition describes the circumstances under which a financial adviser becomes a fiduciary and must give advice in the best interest of the customer, avoiding […]


10/30/15

The Pension Accountability Act

In the last days of 2014, Congress passed the Multiemployer Pension Reform Act of 2014 (MPRA) as part of a year-end budget compromise. As a result of MPRA’s enactment, for the first time in 40 years multiemployer pension plan trustees have been given the authority to cut already earned retiree pension benefits while a plan […]


07/07/15

Tax Loopholes That Would Be Closed by the Keep Our Pension Promises Act of 2015

The Keep Our Pension Promises Act of 2015 (S. 1631 and H.R. 2844) proposes to close two tax loopholes that primarily benefit wealthy individuals and their estates. The tax revenue saved by modifying “like-kind exchange” and “minority valuation discount” rules would offset the cost of a new Legacy Fund within the Pension Benefit Guaranty Corporation, […]


06/29/15

Keep Our Pension Promises Act of 2015

The Keep Our Pension Promises Act of 2015 repeals the “benefit suspension” provisions of the Multiemployer Pension Reform Act of 2014 (MPRA) enacted at the end of the last Congress. Those provisions allow the trustees of certain financially-troubled multiemployer pension plans to reduce the benefits of retirees and their widows and widowers. The Keep Our […]


05/28/15

Summary of the pension cutback provisions in the Multiemployer Pension Reform Act of 2014

In December 2014, Congress passed and President Obama signed into law the 2015 Omnibus spending bill, which included provisions of the Multiemployer Pension Reform Act of 2014 that allow trustees of certain multiemployer plans to cut retirees’ pensions. Below is a summary of these provisions. Related: Read our fact sheet on multiemployer plan funding. See a […]


03/23/15

The Illinois Secure Choice Savings Program Act

On January 4, 2015, Illinois Governor Pat Quinn signed into law the Illinois Secure Choice Savings Program Act (Public Act 098-1150). Introduced as S.B. 2758 by Illinois Senator Daniel Biss, the Act passed the State legislature in 2014. With the Governor’s signature, Illinois becomes the first state to fully enact legislation requiring that private-sector employers […]


09/08/14

Bill would regulate pension advance schemes marketed to federal and military retirees

On October 23, 2013, Representative Matt Cartwright (D-PA) introduced H.R. 3310, the Annuity Safety and Security Under Reasonable Enforcement Act of 2013 (ASSURE Act). The bill would regulate pension advance loans and any pension-related product offered to military and federal retirees that limit the retiree’s ability to control payments from his or her own pension. […]


05/14/14

Connecticut Secure Retirement Plan

On May 7, 2014, the Connecticut General Assembly passed a “budget implementer” bill that includes provisions to lay the groundwork for a new state-administered retirement savings plan for private-sector workers who do not have an employer-provided pension or retirement savings plan. The bill allocates $400,000 toward the establishment of a Connecticut Retirement Security Board and […]


09/24/12

Proposed IRS regulations that could undermine workers’ legal rights without public input (September 24, 2012)

The Pension Rights Center submitted comments to the Internal Revenue Service, objecting to a proposed delegation of authority to the IRS Commissioner to issue certain rules without public notice and comment. The Center expressed concern that such a broad delegation could result in the loss of important statutory rights without input by participants and cited […]


07/12/12

Pension Provisions in H.R. 4348 – Moving Ahead for Progress in the 21st Century (MAP-21) Act

H.R. 4348, the Moving Ahead for Progress in the 21st Century (MAP-21) Act, was signed into law on July 6, 2012. Although the Act is primarily known for authorizing funding for the nation’s highways and for extending low interest rates for federal student loans, it also includes a package of pension provisions, which were largely […]