Exterior view of the Michigan Capitol Building illuminated at night.

401(k) plans never meant to be a complete retirement plan. Where does that leave future retirees?

Via Michigan Radio By Stateside Staff Retirement accounts, specifically 401(k) plans, were never intended to be a substitute for a pension. But, the reality is, most people, if they have a retirement account at all, it’s a 401(k). Last year, the Wall Street Journal ran a piece in which the creators of the 401(k) worry about what they started. The 401(k) was designed to supplement income from Social Security and a pension. Frank Stafford, a professor … Continue reading 401(k) plans never meant to be a complete retirement plan. Where does that leave future retirees?

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What day of the month do I get my Social Security payment?

By Vonda Vantil, Social Security Public Affairs Specialist Timing is everything, and the arrival time of your monthly payment from Social Security can be key to keeping your financial house in order. As you budget to pay your bills and save for future needs, keep in mind that your monthly Social Security benefit will be paid at the same time each month. To see your … Continue reading What day of the month do I get my Social Security payment?

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Social Security Q&A Part 6

By Vonda Vantil, Social Security Public Affairs Specialist Question: My grandmother receives Supplemental Security Income (SSI) benefits. She may have to enter a nursing home to get the long-term care she needs. How does this affect her SSI benefits? Answer: Moving to a nursing home could affect your grandmother’s SSI benefits, depending on the type of facility. In many cases, we have to reduce or stop … Continue reading Social Security Q&A Part 6

Wide shot of the front of a brick residential facility.

Part 2 of 2: PLACEMENT AND CONTINUED CARE FOR SENIOR RESIDENTS IN LICENSED RESIDENTIAL CARE FACILITIES (Other than Nursing Homes)

By David Jones, Volunteer Hotline Attorney F. Search for a Facility 1. Introduction In this article, I discuss a search by a person other than a prospective resident. The person is generally called a “designated representative” (DR). This is a person who is a legal guardian or has been granted the authority by the prospective resident. That person is generally a relative, but it can be any … Continue reading Part 2 of 2: PLACEMENT AND CONTINUED CARE FOR SENIOR RESIDENTS IN LICENSED RESIDENTIAL CARE FACILITIES (Other than Nursing Homes)

GE’s pension problem could make breakup difficult

Via Timesunion By Larry Rulison SCHENECTADY – General Electric Co.’s $31 billion pension problem could make its breakup harder than expected. Bloomberg and other news outlets have been reporting that GE has a $31 billion pension shortfall that is becoming a concern for new CEO John Flannery as he decides how to maximize GE for shareholders, which could lead to the spin-off of some units … Continue reading GE’s pension problem could make breakup difficult

(Mid-America Pension Rights Project): Third Circuit upholds nearly $16,000 penalty against R.L. Reppert over pension plan documents

Via PennRecord By Carrie Salls PHILADELPHIA – In December, the U.S. Court of Appeals for the Third Circuit affirmed rulings in a Pennsylvania lawsuit that alleges a Lehigh County company did not meet its pension requirements. Former employee Derrick Askew sued R.L. Reppert Inc. over its alleged failure “to properly contribute to its employees’ pension plan and its alleged subsequent failure to produce requested pension … Continue reading (Mid-America Pension Rights Project): Third Circuit upholds nearly $16,000 penalty against R.L. Reppert over pension plan documents