On June 29, President Obama signed legislation to extend the Health Coverage Tax Credit (HCTC) through Dec. 31, 2019. The law was enacted as part of the Trade Preferences Extension Act of 2015, Pub. L. 114-27. The HCTC previously expired Dec. 31, 2013.
The IRS will manage the program again, and when new guidelines are ready, we'll let PBGC participants know how to apply for the tax credit. You'll find the information here, on Retirement Matters, and on PBGC.gov.
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Today, the Pension Benefit Guaranty Corporation published a request for proposals under a pilot program for smaller asset managers. Proposals are due by Aug. 18, 2015.
The agency will hire up to five managers to invest in a U.S. fixed income portfolio with allocations ranging from $50 million to $250 million.
Here at PBGC, it's our hope that you're using every week to plan for your retirement. But if not, this week, April 13 - 17, is a good time to start. That's because this week is National Retirement Planning Week (NRPW)!
Recognized in April, during financial literacy month, NRPW represents a national effort to help consumers focus on their financial needs during retirement. This effort is led by the National Retirement Planning Coalition - a group of prominent education, consumer advocacy and financial services organizations charged with educating Americans on the importance of retirement planning.
In coming years, more than half of workers and retirees in terminated multiemployer plans will face a reduction in benefits under current PBGC guarantees if their plans run out of money, according to PBGC's Multiemployer Guarantee study (PDF) released earlier today.
This study takes a closer look at how the guarantee limits will impact the pension income of workers and retirees in multiemployer plans that will receive financial assistance from PBGC.
In the past, only about 20 percent of workers and retirees saw a reduction in their benefit - typically that loss represented about 10 percent of their promised benefit. This study finds that these losses are both likely to apply to more people and likely to be larger in percentage terms as more multiemployer plans run out of money and require financial assistance from the agency.
Welcome to America Saves Week (ASW)! This annual savings drive, which began in 2007, promotes good savings behavior and is the perfect opportunity to assess and reevaluate personal savings goals. ASW is coordinated by America Saves and the American Savings Education Council and runs from February 23 - February 28.
This year's theme is "Set a Goal. Make a Plan. Save Automatically." Even if you're already saving, PBGC encourages you to take a look at your overall financial picture and decide whether there's potential to save more or set new savings goals. After all, when you have a vision of your current financial picture, you can be more proactive in setting yourself up for future financial success.
So take the America Saves pledge today, and make a commitment to your financial future. And be sure to follow us on Twitter and like us on Facebook for daily updates during ASW!
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