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November 13, 2012

PRC in the news
PRC Legal Director Rebecca Davis appeared on CNBC’s Closing Bell, where she discussed the reasons many people cannot afford use their 401(k)s to save for retirement. Communications Director Nancy Hwa was quoted in a Dayton Daily News article on how the shift from traditional pensions to 401(k) plans has placed the burden of saving for retirement squarely on the backs of workers and retirees. Executive Vice President and Policy Director Karen Friedman was quoted in Pensions & Investments on the Center’s call on Congress to declare a moratorium on pension lump sum buyouts. Director Karen Ferguson is featured as a “Money Hero” in this month’s Money magazine. Read other recent articles.
New trend of pension “de-risking” can be risky for retirees
The Pension Rights Center is concerned about the new trend of pension “de-risking” that some employers have used to shed the financial obligations associated with the pension promises they have made to their employees and retirees. Employers such as Verizon, General Motors, Ford, and J.C. Penney have transferred their pensions to insurance companies and/or made lump-sum pension buyout offers to certain groups of retirees and former employees. The Center has called on Congress to impose a moratorium that would halt similar moves until Congress can evaluate the risk posed by these “de-risking” strategies.
New PRC “de-risking” fact sheets: What happens when a pension is transferred to an insurance company? | Should you take your pension as a lump sum? | Companies that are offering pension lump-sum buyouts

PRC awarded grant by The Atlantic Philanthropies
The Atlantic Philanthropies, a limited-life foundation, has 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 was 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.
Redesigned PensionHelp America connects users to legal service providers
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 the counseling projects, government agencies, and legal service 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.

Karen Friedman participates in Senate roundtable on the future of pensions
Executive Vice President and Policy Director Karen Friedman participated in a Senate Committee on Health, Education, Labor, and Pensions roundtable discussion on "Pension Modernization for a 21st Century Workforce." Karen was among eight participants who were invited to respond to questions posed by Committee members. In her remarks, 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.”
Further reading:  Remarks by Karen D. Friedman for a Roundtable Discussion on Pension Modernization for a 21st-Century Workforce
Rebecca Davis discusses women's retirement security during webinar

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 retirement risk and NFL pensions
If you’ve been reading our blog lately you’ve already seen our post highlighting the new report from the Center for Retirement Research showing that the National Retirement Risk Index increased to 53 percent in 2010 from 44 percent in 2007. You’ve also read our entry on the now-resolved situation between the NFL and its referees. Don’t miss out. Subscribe to our blog.

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  Pension Rights Center
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