PRC fact sheets focus on "de-risked" pensions
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Verizon is the latest company to announce a transfer of retirees’ pensions to Prudential Life Insurance Company. In response to retirees’ concerns about the security of their pensions, PRC has published a fact sheet, What Happens When a Pension is Transferred to an Insurance Company? The fact sheet includes a table showing the amount that each State Guaranty Association would provide to residents in the unlikely event that an insurance company were to fail. This follows our earlier fact sheet for GM and Ford retirees offered lump sum buyouts of their pensions, Should You Take Your Pension as a Lump Sum? and an op-ed written by Karen Friedman for the Detroit Free Press on “Why GM retirees should say ‘no’ to lump sum payoff option.” See our newest fact sheet to learn which companies have made lump-sum pension buyout offers.
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PRC awarded grant by The Atlantic Philanthropies
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The Atlantic Philanthropies, a limited life foundation, has just awarded the Pension Rights Center a $2 million three-year grant to support the Center’s work on pension benefits recovery, protection, and expansion, as well as our efforts to strengthen organizational capacity. A portion of the grant is being made on a matching basis. The Center is very grateful to The Atlantic Philanthropies, and to our other funders including the U.S. Administration on Aging, the Retirement Research Foundation, AARP, and our many individual supporters.
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| Kudos to California for landmark legislation |
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California enacted a new law on September 28, 2012, that will lay the groundwork for a state-administered retirement plan for private-sector workers who do not have employer-provided pension or retirement savings plans. To learn about the California Secure Choice Retirement Savings Program read our press release issued jointly with the Schwartz Center for Economic Policy Analysis (SCEPA). In August, PRC Executive Vice President and Policy Director Karen Friedman participated in a CalPERS Pension Town Hall in Anaheim, where she discussed the nation’s pension crisis and state-based initiatives, including the California legislation, to provide retirement plans for private-sector workers. Read her speech.
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Forum on State Action for Retirement Security for all
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The California law was enacted just two weeks after Dēmos, the Pension Rights Center, and SCEPA sponsored a “Forum on State Action” at the New School for Social Research in New York City. The forum brought together California Senator Kevin De León (lead sponsor of the California legislation), New York Comptroller Thomas DiNapoli, New York City Comptroller John Liu, Pennsylvania State Treasurer Rob McCord, and top officials from North Carolina and Rhode Island, to meet with experts from Capitol Hill, unions, retiree, minority, and consumer groups. At the forum, participants discussed proposals for state-based retirement plans for private-sector workers and shared strategies for moving these proposals forward. Read about the event and learn more about ideas for state-administered programs for private-sector workers in our fact sheet. |
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Check out the redesigned PensionHelp America
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Take a look at the redesigned PensionHelp America website at www.pensionhelp.org. PensionHelp America connects people looking for help with retirement plan problems to counseling projects, government agencies, and legal services providers that can provide them with free legal assistance. One of the website’s new features allows users to have their results e-mailed to them.
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Karen Friedman participates in Senate roundtable on future of pensions
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On September 20, the Senate Committee on Health, Education, Labor, and Pensions held a roundtable discussion on "Pension Modernization for a 21st Century Workforce." Eight participants, including Karen Friedman, were invited to respond to questions posed by Committee members. Speaking on behalf of PRC and Retirement USA, an initiative working for comprehensive and effective retirement solutions, Karen expressed optimism that common ground could be found among the diverse interests represented at the roundtable and that working together the participants would be able to “shape measures to ensure that hard-working Americans will be able to retire with a strong supplement to Social Security.” Read her statement.
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Rebecca Davis discusses women's retirement security during webinar
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During a National Women’s Law Center webinar, PRC Legal Director Rebecca Davis provided an overview of key issues that women should be aware of when preparing for retirement. Visit the website to download a recording of Planning for Your Financial Future, Part I: What Women Need to Know about Pensions and Retirement Savings. Although the webinar is targeted to women, the tips Rebecca provides are useful for all audiences. |
PRC blog tackles NFL lockout of referees
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If you’ve been reading our blog lately you’ve already seen our entry on the resolution of the dispute between the NFL and its referees. A key issue in the lockout was the League’s desire to freeze the referee pension plan and create a 401(k) plan to take its place. Unfortunately for the retirement security of the referees, the League won. In four years, or after they have worked 20 years, current referees will be switched to a 401(k). New referees will only have a 401(k). Learn more by reading our blog. Don’t miss future blog entries – subscribe to our blog. |
PRC blog tackles NFL lockout of referees
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Communications Director Nancy Hwa was quoted in a Detroit Free Press/USA Today article discussing the retirement anxiety confronting today’s workforce. Karen Friedman and PRC Senior Policy Advisor Norman Stein were quoted in the Dayton Daily News on efforts by Delphi retirees to restore their pensions. Rebecca Davis was quoted in articles about the Pension Counseling and Information Program in Reuters and on NextAvenue.org, a website targeted toward adults age 50 and older. Read other recent articles. |
Pension Rights Center