Pension News – CORPaTH

21 08, 2019

NIRS: No money saved for 4 states that shifted to DC from DB plans
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NIRS: No money saved for 4 states that shifted to DC from DB plans

401(k), Defined Benefit Plans

NIRS: No money saved for 4 states that shifted to DC from DB plans

CORPaTH2019-08-21T08:17:37-07:00August 21st, 2019|Categories: 401(k), Defined Benefit Plans|Tags: nirs, pension funding|

Four states that shifted to defined contribution from defined benefit plans did not save money, said new and updated case studies from the National Institute on Retirement Security. NIRS researchers updated prior case studies on Alaska, Michigan and West Virginia and created a new study on Kentucky. All of the states have switched new employees to defined contribution-only accounts to deal with pension underfunding and rising costs. According to an NIRS report on the studies, the changes increased overall [...]

12 08, 2019

New postal workers would no longer earn a pension under preliminary business plan
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New postal workers would no longer earn a pension under preliminary business plan

Defined Benefit Plans

New postal workers would no longer earn a pension under preliminary business plan

CORPaTH2019-08-12T08:44:46-07:00August 12th, 2019|Categories: Defined Benefit Plans|Tags: us postal service|

The U.S. Postal Service, facing pressure from Congress to propose initiatives to ensure the agency’s long-term viability, is floating a business plan that would include significant cuts to employees’ take-home pay and benefits. USPS included a hike to the employee contribution level for pensions in a first draft of a 10-year business plan presented to lawmakers and stakeholders, according to multiple people who were briefed on it, as well as phasing out pensions altogether for new hires in favor of [...]

2 08, 2019

Half of California workers have no retirement savings, says UC Berkeley report
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Half of California workers have no retirement savings, says UC Berkeley report

Retirement

Half of California workers have no retirement savings, says UC Berkeley report

CORPaTH2019-08-02T16:17:32-07:00August 2nd, 2019|Categories: Retirement|Tags: california, Retirement savings|

Many Californians may sink into downward mobility in their golden years because of a lack of retirement savings, says a new report by Berkeley’s Center for Labor Research and Education. About half of California private sector employees ages 25 to 64 don’t have dedicated retirement savings, according to a new report by Nari Rhee, director of the Retirement Security Program at the University of California, Berkeley’s Center for Labor Research and Education. The report provides a rare look at [...]

24 07, 2019

What Congress Could Do To Stop a Pension Crisis
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What Congress Could Do To Stop a Pension Crisis

Defined Benefit Plans

What Congress Could Do To Stop a Pension Crisis

CORPaTH2019-07-24T15:20:25-07:00July 24th, 2019|Categories: Defined Benefit Plans|Tags: congress, pension crisis|

A looming retirement crisis is facing the U.S. taxpayer that will become an economic tsunami if Congress doesn’t act. The pensions of 1.3 million workers in certain multiemployer pension plans and the federal government’s Pension Benefit Guaranty Corporation (PBGC) are set to collapse. Only Congress can prevent this from cascading throughout the economy, to taxpayers and into healthy pension plans and their employers. How things spiraled into this crisis is complicated, but important to understand. Some say it’s a multiemployer problem, [...]

24 07, 2019

Senate reintroduces multiemployer pension reform bill
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Senate reintroduces multiemployer pension reform bill

Multiemployer Plans

Senate reintroduces multiemployer pension reform bill

CORPaTH2019-07-24T15:18:09-07:00July 24th, 2019|Categories: Multiemployer Plans|Tags: butch lewis act, us senate|

A multiemployer pension reform package that would create a federal loan program for struggling plans was reintroduced Wednesday in the Senate, as the House prepared to vote on similar legislation. The 27 Senate sponsors include former members of a now-disbanded bipartisan House and Senate Joint Select Committee on multiemployer pensions Sherrod Brown, D-Ohio, Tina Smith, D-Minn., Joe Manchin, D-W. Va., and Senate Minority Leader Charles Schumer, D-N.Y. Approval of similar legislation in the Democratically controlled House, known as the [...]

11 07, 2019

Multiemployer Pension Fix Continues to Work its Way Through the House
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Multiemployer Pension Fix Continues to Work its Way Through the House

Multiemployer Plans

Multiemployer Pension Fix Continues to Work its Way Through the House

CORPaTH2019-07-11T12:17:17-07:00July 11th, 2019|Categories: Multiemployer Plans|Tags: butch lewis act|

The so-called Butch Lewis Act to address funding problems facing multiemployer pension plans continues to work its way through the legislative labyrinth, with a second House committee approving the legislation in recent weeks. In what at times was a hotly debated markup session, on July 10 the House Ways & Means Committee approved by a party-line vote an amended version of the Rehabilitation for Multiemployer Pensions Act of 2019 (H.R. 397). The House Education & Labor Committee approved a [...]

1 07, 2019

3 Hard to Believe — but 100% True — Facts About Social Security
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3 Hard to Believe — but 100% True — Facts About Social Security

Retirement

3 Hard to Believe — but 100% True — Facts About Social Security

CORPaTH2019-07-01T16:21:44-07:00July 1st, 2019|Categories: Retirement|Tags: Social Security|

According to Democratic presidential candidate Bernie Sanders, "Social Security is the most successful government program in our nation's history." No matter your political preference, there's no denying Sanders' statement. Since payouts began in 1940, Social Security has been providing a financial foundation for tens of millions of Americans, many of whom are retired workers. As of today, according to an analysis from the Center on Budget Policy and Priorities, it's a program that singlehandedly keeps more than 22 million [...]

21 06, 2019

BlackRock adopts building trade group’s responsible contractor policy
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BlackRock adopts building trade group’s responsible contractor policy

Corporate Governance

BlackRock adopts building trade group’s responsible contractor policy

CORPaTH2019-06-21T15:40:22-07:00June 21st, 2019|Categories: Corporate Governance|Tags: blackRock, North America's Building Trades Unions|

Efforts to connect building trades pension fund assets and union jobs got a major boost with BlackRock's adoption of the responsible contractor policy promoted by North America's Building Trades Unions. The action announced Thursday is significant not only because of BlackRock's size, with $6.5 trillion in assets under management, but also because it is being applied to all assets and companies managed by the BlackRock Real Assets U.S. platform, with $17 billion managed in U.S. real estate and infrastructure [...]

12 06, 2019

Multiemployer pension reform bill approved by House Education and Labor Committee
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Multiemployer pension reform bill approved by House Education and Labor Committee

Multiemployer Plans

Multiemployer pension reform bill approved by House Education and Labor Committee

CORPaTH2019-06-12T06:00:34-07:00June 12th, 2019|Categories: Multiemployer Plans|Tags: congress, House Education and Labor Committee, Pension Reform|

Bipartisan multiemployer pension reform legislation that would create a federal loan program for struggling plans was approved Tuesday in a 26-18 vote by the House Education and Labor Committee. The bill introduced by House Ways and Means Committee Chairman Richard E. Neal, D-Mass., in January has 168 co-sponsors, including eight Republicans. Mr. Neal said his committee will be voting on the bill soon, with a sense of urgency for an estimated 10% of multiemployer pension plans covering 1.5 million [...]

10 06, 2019

Washington Threatens to Change Retirement Planning Forever
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Washington Threatens to Change Retirement Planning Forever

Retirement

Washington Threatens to Change Retirement Planning Forever

CORPaTH2019-06-10T09:31:52-07:00June 10th, 2019|Categories: Retirement|Tags: congress, secure act|

Lawmakers play a vital role in helping Americans save for retirement. The laws that members of Congress help put in place create incentives for certain behavior while discouraging other actions, and in the retirement context, the trend over the past several decades has moved toward greater personal responsibility. In particular, the shift from employer-provided pensions to workplace 401(k) plans and IRAs has put the responsibility to save enough for retirement in workers' hands. One benefit of the retirement accounts [...]