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66 Articles and Resources. Go to: [Next 16]
Date Fairness.com Resource Read it at: Feb 10, 2013 Complex Investments Prove Risky as Savers Chase Bigger Payoff
QUOTE: Regulators across the country are confronting a wave of investor fraud that is saddling retirement savers with steep losses on complex products that until a few years ago were pitched only to the most sophisticated investors. The victims are among the millions of Americans whose mutual funds and stock portfolios plummeted in the wake of the financial crisis, and who started searching for ways to make better returns than those being offered by bank deposits and government bonds with minuscule interest rates.
New York Times Jun 30, 2011 Two Rulings Find Cuts in Public Pensions Permissible
QUOTE: Judges in Colorado and Minnesota have dismissed court challenges by retired public workers whose pensions had been cut — developments that may embolden other states and cities to use pension reductions as a tool to help balance their budgets.
New York Times Jun 10, 2011 Revealing Hidden Costs of Your 401(k) (Your Money)
QUOTE: the costs are embedded in the expenses of many of the mutual funds you pick. In a practice known as revenue sharing, fund companies refund some of the expenses to the service provider running your plan to pay for its administrative costs....people with higher balances and higher expense ratios on their investments end up subsidizing their fellow workers.
New York Times May 13, 2011 Why 401(k)’s Should Offer Index Funds (Your Money)
QUOTE: These 401(k) plans lack index funds even though their low expenses and breadth make them the very definition of cheap and risk-conscious. Instead, too many employees must choose among actively managed funds. Those investments tend to have higher costs, which eat away at returns.
New York Times Apr 25, 2011 Public Pensions, Once Off Limits, Face Budget Cuts
QUOTE: Some private sector workers… resent that the pensions of public workers enjoy stronger legal protections. But government workers... say that it would be unfair — and in many cases, very likely illegal — to change the rules in the middle of the game.
New York Times Apr 20, 2011 Retired bus drivers lose everything in Ponzi scheme
QUOTE: Unlike Bernie Madoff's multi billion dollar scam -- which targeted many wealthy investors -- this smaller-scale fraud has stolen lifelines from retirees of modest means… "People losing their retirement money puts them in a much more serious position, with some of the victims in this case actually having to go back to work -- in addition to losing their homes and money."
CNN (Cable News Network) Dec 22, 2010 Alabama Town’s Failed Pension Is a Warning
QUOTE: the declining, little-known city of Prichard is now attracting the attention of bankruptcy lawyers, labor leaders, municipal credit analysts and local officials from across the country. They want to see if the situation in Prichard, like the continuing bankruptcy of Vallejo, Calif., ultimately creates a legal precedent on whether distressed cities can legally cut or reduce their pensions, and if so, how.
New York Times Jul 02, 2010 Illinois Stops Paying Its Bills, but Can’t Stop Digging Hole (Payback Time)
ABSTRACT: For the last few years, California stood more or less unchallenged as a symbol of the fiscal collapse of states during the recession. Now Illinois has shouldered to the fore, as its dysfunctional political class refuses to pay the state’s bills and refuses to take the painful steps — cuts and tax increases — to close a deficit of at least $12 billion, equal to nearly half the state’s budget.
New York Times Jul 11, 2009 Collect Now, or Later? Timing Your Social Security Benefits
QUOTE: Collecting Social Security as soon as you are eligible is a tempting proposition — but experts agree you should try to resist if you can.
New York Times Jun 01, 2009 Judge Clears Way for Sale of Chrysler to Fiat
QUOTE: A federal judge on Sunday night cleared a path for Chrysler to exit bankruptcy by approving a sale of most of the carmaker’s assets to a new entity to be run by Fiat of Italy....three [Indiana pension funds] have objected to the sale, arguing that they deserve more than the 29 cents on the dollar that they and other secured lenders will receive as repayment.
New York Times Jan 06, 2009 The Law: Changes in Retirement Plans. The issue: Is an employer liable if employees don’t understand changes in retirement plans?
QUOTE: older workers like Broderick who are switched from a defined benefit plan to a cash-balance plan generally face a significant decrease in benefits as a result....Employers must clearly communicate changes in employee retirement plans. If you’re confused, take the initiative and contact your company’s human resources officer.
AARP Dec 09, 2008 Workers Pay for Debacle at Tribune
QUOTE: Mr. Zell financed much of his [Tribune Company-Ed.] deal’s $13 billion of debt by borrowing against part of the future of his employees’ pension plan and taking a huge tax advantage. Tribune employees ended up with equity, and now they will probably be left with very little.
New York Times Jul 30, 2008 Why retirement is different for women
QUOTE: Women make less money than men...Whether women are paid less than men due to poor salary negotiating, career choices or institutional biases, the end result is that they not only have less to save but their Social Security payout is less. They put in fewer years at work and lose out on years of paying into a pension or defined contribution plan.
Bankrate.com Jun 30, 2008 Is retiring early unpatriotic?
QUOTE: "This is an intergenerational issue," says the author of "Forgive Us Our Debts: The Intergenerational Dangers of Fiscal Irresponsibility." "This idea of 'getting what's mine as soon as possible' really doesn't think about future generations." Yarrow notes that when people work longer, they not only continue to pay taxes and produce additional goods and services to spur the economy, but also slow the growth of the national debt.
Bankrate.com May 11, 2008 Growing Deficits Threaten Pensions: Accounting Tactics Conceal a Crisis For Public Workers
QUOTE: The funds that pay pension and health benefits to police officers, teachers and millions of other public employees across the country are facing a shortfall that could soon run into trillions of dollars. But the accounting techniques used by state and local governments to balance their pension books disguise the extent of the crisis facing these retirees and the taxpayers who may ultimately be called on to pay the freight...
Washington Post Jan 23, 2008 Too good to be true: Get rich quick or lost money quick?
QUOTE: The prospect of getting rich quick has great allure, but the hucksters making the promises are making the easy money.
Bankrate.com Dec 19, 2007 Pension Fund Shortages Create Hard Choices
QUOTE: Almost half of the states have been underfunding their retirement plans for public workers and may have to choose in the years ahead between their pension obligations and other public programs, according to a comprehensive study to be released to the public on Wednesday.
New York Times Sep 27, 2007 GM, Union Agree on Contract to End Strike: Deal Seen as Model Across Industries
QUOTE: The 1950 deal set relations between the UAW and Detroit's Big Three for the second half of the 20th century. It established a blue-collar middle class but became increasingly oppressive to automakers faced with floods of cheaper, popular imports. At the core of the new deal is the transfer of retiree health-care payments from GM to the UAW. GM will pay an estimated $35 billion into a trust designed to appreciate in value and pay health-care benefits for retired workers for at least the next 80 years, the union estimated. In return, GM is able to unload a $51 billion burden in retiree health-care obligations from its books...
Washington Post Jul 23, 2007 Hard bargaining ahead in Detroit: As talks begin over autoworkers' contracts, the industry's generous benefits are under scrutiny.
QUOTE: In this summer's negotiations, the companies and the union are considering a way to lessen this load without abandoning legions of retirees.
Christian Science Monitor Jul 17, 2007 Lawsuit Says Teachers Are Overcharged on Annuities
QUOTE: A lawsuit filed last week in federal court in Washington State contends that the National Education Association breached its duty to members by accepting millions of dollars in payments from two financial firms whose high-cost investments it recommended to members in an association-sponsored retirement plan.
New York Times Jul 07, 2007 Whistle-Blower's Fight For Pension Drags On: Former Defense Official Seeks Private Relief Bill
QUOTE: Federal investigations found Barlow was unfairly fired, winning him sympathy from dozens of Democratic and Republican lawmakers and public interest groups. But for 17 years, he has fought without success to gain a federal pension, blocked at every turn by legal and political obstacles also faced by other federal intelligence whistle-blowers.
Washington Post May 31, 2007 401(k) Fee Suits Over High Cost to Employees on the Rise
QUOTE: Litigation concerning excessive administrative fees charged to employees by their 401(k) plans is heating up and adding a new twist...more recent suits focus on those [fees--Ed.] charged for annuities.
National Law Journal, The (NLJ) May 21, 2007 A Costly Glitch For 401(k) Heirs: A law giving nonspouses a tax break doesn't always apply. How to protect your kids
QUOTE: Children, siblings, unmarried partners, and other "nonspouse" beneficiaries have long been subject to onerous rules requiring them to cash out 401(k) inheritances within one to five years of the account owner's death. At that point, the heir would owe income tax on the entire account, since taxes had been deferred. The new law was supposed to change that by putting all beneficiaries on an equal footing with spouses, who have always been free to transfer inherited 401(k)s to an individual retirement account and stretch the withdrawals—and tax bills—over their own life expectancies. But a recent Internal Revenue Service ruling has advisers warning that the new law doesn't offer the protection they hoped it would.
BusinessWeek Mar 07, 2007 Lawmakers Scrutinize Fees for 401(k) Plans
QUOTE: Workers are being overcharged tens of billions of dollars a year in unnecessary and often hidden fees imposed on popular, company-sponsored retirement savings plans known as 401(k)s, financial experts told a congressional committee yesterday.
Washington Post Jan 24, 2007 Hill Pensions for the Convicted May End: House Passes Bill to Deny Payments in Future Cases
QUOTE: the House voted unanimously yesterday to deny federal pensions to lawmakers convicted of bribery, perjury and other related felonies. "Corrupt politicians deserve prison sentences, not taxpayer-funded pensions," said freshman Rep. Nancy Boyda (D-Kan.), chief sponsor of the bill. But the punishment of those who betray the public trust will not be far-reaching.
Washington Post Dec 11, 2006 Checking Social Security now benefits you later
QUOTE: Every year after the age of 40 you receive your Social Security benefit statement about two months before your birthday. You probably add it to the "to do" pile in your home office. But maybe you should spend a little time reading it to make sure Uncle Sam has his facts straight.
Bankrate.com Nov 14, 2006 10 Things Your 401(k) Provider Won't Tell You
QUOTE: ...torrid growth has created impressive efficiencies for the folks who run your plan. But it doesn't mean those savings show up in your account; in fact, they could be coming straight out of it.
Smart Money Aug 09, 2006 Pension reform aims to boost savings: President Bush is expected to sign a law that promotes fully funded pensions and automatic 401(k)s.
QUOTE: retirement experts express concern that the Pension Protection Act of 2006 could accelerate the trend of companies freezing or abandoning traditional pensions that have helped provide a secure retirement for millions of workers at large corporations.
Christian Science Monitor Aug 08, 2006 Public Pension Plans Face Billions in Shortages
QUOTE: state and local governments owe their current and future retirees roughly $375 billion more than they have committed to their pension funds...“the people they are hurting are the taxpayers, who, whether they realize it or not, are going into a form of debt."
New York Times Aug 08, 2006 Court Rules for I.B.M. on Pension
QUOTE: A three-judge appellate panel ruled yesterday that I.B.M. did not discriminate against its older workers when it switched retirement plans in 1999, a long-awaited decision that could help shelter hundreds of companies from possible age discrimination suits.
New York Times May 24, 2006 Retirement plan distribution land mines
QUOTE: The rules for retirement-plan distributions are so complex that even full-time financial professionals often botch things up for their clients...Sometimes the botch occurs during the rollover process...
Bankrate.com Mar 12, 2006 Do the Math For Lost Pensions
QUOTE: As company after company across the country freezes or terminates traditional pensions, typically at the same time shifting to new or sweetened 401(k) plans, workers face a new and very important question: How much do I need to save to make up for pension benefits I was expecting and now won't get?
Washington Post Mar 01, 2006 The Big Freeze: As companies end their traditional pensions, workers are left out in the cold.
QUOTE: ...Verizon announced it was freezing its pension plan. As part of a move expected to save the company $3 billion over 10 years, the telecommunications giant announced that managerial workers would no longer earn pension benefits after June 30 this year. Because of the way such traditional defined benefit pensions are calculated—generally as a percentage of the salary earned during the last several years of service—the freeze will take a big bite out of Bryerton's anticipated pension.
AARP Bulletin Jan 06, 2006 IBM Adds Its Name to List Of Firms Freezing Pensions
QUOTE: IBM's action adds the company to a growing list of U.S. employers that have frozen or terminated pension plans to cut costs or, in some cases, to emerge from bankruptcy.
Washington Post Dec 16, 2005 House Passes Bill To Shore Up Pensions: Differences Remain With Senate Version
QUOTE: The House yesterday approved a bill to strengthen the nation's private pension system, toughening funding requirements on employers who operate the plans and boosting payments that companies must make to the government's pension insurance agency.
Washington Post Oct 30, 2005 The End of Pensions
QUOTE: For the U.A.W., Miller noted forlornly, "30 and Out" - 30 years to retirement - became a rallying cry. Eventually, the union got what it wanted, and workers who started on the assembly line after high school found they could retire by their early 50's. "These pensions were created when we all used to work until age 70 and then poop out at 72," Miller told me. "Now if you live past 80, a not-uncommon demographic, you're going to be taking benefits for longer than you are working. That social contract is under severe pressure."
New York Times Oct 20, 2005 White-Collar Retirees See Need to Organize
QUOTE: GM made a deal with the United Auto Workers union for cuts in health benefits for unionized retirees. The bankruptcy of auto-parts giant Delphi Corp. jeopardizes the pensions and health care benefits of thousands of workers.
Washington Post Sep 29, 2005 What financial records to keep and how long to keep them
QUOTE: ...the following are suggestions about how long you should keep personal finance and investment records on file...If you made a nondeductible contribution to an IRA, keep the records indefinitely to prove that you already paid tax on this money when the time comes to withdraw.
Bankrate.com Jun 09, 2005 Rising benefits burden: GM has announced 25,000 layoffs, but other industries face similar cost burdens
QUOTE: There are corporate commitments to provide a pension - some 44 million Americans get a monthly check - that add up to as much as $124 billion a year. There are also healthcare benefits that many companies have agreed to provide, either voluntarily or by union contract, at a cost of billions more each year. Now, even with the economy far from a recession, the cost of these promises is becoming a drag.
Christian Science Monitor Jun 01, 2005 House Bill Targets Military Benefits: Measure Would Reduce Wait to Get Both Disability, Retirement
QUOTE: Proponents of changing the system argue that disability compensation and retirement pay address two different issues, and that denying veterans the full benefit of both shortchanges their service and sacrifice. Other critics say that some veterans are seeking more than their fair share...
Washington Post May 15, 2005 Who's Preying on Your Grandparents?
QUOTE: Under the guise of estate planning, regulators say, retirees are being pushed into annuities that carry commissions of up to 12 percent and that require their holders to keep them for as long as 15 years, or to pay big penalties.
New York Times May 15, 2005 Retirement's Unraveling Safety Net: Social Security Is Least of Newer Generations' Worries
QUOTE: The triumph is not only his but also the country's -- the fulfillment of a New Deal vision of cradle-to-grave security, underwritten by the federal government and large industrial employers. That vision is being supplanted by one President Bush calls the Ownership Society, in which the burdens of economic security -- and, the president hopes, the rewards -- shift back to individuals. Social Security is only one aspect of the shift. The safety net big companies wove for Paugh's generation -- long-term employment, pension security, retiree health insurance -- has been giving way for so long that its unraveling is mere background accompaniment to Washington's noisy debate over Social Security.
Washington Post May 15, 2005 The Retirement You Weren't Banking On
QUOTE: ...permitting United Airlines to default on its pension plans, which cover more than 130,000 people -- should send shivers up your spine....Many of us, heeding the advice of financial planners, have done some planning for our retirement. But such planning is worthless if a key source of income, such as a pension benefit, cannot be relied upon.
Washington Post May 11, 2005 Tracking the elusive 401(k) plan fees
QUOTE: ...even plan sponsors -- those who are entrusted with the fiduciary responsibility of acting in the best interests of plan participants -- often do not completely understand how much money is changing hands among all of the parties involved in a retirement plan.
Bankrate.com May 11, 2005 United Can End Pensions, Judge Says
QUOTE: A bankruptcy judge last night approved United Airlines' request to terminate its pension plans, clearing the way for the largest corporate pension default in history ...
Washington Post Apr 27, 2005 Proposed rule would let you retire in stages
QUOTE: Current federal rules say workers who are covered by traditional pensions, or defined benefit plans, must retire completely from that company to collect benefits. But that may soon change.
Bankrate.com Mar 27, 2005 Grandma Bought an Annuity. Now What?
QUOTE: Act quickly. Depending on what state you live in, you have a "free-look" period of 10 to 30 days to nullify an annuity contract for any reason and reclaim your entire investment.
Wall Street Journal, The (WSJ) Mar 01, 2005 Second-Class Retirees: AARP goes to court to block policy that would shrink benefits at age 65
QUOTE: Responding to a lawsuit filed by AARP and six retirees, a federal judge in Philadelphia has entered an order that temporarily blocks a Bush administration policy under which millions of older retirees could lose some or all of their employer-sponsored health benefits.
AARP Bulletin Feb 03, 2005 Whopper: George W. Bush
QUOTE: Bush probably tells himself that he's keeping his promise not to raise payroll taxes because he still refuses to consider increasing the payroll tax rate above its present level of 12.4 percent. But the Bush White House is clearly sending out signals that it is willing to expand the pool of payroll-taxable income by raising the current cap...
Slate Nov 04, 2004 Citigroup Liable In WorldCom Worker's Loss: Company Granted Favors to CEO While Overseeing Employee Stock Plan
QUOTE: Arbitrators have awarded $75,000 to a longtime WorldCom Inc. employee who argued that bankers contributed to her financial losses by profiting from their relationship with the struggling company and its chief executive...
66 Articles and Resources. Go to: [Next 16]
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