From the Pension Rights Center:
May is Older Americans Month, a time to celebrate the contributions older Americans have made to society — and to focus attention on the many services available to older Americans as part of the Older Americans Act.
The services that the Pension Rights Center is most proud of are those provided by the U.S. Administration on Aging's Pension Counseling and Information Program. The agency offers free legal assistance to people who need help in obtaining the retirement benefits they have earned. The Pension Rights Center provides training and technical assistance to the program's regional pension counseling projects. Since it was launched in 1993, the program has helped retirees and their families obtain more than $190 million in retirement benefits.
Throughout the month, the Pension Rights Center will highlight successful cases handled by the counseling projects.
- You will read about Vicki, who was shocked when she was told that she wasn't eligible for the pension her husband had told her would be there for her after his death.
- You'll also read about Bill, who was told that his 15 years of work had earned him only a one-time $500 lump sum, despite the fact that he knew he was entitled to a pension.
- You'll also read stories about many others who will now receive their pensions as a result of the work of the counseling projects.
- Finally, you can watch a video about the pension counseling projects that feature just a few of the real people whose lives were forever changed by the Pension Counseling and Information Program.
The Pension Counseling and Information Program provides free legal assistance to individuals in 30 states. To find out if you can be helped by a counseling project, visit http://www.pensionrights.org/find-help.
Photo provided courtesy of Drexel University's Earle Mack School of Law
From the Pension Rights Center:
The Employee Retirement Income Security Act ("ERISA"), the law governing private retirement plans, has changed quite a bit since it was signed into law in 1974. There have been numerous amendments, court cases, regulatory actions and other developments. ERISA has had such an impact on Americans' everyday lives that it has become a field of law unto itself.
ERISA buffs frequently come together to explore the law as it is now and to discuss how it impacts current and future retirees. But an in-depth exploration of ERISA's past is a much rarer occurrence. On October 25, 2013, lawyers, actuaries, and other professionals from all corners of the pension world gathered in Philadelphia for a unique, day-long discussion of the history behind the law. The topic? ERISA at 40 - What Were They Thinking? An Oral History of the Employee Retirement Income Security Act.*
The symposium, hosted by Drexel University's Earle Mack School of Law and co-sponsored by the Pension Rights Center and the American College of Employee Benefits Counsel, was organized by Norman Stein and James Wooten. Norman Stein is a Drexel University law professor and PRC Senior Policy Advisor and James Wooten is a professor at SUNY Buffalo Law School and author of The Employee Retirement Security Act of 1974: A Political History. Participants in the symposium represented a Who's Who of ERISA, including Assistant Secretary of Labor of the Employee Benefits Security Administration, Phyllis Borzi, and J. Mark Iwry, Deputy Assistant Secretary of Treasury for Retirement and Health Policy. The symposium also featured several individuals with ties to the Pension Rights Center: PRC Board members Dan Halperin, Regina Jefferson, and Ian Lanoff; Fellows Dianne Bennett, Bill Bortz, Frank Cummings, Bob Nagle, and Henry Rose; and PRC's Director, Karen Ferguson.
By Janell Muhammad
Social Media Specialist
As PBGC takes part in National Save for Retirement Week, one employee reflects on the generation gap between Boomers and XYs in the quest for a secure retirement.
Working always has been a privilege and an honor for me. From the moment I was legally able, which in my case was the age of 13, I have held a job. As part of my duties, I have perfected the ice cream cone, salted McDonald's world-famous French fries, and advised young ladies on wardrobe choices at Loft. Whether part-time or full-time, after school or on the weekends, as a teenager, work kept me busy.
Today, I work for an agency focused on retirement. Considering the people we serve at PBGC, I pondered what it meant beyond being a federal employee.
Academy President-Elect Tom Terry, PBGC Director Josh Gotbaum, Academy President Cecil Bykerk
Source: American Academy of Actuaries
PBGC Director Josh Gotbaum addressed the American Academy of Actuaries board last week. He applauded the academy's discussion paper, "Risky Business: Living Longer Without Income for Life," and encouraged the group to continue its lifetime income initiative. Gotbaum also discussed PBGC's efforts promoting sound retirement systems, and provided several ideas for how Congress, the public, and employers could each do their part to make sufficient lifetime income a reality.
In August, an analysis by the academy supported the methods used by PBGC to calculate the agency's financial position. "The Pension Committee of the American Academy of Actuaries believes the methods and assumptions used by the PBGC produce a reasonable representation of the PBGC's current obligation and deficit," the group said.
Editor's note: Portions of this blog post were reprinted from This Week with permission from the American Academy of Actuaries.
While the U.S. faces a retirement crisis, other countries have implemented programs that provide a better level of economic security in retirement. As compared to the U.S., Australia, Canada, and the Netherlands provide higher retirement income for citizens through social security and universal/quasi-universal employer retirement plans.
These findings are in a new research brief, Lessons for Private Sector Retirement Security from Australia, Canada, and the Netherlands authored by John A. Turner, PhD, Pension Policy Center director, and Nari Rhee, PhD, National Institute of Retirement Security manager of research.
"Americans are struggling to save for retirement," says Rhee. "The typical family has only a few thousand dollars saved. Yet, other advanced countries are doing a far better job of enabling older populations to have economic security in retirement. We hope our research provides insight and ideas for U.S. policymakers working to improve Americans' economic insecurity." Download the full research brief.
The National Institute on Retirement Security originated the content of this post.