Pension Rights Center: News | Pensions in the News

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Labor officials release new rules on 401K fees

Associated Press via Yahoo! News – July 15, 2010
Workers with a 401(k) retirement account will soon know exactly how much they're paying in fees.

Department of Labor unveils 401(k) fee rules

Reuters – July 15, 2010
Advisers and brokers who manage 401(k) plans will have to provide detailed information about the fees they charge under new rules unveiled by the U.S. Department of Labor on Thursday, but the changes are not as onerous as the brokerage industry first feared.

Gen Y's Empty Piggy Bank

Bloomberg Businessweek – July 15, 2010
As fund managers try to woo younger workers, why are few paying attention? They're overwhelmed by big debts and high unemployment

Solving a Looming U.S. Retirement Crisis

Bloomberg Businessweek – July 15, 2010
The 401(k) has been a failure and should be replaced with new Guaranteed Return Accounts that could be made available to all workers

Delphi Retirees Rally Support From Congress

Business Journal Daily (Youngstown, OH) – July 14, 2010
Nearly 300 salaried retirees from Delphi Corp. turned out for a hearing addressing the termination of their pensions and benefits.

Report sounds alarm bell over Americans' retirement plan

Christian Science Monitor – July 13, 2010
Millions of Americans are nearing retirement age without enough savings to get by – but for many there's still time to get back on track.

Even the wealthy can't count on their retirement years being golden

Los Angeles Times – July 13, 2010
Running out of money in retirement isn’t just for the middle class anymore.

Workers Can Forget About a Recovery

Motley Fool – July 12, 2010
Less than two years after the worst crisis ever to hit the U.S. economy, corporate profits have rebounded sharply, leaving plenty of companies in great shape. Unfortunately, workers generally aren't sharing in that success, and many may soon find that when it comes to taking care of financial needs their employers used to handle for them, they're entirely on their own.

Some plans remain company-stock heavy

Pensions & Investments – July 12, 2010
Some of the biggest corporate names controlling some of the biggest 401(k) plans have some of the biggest percentages of employer stock in these plans, reaching levels that consultants and even the Pension Protection Act consider too high.

Labor Department focuses on retirement plan administrators

Investment News – July 11, 2010
Subpoenas issued as industry readies for fee disclosure rules

BP Stock Drop Erodes Retirement Accounts

TheStreet.com – July 9, 2010
BP's stock is tanking, and its employees' retirement savings are being dragged down with it, victims of a failure to learn from past corporate implosions.

401(k) Participants not as Knowledgeable as Employers Think

PlanAdviser – July 9, 2010
A new survey reveals that 401(k) participants don’t know as much about plan fees and investing as employers think they do.

Who’s Really to Blame For Too Much Company Stock in 401(k)s?

BNet/MoneyWatch – July 7, 2010
Blaming the folks running a 401(k) when company stock owned by plan participants implodes has become popular sport in litigation circles.

Like others, Zions employees saw retirement savings shrivel

Salt Lake Tribune – July 6, 2010
Utahns who watched the value of their retirement kitties wither in the past three years may take comfort knowing employees of Zions Bancorp were in the same boat.

How will Baby Boomers' retirement affect stocks?

USA Today – July 6, 2010
Next year, the first of the 79 million Baby Boomers will hit 65 — retirement age.

The 10 most generous U.S. retirement plans

Reuters – July 2, 2010
How important is a company match in getting you to save for retirement? Very important, according to new research from BlackRock Inc. and Boston Research Group.

401(k) Participation, But Not Savings, Grows

U.S. News & World Report – July 2, 2010
The shift from traditional pensions to 401(k)s has resulted in more people saving on their own for retirement. But the percentage of pay most 50-somethings are saving has not significantly increased over the past 2 decades, according to a University of Michigan Retirement Research Center analysis of W-2 earnings records.

Companies Slow to Resume 401(k) Match

U.S. News & World Report – June 30, 2010
Many companies have reduced or suspended their 401(k) match since September 2008. Among the 18 percent of firms that slimmed their 401(k) match, slightly less than half (49 percent) have restored company contributions, according to a Towers Watson survey of 334 companies with 1,000 or more employees released today.

How to Find Hidden Retirement Money

U.S. News & World Report – June 29, 2010
Many job changers simply leave their pensions, 401(k) accounts, or other employer-sponsored retirement plans in the care of their former company. Sometimes former employees forget about these older retirement plans.

Obama signs pension funding relief bill

Business Insurance – June 25, 2010
President Barack Obama on Friday signed into law pension funding relief legislation.

DC Deferral Amount What Participants Can Afford

PlanSponsor – June 23, 2010
Half of employees participating in a recent survey say they decided on their defined contribution plan contribution because it was the most they could afford.

When it comes to 401(k) fees, more money = more problems

Employee Benefit News – June 22, 2010
When it comes to 401(k) fees, a new analysis gives credence to two known clichés: You can’t compare apples to oranges, and indeed, the rich are different.

Man loses unemployment benefits after dipping into 401k

9News (Denver, CO) – June 22, 2010
It's against the law in Colorado to take any money out of your 401k for one whole year if you're receiving unemployment benefits.

10 Things 401(k) Providers Won't Tell You

SmartMoney – June 21, 2010
1. "We’re making money on your 401(k) — even if you’re not."

Obama Wants to Steal Your 401(k), and Why You Should be Glad

BNet/Moneywatch – June 21, 2010
Friends, there’s a new socialist plot against your wealth: The 401(k) annuity. Unfortunately for the paranoid fringe, it’s actually a good idea.

When It Comes To Retirement, 67 Is The New 55

National Public Radio June 18, 2010
Looking forward to retirement? You may have to wait a bit longer. Financial pressures are pushing up retirement ages all over.

What happens if your pension plan closes?

Tribune Media Services via the Chicago Tribune – June 17, 2010
Failure could result in a diminished payout, and certain industries are more at risk

Lifetime Income is an Elusive Goal

U.S. News & World Report – June 17, 2010
The 2008 meltdown of many retirement investment accounts has triggered a long and extensive assessment of how to provide safer retirement investments that people can depend upon and understand.

Open up the 401(k) black box!

Fortune – June 16, 2010
How much do you pay for your 401(k)? You probably can't answer that, because providers of the employer-sponsored retirement plans aren't required to tell you in clear language what they're charging. And now it appears that lawmakers in the Senate don't want you to know, either. At least not yet.

Kohl Rejects Annuity Requirement for Retirement Plans

Bloomberg News – June 16, 2010
Senator Herb Kohl, a Wisconsin Democrat, said no one should be forced to buy an annuity as Congress began debate today on how to help Americans make their savings last through retirement.

Kohl Senate Panel Eyes Lifetime Income Options

PlanSponsor – June 16, 2010
U.S. Senator Herb Kohl, (D-Wisconsin) Chairman of the Special Committee on Aging, held a hearing Wednesday about lifetime income options in retirement plans.

SEC proposes new disclosures for target-date funds

Associated Press via Yahoo! Finance – June 16, 2010
Federal regulators on Wednesday proposed new disclosure rules for target-date retirement funds that would require sponsors to spell out how they are investing the money and to warn about risks.

Boeing To Eliminate Pension Plan For New Employees

Aviation Online – June 16, 2010
In a move that deserves applause from union members everywhere, the members of District 837 in St. Louis, MO, voted overwhelmingly to reject a contract offer from The Boeing Company that would compensate current employees in exchange for eliminating the defined benefit pension plan for new employees.

Senator promises UAW to keep pension plans intact

Detroit News – June 15, 2010
U.S. Sen. Tom Harkin promised delegates of the United Auto Workers convention today that he would help stop the erosion of pension plans.

Disclosure rules for 401(k) fees are on the way (slowly)

Associated Press via USA Today – June 15, 2010
Who would buy something without knowing exactly how much it costs? Millions of investors do when they sign up for a 401(k) plan. That's about to change.

Dow Companies Are Holdouts on Pension Plans

TheStreet.com – June 14, 2010
Companies are increasingly finding pension plans too expensive, too complicated and too risky when compared with 401(k) plans. Dow-member companies dominate the list of those that offer conventional pensions.

Revisiting Auto Enrollment

Human Resource Executive Online – June 14, 2010
The cost of adding more employees to defined-contribution plans has slowed the use of automatic-enrollment features, according to a recent study. HR leaders should focus more on accommodating employee behavioral and post-retirement risks into their organizational retirement-savings plans.

Debunking the myths of Social Security

Dallas Morning News – June 13, 2010
Social Security, the most important social program in America, is also the least understood.

Viability of pension lawsuit at stake

Knoxville News Sentinel – June 13, 2010
Attorneys for the county and a number of current and former government workers meet today to see whether a 2008 lawsuit will move forward and whether it becomes a class action suit that could include more than 6,000 people. At issue is just how long the county once held employee pension deductions before it deposited them into retirement accounts.

Boeing employees vote for possible strike over retirement plans

KWMU (St. Louis, MO) – June 13, 2010
Workers at Boeing's plants in Hazelwood and St. Charles could walk the picket lines as early as June 23rd after the union on Sunday voted overwhelmingly to reject the defense company's contract. A major sticking point in the four and a half year deal is language that would move new hires to a 401K plan.

A Nation of Helen Thomases

Wall Street Journal – June 11, 2010
The biggest, but most underreported, financial story in America is the looming retirement disaster.

Pitfalls of automated retirement plans

Bankrate.com – June 11, 2010
These days, workers don't have to do anything to start saving for retirement. Is retirement investing getting too easy?

Lawmakers Seek to Prevent Americans Outliving Savings

Bloomberg – June 11, 2010
Lawmakers concerned that Americans may outlive their savings are looking at ways to make the money last through retirement.

Senate Moves to Keep 401(k) Fees Hidden

BNet/Moneywatch – June 11, 2010
Participants in 401(k) plans pay billions of dollars in fees — but most of them don’t know it. And the U.S. Senate apparently would like to keep it that way.

Fee disclosure is coming to your 401(k)

MarketWatch.com – June 10, 2010
With or without help from lawmakers, momentum is growing for more clarity on fees

Social Security's defenders wary of deficit reduction commission

Washington Post – June 9, 2010
Now, some of the same activists who helped derail a 2005 GOP plan to restructure the program are threatening to rally the public against any proposal to cut benefits.

Most Employers with 401(k) Plans Have Yet to Adopt Auto Enrollment

Financial Planning – June 9, 2010
Although familiarity with automatic enrollment and automatic escalation is high among large employers with 401(k) plans, the majority of respondents to a new AARP survey have yet to adopt either feature.

Failure to Mention Benefit Option Explained in SPD no Fiduciary Breach

PlanSponsor – June 8, 2010
The U.S. District Court for the Western District of Wisconsin has found that an employer did not breach its fiduciary duties by failing to inform a former employee and his wife about all of their benefit options.

Social Security Makes Up 40% of Retirement Income

Financial Planning – June 8, 2010
At 40%, Social Security makes up the bulk of older people’s income, according to a new report from EBRI based on the latest U.S. Census Bureau data.

The Government’s Plan for Your Retirement Savings

TheMint.com – June 8, 2010
The federal government is looking into ways of convincing you to turn some of your 401(k) over to an insurance company. Don’t pick up your pitchfork just yet, though. Let me explain.

Why No One Saves for Retirement

SavingAdvice.com – June 7, 2010
Why does no one save for retirement? We all know it’s coming; it’s not a secret that retirement is out there.

Fund Managers Concerned Over 401(k) Rules

TheStreet.com – June 7, 2010
As the Senate prepares to debate the American Jobs and Closing Tax Loopholes Act (H.R. 4213) passed by the House on May 28, the investment-management industry is expressing concern over fee disclosures in 401(k) plans.

Big Business Encourages Employees to Fail at Retirement Planning

BNet/Moneywatch – June 7, 2010
When it comes to helping solve the retirement savings crisis, an alarming percentage of American businesses are saying: Not My Job.

Obama's 401(k) rule up in the air after House measure

Investment News – June 6, 2010
A retirement plan provision passed last month could delay the Labor Department's own fee disclosure revisions

Many clergy ill-prepared for retirement

Associated Press via Yahoo! News – June 3, 2010
Clergy seem an unlikely group to be facing a retirement security crisis.

Employer not Obligated to Make Discretionary 401(k) Match

PlanAdviser – June 3, 2010
A federal judge in Washington, D.C., has thrown out a lawsuit by a 401(k) participant alleging, among other things, that his former employer failed to make a matching contribution.

Knowing auto features in DC plans doesn't mean they're used, AARP survey shows

Pensions & Investments – June 3, 2010
Ninety-four percent of large employers with defined contribution plans are familiar with 401(k) automatic enrollment and 78% are familiar with automatic escalation, but only 42% use auto enrollment and 28% use auto escalation, according to an AARP survey.

Delphi retirees work to restore pension benefits

Detroit News – June 2, 2010
Court filing argues decision to terminate plans 'not justified'

The senator who wants to save your retirement

Fortune – June 2, 2010
The fight over financial reform has made legislators such as Barney Frank and Chris Dodd fixtures in the headlines. Herb Kohl's name doesn't command that sort of attention, but it should: The Democratic senator from Wisconsin has embarked on reforms that could have a profound impact on the lives of millions of Americans. As chairman of the Senate's Special Committee on Aging, Kohl has become Congress's go-to leader on retirement issues.

House benefits bill passes without COBRA

Employee Benefit Adviser – June 1, 2010
The House of Representatives on Friday approved legislation that would require 401(k) fee disclosures, provide relief for pension funds and extend unemployment benefits.

How High Can the Retirement Age Go?

New York Times – May 31, 2010
Social welfare systems are under pressure everywhere in the developed world. But it’s all relative.

When pensions lower Social Security

News & Observer (Raleigh, NC) – May 30, 2010
As a follow-up to your column last week, could you explain a related Social Security topic that may impact my Social Security benefit?

More area workers delaying retirement

Las Vegas Review-Journal – May 30, 2010
Shrinking retirement accounts and disappearing pensions have likely figured in the surge of mature workers looking through help-wanted ads.

Retirement responsibility rests on baby boomers shoulders

Whittier Daily News – May 29, 2010
This is not the world their parents retired in. As the oldest of baby boomers turn 65, they are facing an entire paradigm shift: What held true for their parents is no longer a reality.

Want security? Forget pensions

Bankrate.com – May 28, 2010
Today, you'd be lucky to find a pension plan in the private sector, even if you apply at a huge multinational firm. New hires are more often getting shunted to an account-based plan such as a 401(k) these days, even if a pension plan is already in place at their new company.

House Passes Fee Disclosure and Pension Funding Relief Bill

PlanSponsor – May 28, 2010
The U.S. House of Representatives passed a bill Friday that provides for defined contribution plan fee disclosure and temporarily eases pension funding requirements.

Some not so equal in 'merger of equals'

Houston Chronicle – May 27, 2010
The executives combining Continental and United airlines have proclaimed it a "merger of equals," but not everything is going to work out equally for employees.

Minorities save less in Thrift Savings Plan, report says

Pensions & Investments – May 27, 2010
Minority federal employees participating in the $240 billion Thrift Savings Plan, Washington, save less than other participants, according to a report by the U.S. Office of Personnel Management.

Cost of bill to protect pensions exaggerated, says Sen. Bob Casey

Patriot-News (Harrisburg, PA) – May 27, 2010
Sen. Bob Casey, D-Pennsylvania, is trying to counter charges that legislation he's sponsoring is asking for $165 billion bailout for retirees and pension funds.

There are ways to track down past contributions to retirement accounts

Star-Ledger (Newark, NJ) – May 26, 2010
How can I find out my contributions to my 401(k) and IRA for past years? I do not have the records and the companies are not in business. Where can I get it and how?

More New Salaried Workers at Big Firms Get Defined-Contribution Plans

Workforce Management – May 26, 2010
The move toward account-based plans appears to be steady and strong as companies shift away from traditional pensions, Towers Watson says.

Details, details [Editorial]

Tulsa World – May 26, 2010
A bill to limit when people seeking divorces can claim part of their spouses' military pensions and benefits really has nothing to do with support of the troops, although supporters of this imprudent measure might sell it that way.

Fork in road for truckers fund; PBGC splits plan

Pensions & Investments – May 26, 2010
The PBGC has split the Chicago Truck Drivers, Helpers and Warehouse Workers Union (Independent) Pension Fund into plans for employees of bankrupt and non-bankrupt companies, confirmed agency spokesman Marc Hopkins.

More Pension Plans Frozen

U.S. News & World Report – May 24, 2010
If you’re still in the fortunate minority of workers with access to a traditional pension, these valuable retirement benefits may not continue until you retire.

U.S. High Court Sets New ERISA Attorneys’ Fees Standard

PlanSponsor – May 24, 2010
The U.S. Supreme Court on Monday set a new standard for litigants suing under Section 502(g)(1) of the Employee Retirement Income Security Act (ERISA) to be awarded attorneys’ fees.

Some pensions may cut Social Security

News & Observer (Raleigh, NC) – May 23, 2010
We met with a financial planner who told us we might not receive the entire amount shown on his Social Security benefit statements due to the pensions my husband will receive from the government and schools.

Retirement calculators don't factor in risk of outliving assets

MarketWatch.com – May 21, 2010
Retirement calculators have many flaws, and now a new study finds yet another glitch in the ubiquitous tools that help Americans figure out how much to save for retirement.

Retirement Plan Fees in Spotlight. What Should be Next?

BNet/MoneyWatch – May 20, 2010
Somehow, thirty years into the grand experiment of the 401(k), understanding all the fees your plan charges has been anything but clear.

Pension attorney James Keightley on the plight of Catholic lay workers in Wilmington [MP3]

WDEL (Wilmington, DE) – May 18, 2010
James Keightley discusses the latest developments in the fight by lay employees to preserve their pensions as the Catholic Diocese of Wilmington goes through bankruptcy.

Necessity or love of work, many older workers plan for non-retirement

Sacramento Bee – May 18, 2010
Research shows that large numbers of baby boomers – the oldest of whom reach the traditional retirement age of 65 next year – don't intend to follow earlier generations' footsteps into a long retirement. Some can't afford to; many others don't want to.

Goldman Sachs Seeks Bigger Share of 401(k) Accounts

BusinessWeek – May 18, 2010
Goldman Sachs Group Inc., fighting a fraud lawsuit from U.S. regulators who accuse the company of misleading investors, is trying to convince more Americans to trust the firm with their retirement funds.

For retirees, behavioral science is coming up short

Investment News – May 17, 2010
While behavioral finance has helped get workers to save more for retirement, it’s been less successful in forcing retirees to accept that they may outlive their savings.

Changing Employers? Don't Lose Your 401(k)

FoxBusiness – May 17, 2010
You have a couple options when it comes to handling your retirement nest egg when you change jobs--see what the experts suggest.

401(k) Wish List

U.S. News & World Report – May 17, 2010
Most retirement savers think their 401(k) could use a few improvements.

Worried About Retirement Savings? You're Not Alone

CNBC – May 17, 2010
The majority of Americans don't feel very good about the amount of money they are putting away for retirement, according to a recent survey released by TD Ameritrade.

Thrift Savings Plan - The Model for all 401(k) Plans!

BNet/Moneywatch – May 16, 2010
For quite some time now, I’ve been enviously looking in from the outside at what is easily the best 401(k) retirement plan in the country - The U.S. Government’s $254 billion Thrift Savings Plan (TSP).

Inside Baseball: Players union has a problem which needs fixing

St. Louis Globe-Democrat – May 14, 2010
Former players should be added to pension and receive health benefits.

Retirement Debate Focuses on Annuities

TheStreet.com – May 14, 2010
The steady evaporation of pensions, the asset-sucking sting of the recession and the prospect of Americans living deeper into their retirement years is driving insurers and the government alike to ratchet up a push for annuity products.

Retired Delphi Workers To Rally At Oak Creek Facility

WISN (Milwaukee, WI) – May 13, 2010
Retired workers are upset because their pensions were greatly reduced after the plant closed.

Take the Money Now–Or Later?

AARP – May 13, 2010
The pros and cons of waiting for a company pension versus taking a lump sum payment.

Recession Delays Retirement for Many

PlanSponsor – May 13, 2010
A new survey by staffing firm Robert Half found 46% of respondents plan to put off their retirement - often because of the effects of the recession - and 31% are saving/investing more for retirement.

Pilots' suit claims pension shift

Houston Chronicle – May 13, 2010
Four former Continental pilots are suing the airline, claiming it shortchanged them on retirement pension benefits.

GOP, Dems clash over modifying 401(k) plans

San Francisco Chronicle – May 13, 2010
The 401(k) plan has become a political football.

House Bill Would Strengthen Pension Benefits for Part-Time Employees

Investment Advisor – May 12, 2010
Pension planners, benefits coordinators and bloggers have started to talk about a little-known House bill that would require companies to cover part-time employees in corporate pension and 401(k) plans.

Big Chill -- 'Late Boomers' Seen as Least Prepared for Retirement

ABC News – May 12, 2010
Missed Some of Long Bull Market, Hurt by Recent Stock Turbulence and Running out of Time

Sen. Sherrod Brown puts hold on Obama nominee over Delphi pensions

Plain Dealer (Cleveland, OH) – May 11, 2010
Ohio Democratic Sen. Sherrod Brown is blocking consideration of President Barack Obama's nominee to head the Pension Benefit Guaranty Corporation as a tactic to secure government intervention in a dispute over Delphi retiree pensions that were jeopardized by last year's General Motors bankruptcy.

The 10 Biggest Sources of Retirement Income

U.S. News & World Report – May 10, 2010
Working Americans tend to have one major source of income: their job. But once you retire, your income is likely to come from several different sources, including retirement account withdrawals, monthly Social Security payments, and increasingly, a part-time job.

Hawaii's jobless seniors forced to tap Social Security early

Honolulu Advertiser – May 10, 2010
Tough job market blamed; move cuts benefits up to 25%

Duke seeks to dismiss worker retirement suit

Greenville News – May 9, 2010
Employees allege changes to pension benefits violated law

Delaying Your Retirement: What a Difference Three Years Makes!

BNet/MoneyWatch – May 7, 2010
There are powerful advantages to delaying your retirement just for a short period, say, three years or so.

Annuities may be coming to a retirement plan near you

MarketWatch.com – May 6, 2010
Some folks want 'em. Some don't. That's the upshot of the 600-plus letters the U.S. Labor and Treasury Departments received in response to a request for information about including income annuities as a pay-out option for 401(k) plans.

Four in Five Americans Will Fall Short of Retirement Income Needs

Financial Planning – May 5, 2010
Four of five Americans are expected to fall short of meeting all of their financial needs in retirement unless they improve their savings habits or retire at a later age.

Employers: 401(k)s Won’t Fully Fund Worker Retirement

U.S. News & World Report – May 4, 2010
Employers generally offer 401(k)s to attract and retain productive workers, not to propel those employees into a secure retirement.

15.7 Times Final Pay Needed for Retirement Readiness

PlanSponsor – May 3, 2010
The average U.S. employee will need 15.7 times their final pay in retirement resources to maintain their current standard of living during retirement, according to a new Hewitt Associates analysis.

For boomers, reality bites

Investment News – May 2, 2010
The retirement dreams of many baby boomers like the Gredingers were based on having a solid nest egg consisting of ever-appreciating stocks and real estate. The financial crisis cracked the egg.

Cracking Down on Fees

CFO.com – May 1, 2010
As legislation looms, companies can take steps now to help employees build bigger nest eggs.

Workers fight uphill battle on 401(k) retirement savings

USA Today – April 30, 2010
More than a year after the worst bear market since the Depression, 401(k) accounts are close to being where they were at the peak of the market in 2007 — thanks in large part to workers' own contributions. But the bear market and recession have also realized some of the shortcomings of a 401(k) plan.

Retiree leaders urge Congress to protect pensions

AftermarketBusiness – April 30, 2010
The president of the General Motors Retirees Association (GMRA) called on Congressional leaders to protect pension plan assets as part of pending legislation that gives companies temporary relief from funding pension plans.

More Americans expecting to rely more on Social Security

The Hill – April 29, 2010
Less than two years after the nation narrowly averted an economic collapse, more non-retired Americans expect to rely more heavily on Social Security rather than retirement income from other sources.

Employers Allowing Larger 401(k) Contributions

Business & Legal Reports – April 29, 2010
Sixty-eight percent of employers report that their company allows employees to contribute 25% or more of their earnings into their 401(k) plan, according to a recent survey of 401(k) practices by BLR.

Tampa Bay Buccaneers cut team pension plan

Buc'Em Blog – April 29, 2010
The Bucs announced that they will be opting out or backing out of the pension program as of July 1, 2010.

Tap retirement savings early without penalty

MarketWatch.com – April 28, 2010
There is one little known, if troublesome, way that some older workers might be able to make up some of the shortfall: You can tap into your nest egg a bit early.

401(k) beneficiary rules: What you must know

Associated Press via the Philadelphia Inquirer – April 27, 2010
Most 401(k) investors are worried about whether they'll outlive their savings and haven't given much thought to the opposite scenario.

Lutherans 'Deeply Concerned' Over Publisher Lawsuit

Religion News Service via Huffington Post – April 27, 2010
The Evangelical Lutheran Church in America says it is "deeply concerned" for the welfare of employees who are suing its publishing arm over the termination of their pension plan.

Study: More Americans to delay retiring, easing pressures on programs

Arizona Republic – April 25, 2010
An unprecedented increase in the number of Americans who delay retirement could accelerate over the next two decades, helping to ease the pressures on Social Security and Medicare, according to a RAND Corp. study.

Washington Redskins will stop participating in NFL pension plan for non-football employees

Washington Post – April 24, 2010
Washington Redskins non-football personnel were informed Friday that the team plans to soon discontinue its participation in the NFL pension program, several team employees said.

Augsburg Fortress sued over pension money

Pioneer Press (St. Paul, MN) – April 23, 2010
Former employees of Augsburg Fortress Publishers are suing the company, saying that the Minneapolis-based publishing arm of the Evangelical Lutheran Church in America destroyed their retirement fund over a nine-year period.

Perils of Church-Related Pensions [blog entry]

National Catholic Reporter – April 22, 2010
Today's Wall Street Journal has an important article on how church-related pensions can fail miserably, shut down and leave its participants out in the cold.

Perils of Church-Related Pensions

Wall Street Journal – April 22, 2010
Employees and retirees of Minneapolis publisher Augsburg Fortress are suing their employer, alleging in their complaint that it allowed their pension plan to fail, and used its connection to the Lutheran church as a legal shield to avoid paying them all their pensions.

Planning for Retirement Without a 401(k)

U.S. News & World Report – April 22, 2010
Workers with a 401(k) or pension plan at work are among the more fortunate half of the population.

Time to replace the 4% rule

MarketWatch – April 22, 2010
How much -- when the time comes -- should you withdraw from your accounts earmarked for retirement?

Wealthy Americans Anxious About Retirement

TheStreet.com – April 22, 2010
The wealthy are just as anxious about their finances as the rest of America is.

Employees ignoring their 401(k) plans

San Francisco Chronicle – April 21, 2010
In case there was any doubt, a new study confirms that when it comes to their 401(k) plans, most employees are inert.

6 Things Retirement Calculators Get Wrong

BNet/MoneyWatch – April 21, 2010
A recent study by the Society of Actuaries says many popular calculators have serious flaws. These potential hazards could lead to serious miscalculations when you’re plotting your financial future.

Should parents save for kids' college – or their retirement?

Christian Science Monitor – April 21, 2010
Whether to save for retirement or their children's college tuition is a big dilemma for many parents, especially as the recession has shrunk savings, retirement portfolios, and – in many cases – paychecks. But don't shortchange retirement to pay for college, advisers say.

Supreme Court sides with pension plan administrator

Business Insurance – April 21, 2010
The U.S. Supreme Court ruled 5-3 Wednesday that a lower court should give deference to a pension plan administrator’s interpretation of the terms of the plan when dealing with a dispute.

Hewitt Says 401(k) Balances Remain 11 Percent Lower Than 2007

BusinessWeek – April 20, 2010
Average account balances of 401(k) retirement plans remain 11 percent lower than 2007, according to Hewitt Associates, a human-resources consulting firm.

The Battle Over 401(k) Advice

BNet/MoneyWatch – April 19, 2010
A teacher of mine used to say that when the feathers started flying, you knew you hit your target. If that’s true, the Department of Labor’s recently proposed rules regarding 401(k) plans were right on the mark.

Deferring to the Future

Human Resource Executive Online – April 19, 2010
Although survey results are mixed, many employers that cut back on 401(k) matches indicate they plan to resume them this year. But those reductions may have had unintended consequences on employee retirement savings in which the workers reduced their own deferrals.

Key Data Missing from your 401(k) Statement

BNet/MoneyWatch – April 18, 2010
No strangers to taking their lumps, 401(k) investors are now worrying about the real value of their lump sums.

New Normal Point of View: Nearing retirement

Fort Collins Coloradoan – April 18, 2010
Mike Dwyer is simply running out of time. He's known it for years, and for about the past decade, the 61-year-old Fort Collins resident has been trying to compensate. Trouble is, despite his best efforts, the economy and stock market keep sucking away his retirement money.

Should new wife get husband’s pension benefit?

Bankrate – April 16, 2010
It's hard not to judge certain situations that you read about, even if you don't know all the facts of a case. Take the case of Maurice and Cecilia, who were married back in 1993 when Maurice retired and began taking his pension benefit. Naturally, his wife was the beneficiary of his qualified joint and survivor annuity.

Fix the Retirement Plan Gap for Small Employers

BusinessWeek – April 16, 2010
Employees of the smallest businesses aren't the only people working there who are doing without company retirement plans. So are the owners

Tyco, ex-CEO Kozlowski battle over retirement pay

Reuters – April 16, 2010
Tyco International Ltd's lawyers urged a Manhattan federal court not to award former Chief Executive Dennis Kozlowski, in prison for looting the company, a penny of the tens of millions of dollars of retirement money he says he is owed.

Diocese of Wilmington's lay workers get response to their concerns

News Journal (Wilmington, DE) – April 14, 2010
Concerned teachers, support staff and other lay workers for the Catholic Diocese of Wilmington, who are increasingly fearful about the fate of their pensions, are a step closer to having an official role in the diocese's bankruptcy proceeding.

Egan To Retirement Execs: DC Plans Need To Improve

National Underwriter – April 14, 2010
Defined contribution retirement plans have gained popularity over the years, but they've also encountered some "bumps along the way" that the industry needs to address, a money management executive said here.

Lay workers are innocent and deserve place at table

News Journal (Wilmington, DE) – April 13, 2010
Catholic lay workers' efforts to protect their pensions in the Diocese of Wilmington's bankruptcy filing demonstrate how the clergy sexual abuse scandal continues to ripple through the lives of innocent victims.

Officials: Annuitizing 401(k)s won't be easy

Investment News – April 12, 2010
Public officials today turned to employee benefits executives for guidance on how best to incorporate annuity products into retirement plans.

Diocese's lay workers fear for their pensions

News Journal (Wilmington, DE) – April 12, 2010
After decades of working as a teacher at a Catholic school in Wilmington, she now finds herself lining up in bankruptcy court with her hand out -- along with the florist, caterer, dry cleaner and hardware store owner.

Will Workers Without 401(k)s Be Able to Retire?

U.S. News & World Report – April 12, 2010
If you have access to a 401(k) plan, consider yourself among the more fortunate half of the population. Only about half of Americans have access to any type of retirement plan at work.

Fees can take a big bite out of retirement fund contributions

Los Angeles Times – April 11, 2010
For the average saver who adds $4,000 annually to an IRA, a whopping 54% of the contribution goes to fees, a trade group's study finds.

Baby bust? N.H., Maine could be hit hard by boomer retirement wave

Foster's Daily Democrat (Dover, NH) – April 11, 2010
A projected worker shortage within the next decade could affect the graying states of New Hampshire and Maine more than others, causing more immigration and forcing businesses to move elsewhere, experts say.

Retirement accounts may need new strategies

St. Louis Post-Dispatch – April 11, 2010
Onward and upward forecasts for 401(k) employee retirement accounts often disregard the fact that financial markets carry some inherent risk, which means there will be periods in which asset values decline.

AT&T dismisses discrimination claims on pensions

Global Pensions – April 8, 2010
AT&T has asked a US judge to dismiss claims that it discriminated against older workers when it converted its defined benefit pension scheme to a ‘cash balance’ arrangement in 1997.

Advisory Council Calls for Retirement Commission

PlanSponsor – April 8, 2010
The Advisory Council on Employee Welfare and Pension Benefit Plans has called for the creation of a presidential commission to define a new national retirement policy and develop new structures for lifetime retirement security.

Americans Idealize Do-It-Yourself Retirement

U.S. News & World Report – April 7, 2010
Most Americans think that financing retirement is their own responsibility. But that doesn’t necessarily mean that workers feel confident about planning for their own retirement needs.

DC plan matches slow to recover

Employee Benefit News – April 7, 2010
Most employers appear to be going through a slow and painful recovery from the 2009 economic hardships that caused them to stifle or seriously limit their defined contribution matches, freeze salaries or reduce workforces, even though most savings plan participants have sustained their investments.

Annuities: Their Surprising Comeback

SmartMoney – April 7, 2010
The inscrutable annuity, a product that’s been around for centuries, is fast becoming the country’s most tempting retirement investment, offering the kind of security that financial advisers say aging baby boomers are grasping for.

Should you raid that nest egg?

Detroit News – April 5, 2010
Now that the great recession has thoroughly scrambled our financial futures, is it OK to crack open our nest eggs?

Small-business owners, employees lack retirement savings

Dallas Morning News – April 3, 2010
Small-business owners and employees aren't saving enough for retirement and could become increasingly dependent on Social Security payments or need to continue working at least part time, according to three new reports.

Special Report: Putting retirement on hold

WMBF-TV (Myrtle Beach, FL) – April 2, 2010
Her passion for kids and medicine is what led 61-year-old Joyce Christian to become a school nurse. She's worked for 40 years in schools, hospitals and even for the military. Christian planned to retire at 60 and help care for her 98-year-old mother in Virginia. But the recession cut retirement out of the picture.

401(k) Inertia: Not All Good News

BNet/MoneyWatch – April 2, 2010
Just because we didn’t head for the exit in droves isn’t exactly cause for celebration. The fact that most Americans did nothing is actually pretty bad news.

7 Retirement Risks You Need to Prepare For

U.S. News & World Report – April 2, 2010
A recent Society of Actuaries survey of 804 people ages 45 to 80 identified older American’s greatest retirement concerns. Here is how to make sure these common retirement worries don’t become your reality.

Survey: Cash Balance Pension Plans Surge In Popularity

National Underwriter – April 1, 2010
The number of cash balance plans has nearly quadrupled since 2001, according to a new report.

Delphi/GM pension cuts a bitter pill for retirees

Dayton Daily News – April 1, 2010
The Delphi Salaried Retirees group is suing several agencies in order to regain full pensions.

Defined contribution plans create retirement insecurity

Daily News (Los Angeles, CA) – April 1, 2010
A major looming problem for Americans is the accidental retirement plan - known to most people as the 401(k) - which began as a tax loophole to shelter the income of executives.

Late Baby Boomers: The Worst-Off 401(k) Generation

BNet/MoneyWatch – April 1, 2010
Remind me not to call the good folks at the Center for Retirement Research at Boston College when I need cheering up. A new study from the CRR confirms that I am in fact part of Generation Screwed in terms of retirement security.

Sea Change: Companies now play a much more active role in guiding employees' 401(k) investment decisions.

CFO.com – April 1, 2010
One year ago, 401(k) plans were in crisis: account balances had plunged by double digits, employers were suspending matching contributions, and the volatility of the Dow made it uncertain as to whether the bottom had been reached.

Danger ahead on retirement savings

Kansas City Star – March 31, 2010
One-fourth of U.S. workers have saved less than $1,000 for retirement.

401(k) Losses Linger for Young People

U.S. News & World Report – March 31, 2010
The baby boomer's stock market losses have certainly impaired their ability to retire comfortably. New research suggests that younger people may be even more adversely affected by the stock market drop because they didn’t benefit from earlier bull markets in the 1980s and 90s as fully at the oldest baby boomers did.

Many companies restoring 401(k) matches-Fidelity

Reuters – March 31, 2010
Many companies cut retirement matches amid recession

Low interest rates make pensions look especially good

Washington Post – March 30, 2010
What's good for America isn't necessarily good for all Americans. Case in point: low interest rates.

Expensive 401(k)? 4 things to consider

CNN/Money – March 30, 2010
It's definitely a drag when a retirement savings plan is larded with high fees. And I don't mean drag in the colloquial sense of irritating. I'm talking about something that actually impedes progress, in this case making it more difficult for you to build an adequate nest egg.

S.C. Johnson Cleared for Cash Balance Backloading

PlanSponsor – March 30, 2010
S.C. Johnson & Sons Inc. was cleared of wrongdoing in connection with allegations it backloaded its cash balance pension plan.

Fewer Workers Enrolled in 401(k)s

U.S. News & World Report – March 26, 2010
The decline of traditional pensions and rise of 401(k) and profit-sharing retirement plans continued in 2009. There was a net loss of 50 traditional pensions and a net gain of 84 defined contribution plans in fiscal year 2009, according to Internal Revenue Service data released this month. However, fewer workers participated in both types of retirement plans.

Small businesses: big employers but small retirement plans

Christian Science Monitor – March 25, 2010
Most small business owners and their employees are not saving enough for retirement, two new studies find.

Time to shine: Financial market turbulence once again places hybrid pension designs in the spotlight

Employee Benefit News – March 24, 2010
Most defined benefit pension sponsors are facing a financial slug in the gut this year in the form of a spike in required funding contributions resulting from the 2007-2008 stock market crash and the drop in interest rates.

Retirement Industry Should Get Ready for Fee Disclosure

PlanAdviser – March 23, 2010
The U.S. Department of Labor hopes to have its revisions to the service provider fee disclosure regulations out by May, according to an official from the Employee Benefits Security Administration (EBSA).

Perceptions of Retirement Preparation

Fox Business – March 22, 2010
Is a significant portion of us right on track to retire with the nest eggs we’ll need? Or, are American workers doomed to work-'til-we drop because we’re perennial under-savers?

YRC Worldwide may get a break from pension woes through federal legislation

Kansas City Business Journal – March 22, 2010
Unionized companies like YRC Worldwide Inc. may get some relief from having to provide pension benefits for people they never employed.

Low-fee collective investment trusts may be coming to 401(k)

Associated Press via the Worcester Telegram & Gazette – March 21, 2010
More companies offering cheap alternative to mutual funds

The case for getting a monthly annuity

Bankrate.com – March 19, 2010
Anyone with a lump sum -- a large amount of money -- can get an annuity. Insurance companies will gladly convert it into a stream of monthly payments for life. But a company-provided annuity offers more protections than the type you can buy from a private insurer.

High 401(k) plan fees continue to deplete retirement savings balances

AccountingWeb – March 17, 2010
Despite the U.S. stock market's recovery, Americans are still struggling to make up for the historic losses sustained in their 401(k) plans over the past two years. One main obstacle employees face as they struggle to save is hidden, high 401(k) plan fees, which can deprive them of thousands of hard-earned dollars over the course of their career and negatively impact the timing and quality of their retirement.

Visteon will keep pension plans

Detroit News – March 16, 2010
Visteon Corp. reversed itself and no longer wants to terminate its pension plans that cover about 23,000 employees and retirees, the company said in a court filing.

Annuities Offer Steady Income, Big Drawbacks

BusinessWeek – March 15, 2010
Insurers are pushing annuities as a way to protect investors from wild financial markets, but the products can be pricey and expose investors to inflation.

The 401(k) Turns Thirty Years Old

BusinessWeek – March 15, 2010
The defined-contribution plan revolutionized retirement for U.S. workers. After three decades and the Great Recession, key fixes are needed

Ford Didn't Interfere with Benefits by Classifying Visteon Employees as Rehires

PlanSponsor – March 12, 2010
A federal appeals court has ruled that Ford Motor Company did not interfere with the retirement plan benefits of employees reacquired from two previously spun-off production facilities by classifying them as rehired rather than reinstated.

Pension News

Details, details [Editorial]

Pension attorney James Keightley on the plight of Catholic lay workers in Wilmington [MP3]

Perils of Church-Related Pensions [blog entry]