Pension News

Below is our most recent PRC News E-newsletter.

New Pension Counseling Project Opens in California
The Administration on Aging’s Pension Counseling and Information Program has expanded to include a new office in California that will also serve Nevada, Arizona and Hawaii. Like the other Pension Counseling and Information Projects, the Western States Pension Rights Project helps those who may be experiencing a problem with a pension, profit sharing or retirement savings plan. Through our National Pension Assistance Resource Center, the Pension Rights Center provides training and technical assistance to the five regional Projects, which currently serve individuals in 22 states.

PRC Welcomes New Board Members
The Pension Rights Center is delighted to announce the addition of John Rother and John H. Biggs to our board of directors. Both John Rother, AARP’s Executive Officer for Policy and Strategy, and John Biggs, former President and CEO of TIAA-CREF, bring a wealth of experience to the board and we are excited to have them help lead the PRC. Visit our web site for a complete list of the PRC’s board of directors.

PRC Issues Statement on Withdrawals from 401(k) Plans
At a recent Senate Aging Committee hearing, the Pension Rights Center issued a statement making the case for why pre-retirement withdrawals from 401(k) plans could lead to a less secure retirement. Our statement points out that loans and other withdrawals from 401(k) plans are “at best a short-term, stop-gap response” to current economic pressures and, in some instances, “could lead to long-term financial devastation.”  For more, read our statement on “Saving Smartly For Retirement: Are Americans Being Encouraged To Break Open The Piggy Bank?”

New Pension Rights Center Blog Highlights Pension Issues
The Pension Rights Center has launched a blog, PRC Perspectives. Our new blog provides PRC staff, consultants, board members and others with a unique opportunity to comment on current issues in the world of pensions. We might write in response to a congressional hearing, a pension-related announcement, or just to toot our own horn. Read our latest blog entry on withdrawals from 401(k) plans.

PRC in the News
The Pension Rights Center has been in the news a lot recently. Just this past week, Center Director Karen Ferguson was quoted in the Wall Street Journal about General Motors’ announcement that it would eliminate retiree health benefits for nonunion retirees. Policy Director Karen Friedman discussed the broader implications of GM’s action on a California talk radio show.  And Deputy Director John Hotz was interviewed on NPR’s Marketplace Money about delinquent 401(k) contributions. On Sunday, the PRC was mentioned in a Washington Post article about 401(k) loans. For more news stories mentioning PRC, check out the PRC in the News section of our web site.

New Feature on PRC Web Site Allows Activists to Communicate with Key Decision-Makers
Activists can now use the PRC web site to send messages to their legislators and other key officials both to let them know that pensions are important, and to make their voices heard on specific issues that concern them. Already, activists have used this new tool to comment on proposed Department of Labor regulations and protest a Revenue Ruling that would reduce pensions for thousands of older workers.

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