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2009 Articles
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Perspectives on Retirement System Reform for the 21st Century [PDF]
TIAA-CREF Institute Policy Brief – December 2009
This Policy Brief provides essays from five experts in retirement research and policy analysis offering their perspectives on worthwhile reforms to the U.S. retirement system.
Consumer Talk
KGO-AM (San Francisco, CA) – December 12, 2009
PRC Deputy Director John Hotz and Justin Freeborn, staff attorney at the Western States Pension Assistance Project, discuss the work of the pension counseling projects. [Interview starts at about 33 minutes into the hour.]
Employee benefits start to come back
Marketplace – December 11, 2009
This time last year, companies laid off millions of people and a lot of workers saw their benefits dry up. Now some companies are resurrecting the benefits they scrapped a year ago.
Pay Frozen at Museum of Modern Art as Investments Shrink by 18%
Bloomberg News – December 8, 2009
New York’s Museum of Modern Art froze pay and reduced benefits for staff after its investments fell 17.6 percent in the last fiscal year.
401(k) Contributions Are Back
CFO.com – December 4, 2009
More and more companies are reinstating suspended 401(k) matches.
Recession raises questions over retirement plans
Dover Post – November 24, 2009
There are a number of ways to describe the effect the economic collapse that started last year has had on the lives of normal people.
Fidelity Says 401(k) Accounts Recover From 2008 Drop
Bloomberg News – November 19, 2009
Fidelity Investments said the average balance on customers’ 401(k) retirement accounts has returned to September 2008 levels on contributions and third-quarter investment gains.
Employers start to restore 401(k) matches: survey
Reuters – November 19, 2009
About one quarter of the companies that cut contributions to their employees' 401(k) retirement-savings plans recently have restored the match or plan to do so over the next year, a study by Fidelity Investments has found.
401(k) Matches Make a Comeback
U.S. News & World Report – November 16, 2009
But employer contribution formulas may work differently in 2010
Indicator to Watch: 401(k) Match
BNet/CBS MoneyWatch – November 16, 2009
A year ago, the 401(k) match became an expendable benefit for a big slice of Corporate America panicked about their revenue prospects in the throes of the financial crisis and recession.
Balancing Present and Future Needs
AARP Bulletin Today – November 12, 2009
Raiding retirement accounts for college costs is tempting but risky
Forced back into the rat race
News-Press (Fort Myers, FL) – November 1, 2009
America faces a retirement crisis, according to a group of organizations that have started a new retirement initiative called Retirement USA.
Report Links Pension Obligations to Layoffs
Workforce Management – October 30, 2009
Companies and business groups are telling lawmakers that the stepped-up pension funding is coming at the worst possible time—in the middle of a severe economic downturn.
Funding Relief, PBGC Improvements Called for in HELP Committee Hearing
PlanSponsor – October 29, 2009
In testimony Thursday before the U.S. Senate Committee on Health, Education, Labor and Pensions (HELP), witnesses urged legislators to loosen up funding rules for defined benefit pension plans.
Obama Administration Makes Commitment To Improve Employer Retirement System [PDF]
BNA Pension & Benefits Reporter – October 27, 2009
The Obama administration is committed to making the employer-based retirement system work better for employers and employees, Secretary of Labor Hilda Solis said Oct. 21 at the opening of a conference sponsored by Retirement USA.
[Reproduced with permission from BNA Pension & Benefits Reporter, 36 BPR 2419 (Oct. 27, 2009). Copyright 2009 by The Bureau of National Affairs, Inc. (800-372-1033) <http://www.bna.com>]
Coalition Outlines New Core Principles For Creating a New Retirement System [PDF]
BNA Pension & Benefits Reporter – October 27, 2009
Retirement USA October 21 presented principles for a new retirement system that include employer mandates, government agency management, and oversight of the system.
[Reproduced with permission from BNA Pension & Benefits Reporter, 36 BPR 2417 (Oct. 27, 2009). Copyright 2009 by The Bureau of National Affairs, Inc. (800-372-1033) <http://www.bna.com>]
Pension Rights Center Policy Director Karen Friedman on Washington Journal
C-SPAN – October 24, 2009
Karen Friedman discusses the future and security of retirement pensions, the difference between a defined benefit plan and a 401(k) plan, and how concern we should be when it comes to our retirement.
A New Way to Pay for Retirement
Fox Business – October 20, 2009
Pension Rights Center's Karen Friedman on why she wants a shared risk retirement system.
Group seeks answers for retirement 'crisis'
USA Today – October 20, 2009
America faces a retirement crisis, says an influential group of organizations that have started a new retirement initiative called Retirement USA. Wednesday, the group meets in Washington, D.C., to begin searching for solutions.
Companies Make Plea to Congress for Pension Funding Relief
Workforce Management – October 1, 2009
The severe recession that hit last year could force companies to put money into their pension plans rather than business operations.
Pension Rights Center Offers Suggestions To EBSA To Improve ERISA’s Disclosure Rules
From Spencer's Benefits Reports via CCH Pension – September 29, 2009
In testimony at a recent meeting of the ERISA Advisory Council, Rebecca Davis, staff attorney for the Pension Rights Center, addressed "the efficacy of ERISA’s reporting and disclosure scheme."
401(k) plans paltry before recession
UPI – September 28, 2009
Even before the recession hit in 2007, the average 401(K) retirement plan had set aside paltry sums for U.S. retirees, an economic professor said.
Experts push retirement plan reform
Detroit News – September 28, 2009
Critics of 401(k) accounts as a national approach to supplement Social Security for retirement don't mince their words.
Workers discover 401(k) plans are failing them in retirement
Detroit News – September 28, 2009
If you're one of the more than 66 million workers covered by a 401(k) retirement plan, Nancy Hwa has some news for you.
Our Wallets Get Emptier
Washington Post Writers Group (syndicated) – September 8, 2009
It isn't all in our heads. Americans did not balk at buying back-to-school clothes, or forgo a Labor Day weekend trip, or refuse to invest in a new television for football season just because they are, to use the overworked shorthand, "feeling cautious." They are feeling the real effect of shrinking paychecks.
Don’t Kill Your 401(k)
Entrepreneur – September 2, 2009
New rules allow small businesses to suspend -- rather than terminate -- their plans.
Retirement planning time clock
Consumer Reports Money Adviser – September 2009
Here's when to tackle important financial decisions
A More Secure Retirement
New York Times – August 28, 2009
Letter to the Editor from Pension Rights Center Director Karen Ferguson.
Are fees draining your 401(k) retirement savings?
USA Today – August 24, 2009
Quick question: How much are 401(k) fees removing from your retirement nest egg each year?
Syracuse area plumbers' union pension hit hard by Madoff fraud
Syracuse Post-Standard – August 24, 2009
Between the stock market and fraud, the Plumbers & Steamfitters Local 267 Pension Fund had a very bad year in 2008. The fund now has only enough money to pay 36 cents for every dollar needed to pay benefits to 1,400 workers, retirees and survivors.
Companies reinstate their 401(k) matches ... slowly
Pensions & Investments – August 24, 2009
Companies are starting to restore matching contributions to their 401(k) plans after extensive cost-cutting and signs of improvement in the economy.
When Your Employer Cuts Your 401(k) Match
Investopedia – August 24, 2009
Don't be surprised when employers either ax or scale back contributions to 401(k) retirement plans during a financial downturn. American Express, Coca Cola Bottling Co. and General Motors are among the dozens of companies that suspended their matching payments to their employee's plans during the recession of 2008/2009, according to the Pension Rights Center.
The DB(k): Pension of the Future
Kiplinger's – August 19, 2009
When hiring picks up again, this blend of defined benefit and 401(k) features will help snag top talent. [see sidebar link]
401(k)s: A disappearing act
Corvallis (OR) Gazette-Times – August 16, 2009
Since the stock market crashed last September, American workers have seen the value of their 401(k) retirement accounts plunge dramatically.
Fidelity: More workers increase retirement savings
Reuters – August 12, 2009
More workers put more money into their retirement plans in the second quarter than reduced their contributions, according to new data from Fidelity Investments.
Tough times for pension funds
Chicago Tribune – August 2, 2009
Pension bailouts are mounting, but even if your pension isn't in trouble -- or you don't even have one -- there are things you should know about what's happening now in the pension world.
Six ways bosses can cut your pay – and what to do about it
Christian Science Monitor – July 31, 2009
Did you survive the massive layoffs of 2008 and early 2009? Congratulations. Now, watch out for the pay cut.
Match Game: How to Cope With a Suspended 401(k)
SmartMoney – July 30, 2009
Reducing or suspending 401(k) matches has become a flexible cost-saving tactic for companies under financial pressure over the last couple of years.
401(k) Matches Linked to Company Performance
U.S. News & World Report – July 29, 2009
Over 260 employers have cut or reduced their 401(k) match since the beginning of 2009, according to the Pension Rights Center.
Pension freezes rise, but are they effective?
USA Today – July 23, 2009
Nearly a third of the pension plans offered by Fortune 1,000 firms are now frozen, according to a report from Watson Wyatt.
Pension cuts often miss top executives
Atlanta Journal-Constitution – July 12, 2009
More companies are sending chills down employees’ spines by freezing their pensions, but that cold front isn’t necessarily hitting the executive suites.
With traditional pension plans axed, what’s next?
Atlanta Journal-Constitution – July 5, 2009
Joining a nationwide trend, a majority of Atlanta’s 12 largest publicly traded companies are freezing traditional pension plans for tens of thousands of employees, replacing them with 401(k)s or switching to other retirement plans that are generally cheaper.
You'll Never Retire at This Rate
Motley Fool – June 30, 2009
It's bad enough that the market is down 40% from its high in October 2007, and that the major indices -- and for many, our index-fund-powered 401(k) balances -- are sitting at 1997 levels.
Et Tu, AARP? Good Guys Cut 401(k)s, Too
New York Times – June 26, 2009
It’s been a truly ugly year for just about everyone saving money in a retirement account at work.
Study: Pension funding rules impacting 401(k) matches
The Oregonian – June 16, 2009
A study of 251 employers that have suspended 401(k) matches for 4.4 million workers found that at least half of the employees were covered by pension plans.
The safety of your pension
Money – June 8, 2009
Can you count on those monthly pension checks from your former employer? Five things you need to know.
GM bankruptcy puts retiree benefits in jeopardy
KSRO-AM (Sonoma County, CA) – June 2, 2009
GM's filing for Chapter 11 bankruptcy protection has many wondering...Did GM’s past write checks its future can’t cash?
Is The 401(k) A Good Deal For America's Workers?
All Things Considered on NPR – June 1, 2009
The 401(k) is the one part of the U.S. tax code that everybody has heard of. During the giddy stock market rise of the 1990s, it was a source of delight for aging workers. During last fall's market crash, "401(k)" practically became a curse word.
Jobs That Still Offer Traditional Pensions
U.S. News & World Report – June 1, 2009
Traditional pensions that pay out guaranteed benefits for life aren't easy to come by these days, as most employers have long since abandoned their traditional pension plans in favor of 401(k)'s. Still, there are some holdout industries that continue to reward lifelong employees with gold-plated retirement benefits. Here are a few places to look for jobs that may offer the coveted traditional pension.
Pension Benefits Are Protected in a Bankruptcy
Wall Street Journal via Yahoo! Finance – May 31, 2009
What are the rights of senior citizens who are supposed to get pension benefits from companies in bankruptcy?
End of the 401(k) match leaves workers in the lurch
Boston Globe – May 31, 2009
Two major market crashes in a single decade have smashed the assumptions of retirement savers everywhere. And now, numerous employers are reneging on their part of the retirement equation - taking the dollars off the table they've traditionally added to workers' 401(k) savings just when employees need the help most.
Learning to Protect Your Pension
ABC News/Good Morning America – May 27, 2009
Continental Claims Pilots Scammed Pension System, Millions of Others Still Worried
Airline: Pilots Divorced to Defraud Pension Plan (video only)
ABC News/Good Morning America – May 27, 2009
Continental Claims 9 Couples Split to Get Lump-Sum Payout of Pensions
Sunday on The Rick Smith Show
The Rick Smith Show on WHYL – May 24, 2009
Nancy Hwa, Communication Director for the Pension Rights Center will be on hand to discuss the current health of the American pension system. [Segment starts about 11 minutes into the program.]
Treasury Allows More Flexibility on Small-Business 401(k)s
Bloomberg News – May 22, 2009
Small businesses facing financial hardship won relief from the U.S. Treasury through new rules providing more flexibility to suspend contributions to employee 401(k) retirement accounts.
Downturn Accelerating Demise of Traditional Pension
Money Management Executive – May 22, 2009
Companies are finding that pension plans are far too expensive to offer, despite the tax breaks, USA Today reports. Since the beginning of the year, at least 20 companies have frozen their pension plans; by comparison, that many companies did so throughout all of 2008.
Traditional company pensions are going away fast
USA Today – May 22, 2009
The number of companies offering traditional defined benefit pension plans was shrinking even before the recession, but the downturn has accelerated the decline.
Lump-Sum Distributions Become Harder to Get
Wall Street Journal via Yahoo! Finance – May 20, 2009
The option of a lump sum on retirement is likely to disappear for a lot more workers this fall.
Pension Benefit Guaranty Board Gives Little Oversight, GAO Says
Bloomberg News – May 19, 2009
The board of the government-owned Pension Benefit Guaranty Corp. that pays pensions to 44 million Americans hasn’t met in 15 months and lacks the resources for proper oversight, the Government Accountability Office said.
401(k) plans take hit from economy
The Tennessean – May 18, 2009
Just like during the last stock market bust earlier this decade, employers are yet again suspending or eliminating their contributions to 401(k) plans to save cash. But this time, more of them are doing it and the trend is crossing multiple industries.
U.S. trying to take over LandAmerica pensions
Richmond Times-Dispatch – May 12, 2009
LandAmerica Financial Group Inc. said its pension plan has enough money, but a federal agency yesterday took steps to relieve the Henrico County-based company from overseeing the fund.
More companies freeze pensions
USA Today – May 11, 2009
The number of companies that have frozen their traditional pension plans has accelerated sharply this year, a trend that will likely continue as companies wrestle with declining profits and poor investment returns.
More Pensions Being Frozen in 2009
MyFoxBoston – May 11, 2009
More soon-to-be retirees are facing hard times when it comes to their pensions.
Better get used to your 401(k)
MarketWatch – May 11, 2009
More than half of Fortune 100 companies now offer only a 401(k) or other defined-contribution plan to new employees, the first time a majority of the nation's 100 largest firms does not offer a traditional pension, according to an annual survey released Monday by consulting firm Watson Wyatt.
Don't let pension problems stop you from investing early in your retirement
Palm Beach Post – May 10, 2009
These days, we're lucky if our companies still offer matching contributions to our 401(k) plans.
US funds: retirement aid to return after recession
Reuters – May 8, 2009
More U.S. companies have trimmed or eliminated contributions to their employees' 401(k) retirement funds this year, top fund industry executives said on Friday, but said they expect benefits will be restored when the economy recovers.
Wells Fargo Freezes Pension Plan
U.S. News & World Report – May 6, 2009
Wells Fargo, a company that announced record earnings of $3.05 billion in April, is freezing its traditional pension plan for employees.
Wells Fargo freezes traditional pension plan
San Francisco Chronicle – May 6, 2009
Wells Fargo & Co. told employees on Monday it will no longer contribute to their traditional pension plan, effectively cutting the total compensation of its workers less than two weeks after announcing record first-quarter profit.
Does America need a new retirement system?
MSNBC – May 5, 2009
We may need help, but don’t necessarily trust someone else to save us.
The Law: Shutting Down to Avoid Paying Pensions
AARP Bulletin – May 1, 2009
The issue: Can a company shut down a plant in order to avoid paying workers their pensions?
Who Shredded Our Safety Net?
Mother Jones – May/June 2009
What starts with "f," ends with "k," and means "screw your workers"? That's right—401(k).
Tax experts warn: Take another look at withholding
AccountingWeb.com – April 29, 2009
The federal government has put a little extra cash into the hands of Americans by requiring employers to withhold less federal tax, resulting in bigger paychecks and monthly pension payments.
Losing your employer's 401(k) match?
Boston Globe (blog) – April 27, 2009
According to a list published by the Pension Rights Center, almost 200 companies have eliminated or reduced the employer match on 401(k) plans since December of 2008.
Pensions Plans in Peril
Dollars & Sense blog – April 25, 2009
If the auto industry is allowed to dump their pension plans through bankruptcy, it could put the pensions of millions of other retired workers at risk.
Bills focus on ill 401(k)
Gloucester County Times – April 24, 2009
Rep. Rob Andrews, D-1st Dist., is advocating new regulations on 401(k) plans after the stock market slump that dissolved so many retirement accounts.
Plight of Carmakers Could Upset All Pension Plans
New York Times – April 24, 2009
Decisions that the government will make soon on the future of General Motors and Chrysler could accelerate the decline of traditional pension plans, which have sheltered generations of workers from an impoverished old age.
Potential Pension Glitch
AARP Bulletin Today – April 23, 2009
Consider adjusting your withholding, or you could be in for a tax surprise.
How Much You Lose When Your Employer Cuts Your 401(k) Match
U.S. News and World Report – April 14, 2009
Many employees these days are realizing that the loss of a job benefit they once took for granted—the 401(k) match—is making a bit of a dent in their retirement portfolio.
Calpensions: Push to overhaul private-sector pensions
Capitol Weekly (CA) – April 9, 2009
Could a drive to improve retirement security in the private sector undermine public employee pensions?
Are 401(k)s Safe During Weak Economy?
WTMW – April 9, 2009
For years, 401(k) plans have been replacing defined-benefit pension plans as the retirement option of choice among U.S. employers. But the financial crisis has some asking if the 401k has seen its day.
25 things vanishing in America, part 2: 401(k) company matches
WalletPop – April 6, 2009
The company match for employee 401(k)s is disappearing – just at the point where we need it most.
Recession changes 401(k) match game
Clarion-Ledger (Jackson, MS) – April 5, 2009
Retirement has become more of an uncertainty for many because of the ongoing recession, but for a number of workers there is another hurdle.
Is the Economy Killing the 401(k)?
Money – April 3, 2009
For beleaguered investors in 401(k) retirement plans, the news keeps getting worse.
Podcast 27: Retirement USA
Fairness Initiative on Low-Wage Work – April 2, 2009
This 5-minute podcast features Karen Friedman of the Pension Rights Center talking about America’s retirement system. The current system fails low-wage workers. [Click on "Download" to listen to the podcast.]
Gibraltar halts 401(k) matching
Buffalo News – April 1, 2009
Gibraltar Industries has stopped making matching contributions to its workers’ 401(k) accounts as the Hamburgbased building products and steel processing firm grapples with deep slumps in its key housing and automotive markets.
Not So Golden: Employees -- and Employers -- Feel the Pinch from Shortfalls in Retirement Funding
Knowledge@Wharton – April 1, 2009
The golden years for most Americans appear increasingly threatened by the global financial crisis. Retirement accounts have lost from $2 trillion to $4 trillion as stocks have tumbled nearly 50% from their peak in 2007.
JPMorgan Said to Delay Contributions to Employees’ 401(k) Plans
Bloomberg News – March 26, 2009
JPMorgan Chase & Co. will delay contributions to 401(k) retirement plans for salaried employees until the end of the year and may reduce the payments, according to a person who received a company memo on the changes.
Employers cut back on 401(k) matches
Daily Finance – March 26, 2009
Seeking to find cash wherever they can in this tough economic climate, 34 percent of companies have reduced or eliminated their matching funds to employee 401(k)s, and 29 percent plan to do so in the next 12 months, according to a survey by the Spectrem Group.
Older workers are invaluable
Daily Breeze (Torrance, CA) – March 26, 2009
I would like to share some information from a conference I recently attended in Las Vegas. It was a workforce summit sponsored by the National Council on Aging, and was part of a larger conference, titled "Aging in America," sponsored by NCOA and the American Society on Aging.
More U.S. Employers Reducing 401(k) Match, Study Says
Bloomberg News – March 25, 2009
U.S. companies are cutting back matching contributions to employee retirement plans to save cash, and the trend is growing, according to a survey by Spectrem Group.
AARP Suspends 401(k) Match
U.S. News & World Report – March 25, 2009
AARP, a giant advocacy group representing the interests of older Americans that used to be called the American Association of Retired Persons, suspended its 401(k) match, effective this week.
$2 trillion loss of 401(k) assets stokes anger, fear
Pittsburgh Tribune-Review – March 22, 2009
Burned by a tanking economy, spiraling unemployment and a plummeting housing market, stunned investors watched Wall Street's worst bear market since 1980 erase more than $2 trillion of 401(k) assets in 17 months. The fallout, particularly among those ready to retire, raises questions about the viability and security of America's retirement system.
What to Watch in Washington
BusinessWeek – March 17, 2009
How could the Obama Administration and Congress change the way you save for your golden years? Here's a look.
What to do if you lose your 401(k) match
Bankrate.com – March 16, 2009
The list of major employers that have halted their 401(k) match continues to grow as corporate profits hit the skids, forcing thousands of retirement savers to fend for themselves -- at least until the economy recovers.
401(k) Plans Need Fixes, Advocates Tell Lawmakers
Bloomberg News – March 16, 2009
U.S. lawmakers should reform retirement plans after 401(k) and Individual Retirement Accounts lost more than $2 trillion in value since October 2007, a group of consumer and labor groups said.
HR Choices Ahead
Human Resource Executive Online – March 16, 2009
Against the background of economic turmoil, March has been a busy month for discussions about retirement-plan changes.
Our Diminished Futures
Washington Post Writers Group – March 12, 2009
We need to confront an elemental truth: No Wall Street rally can obscure the scary historical prospect that most Americans now working can expect to have less income security in retirement than their parents. [Note: this syndicated column appeared in the Miami Herald and in the Indianapolis Star on March 13, 2009, and in the Albany Times-Union on March 14.]
Coalition Unveils Principles for Creating A Universal Private Retirement System [PDF]
BNA Pension & Benefits Daily – March 11, 2009
Pension activists are hopeful President Obama will support a bold retirement security initiative, notwithstanding competing economic and political priorities, Karen Ferguson, director of the Washington, D.C., based Pension Rights Center, said at March 10 news briefing.
[Reproduced with permission from Pension & Benefits Daily (Mar. 11, 2009). Copyright 2009 by The Bureau of National Affairs, Inc. (800-372-1033) <http://www.bna.com>]
Retirement savings: The sleeper issue?
BusinessWeek – March 10, 2009
The Obama Administration’s agenda, and Congress’s, has focused heavily on health-care energy and education. But a fourth issue is gradually building in the wings – retirement security. At least one person close to the administration sees the issue growing in prominence over the coming months.
Coalition Launches Project To Revamp Retirement System
Dow Jones Newswires via Smartmoney – March 10, 2009
Pension advocacy groups joined forces with a union to launch a project aimed at overhauling the U.S. retirement system and mapping a blueprint for a new model, moves that follow outcry from significant financial losses brought via the economic downturn.
Group pushes for required contributory plan
Pensions & Investments – March 10, 2009
All employers would be required to contribute to a retirement plan for their workers under a series of reform principles offered today by a group of worker advocacy and policy associations.
Mandatory retirement policy creeps closer
Pensions & Investments – March 9, 2009
President Barack Obama is promoting two proposals that would deliver two more blows to the voluntary nature of the private retirement system.
St. Louis companies cut pay, furlough workers
St. Louis Post-Dispatch – March 8, 2009
Pay cuts come in several forms: unpaid furloughs, pension freezes, cuts in employer contributions to 401(k) plans and the shifting of health insurance costs to workers, along with old-fashioned salary reductions.
When The Nest Egg Cracks
The Morning News (Northwest Arkansas) – March 6, 2009
Financial Experts Eye Alternatives After 401(k) Retirement Plans Roiled By Recession
After a 401(k) Match is Cut, Do Workers Stop Saving For Retirement?
U.S. News & World Report – March 4, 2009
A company match to your 401(k) contributions is a valuable incentive to save for retirement. New research confirms that employees are more likely to participate in a 401(k) plan when a match is offered.
Is Your Pension Safe?
MainStreet.com – March 2, 2009
People are worrying about their retirement funds, and with good reason.
Is Your Pension Still Safe?
Kiplinger's Personal Finance – March 2009
Probably. But new rules could make it harder for you to get all of your money.
401 Not OK (video)
ABC Nightline – February 26, 2009
With retirement savings plummeting, learn how to preserve your nest egg.
US Pension Relief Could Be Limited To Active Plans
Dow Jones Newswires via the Wall Street Journal – February 25, 2009
Corporations seeking pension relief from the U.S. Congress could be asked to abstain from freezing their retiree programs as a condition of acceptance.
Companies pull 401(k) contribution program
News14 (North Carolina) – February 25, 2009
More companies are pulling the plug on matching 401(k) contributions as a way to cut costs during the economic slowdown.
End of 401(k) Match Sparks New Strategies
TheStreet.com – February 23, 2009
More than 80 companies, including Ford, Starbucks and FedEx, have reduced or eliminated matching contributions to employees' 401(k)s plans since June 2008, according to the Pension Rights Center.
401(k) plans force difficult choices
The Spokesman-Review/McClatchy-Tribune Information Services – February 23, 2009
The declining stock market isn't the only thing eroding workers' retirement savings. Increasingly, big companies are suspending contributions to their workers' 401(k) plans -- 90 had done so as of last week, according to a count kept by the Pension Rights Center.
Coca-Cola Bottling Co. Suspends 401(k) Match
U.S. News & World Report – February 23, 2009
Note to Coca-Cola Bottling Co. employees: Get your 401(k) match while you still can.
Minding your money: Protecting your pension
Daily Comet (Lafourche Parish, LA) – February 23, 2009
If your employer provides a traditional pension plan you are part of a vanishing breed. According to the Department of Labor, only about 20 percent of private sector workers are covered by pensions today, about half the level of 30 years ago.
DB relief for active plans in the works
Pensions & Investments – February 23, 2009
Corporations might get relief from stringent pension-law funding requirements — but with a big string attached that some experts see as a step toward a mandatory retirement system.
Take opportunity while still working to build retirement cushion (response to second letter)
Chicago Tribune – February 22, 2009
Financial advice columnist answers a reader's question about a "lost" pension.
Protect Your Retirement Savings Without Your Employer's Help
ABC News – February 17, 2009
First, we killed your pension plan; now, we're taking away your 401(k) matching contributions.
Financial Crisis Pulls Billions From Pension Plans, Crimping Consumers’ Dreams and Corporate Profits
Money Morning – February 16, 2009
Last year was a bad one for pension plans worldwide, with the global financial crisis vacuuming an aggregate $5 trillion from company operated retirement plans in such key markets as the United States, Japan the United Kingdom and The Netherlands.
What you shouldn’t scale back
Daily Herald (Provo, UT) – February 14, 2009
There are certain things in your budget that can be scaled back very easily, and then there are areas where you simply shouldn't budge.
Save with a Roth, save with a 401(k), but above all: save
Baltimore Sun – February 10, 2009
The steep, and continuing, decline in the stock market isn't the only hit to 401(k)s. A growing number of employers are suspending matching contributions to workers' accounts as the recession drags on.
Elders may need help with finances
Associated Press via Yahoo! Finance – February 6, 2009
At first you might notice a pile of unopened mail. Your normally fastidious mother may be getting sloppy with her checkbook. Your elderly uncle may be behind on his electric bill. The signs are often subtle, but they may indicate that aging relatives are no longer able to handle their personal finances.
OPM urged to notify CSRS participants about survivor annuity rule
GovernmentExecutive.com – February 6, 2009
A Washington advocacy group has asked the Office of Personnel Management to make sure federal employees in the Civil Service Retirement System are aware of a loophole that could prevent their spouses or ex-spouses from claiming a survivor's annuity.
Recession Slows Revival Of Cash Balance Pensions
Dow Jones Newswires via CNN/Money – February 4, 2009
The U.S. recession is slowing the expected growth of a type of pension plan that could potentially lower corporations' costs and risk.
Will Your Spouse Get a Survivor's Benefit?
FedSmith.com – February 4, 2009
Federal workers who are covered by the Civil Service Retirement System (CSRS) may not realize that, if they leave the federal government to work in the private sector and they die before applying for their CSRS pensions, their spouses and ex-spouses will not get a survivor's benefit.
A warning for CSRS spouses
FedLine (The Federal Times' blog) – February 3, 2009
Two retirement security groups are highlighting a little-known provision in the federal government’s rules that could hurt some spouses or children of federal employees under the Civil Service Retirement System.
Experts say legislation to fix fragile pension system doesn't go far enough
Employee Benefit News – February 1, 2009
It's still hard to fathom the enormity of last year's seismic shift on Wall Street that triggered serious cracks in nest eggs whose fragile shells were still hardening across America's rural, suburban and urban landscapes. Recent events raise compelling questions about the long-term health of the ailing nation's pension system.
Swallow hard: What to do if hard times scramble your retirement
El Paso Times – February 1, 2009
If you work for one of the dozens of companies that have reduced or eliminated their matching contribution to their 401(k) retirement plans, don't do anything hasty, most experts say.
Daughter Loses DuPont Pension
AARP Bulletin Today – January 30, 2009
The lesson from a U.S. Supreme Court ruling earlier this week on pension payouts is clear for working Americans: Make sure your designated beneficiary forms are updated or your pension and retirement funds may not go to your loved ones.
Stopping 401(k) Matches: The New No-brainer
CFO.com – January 29, 2009
On a day like Monday, when five big companies reported a total of at least 57,000 layoffs, it was easy to see why CFOs might want to stop providing a match to employees' 401(k) savings. In many cases, it's an easy way to cut a cost worth 2 percent or 3 percent of your payroll without having to give employees more than a week's notice.
Retirement Blues: Financial Crisis Pulls Billions From Pension Plans, Crimping Consumers’ Dreams and Corporate Profits
Money Morning – January 29, 2009
American workers are postponing long-dreamed-of plans for their Golden Years, opting to work longer than they planned, taking second jobs, downsizing the lifestyles they’ve enjoyed for decades, or even all of the above. As headlines from around the world remind us, this global retirement strategy is more than just government reports or statistics — this crisis has a very human face.
Companies reduce pay, freeze hiring, cut 401(k)s
El Paso Times – January 25, 2009
The national recession has prompted some companies to cut employee fringe benefits, reduce wages and institute hiring freezes.
Belk set to freeze pay, cut benefits
Charlotte Observer – January 14, 2009
Belk Inc. plans to curtail executive compensation, freeze salaries and eliminate its contributions to employee retirement accounts for 2009 to help weather the recession, the 121-year-old Charlotte-based department store chain said Tuesday.
31 companies that have cut or changed their 401(k) match
Planning to Retire, US News & World Report blog – January 12, 2009
401(k) matchless? Join the club. At least 31 major companies have cut or changed their contribution to employee 401(k) accounts since the financial crisis began. Most went into effect on the first of this year. Workers at many of these companies must now fund retirement entirely on their own.
Your Company's Fund Is Bruised, but Don't Worry
Washington Post – January 11, 2009
Are the weakened pension plans yet another reason to fret about your financial future? If the retirement experts who track the numbers are right, the answer is no. Your pension is most likely still better off than your 401(k) account.
401(k) match cut? No need to stop saving
Chicago Tribune – January 11, 2009
With more companies cutting their retirement plan matches and implementing pay freezes, 2009 is shaping up to be a bad year for the nest egg. The Pension Rights Center counted about 20 major corporations in December that publicly announced changes (mostly negative) to their 401(k) matches.
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