Via Times Free Press By Dave Flessner A federal appellate court has affirmed the legality of cost-of-living cuts and other changes made in 2009 by the Tennessee Valley Authority and its retirement system board to one of the South’s biggest pension plans. The Sixth Circuit Court of Appeals last week rejected a legal challenge to the pension reductions by beneficiaries of the TVA retirement plan. … Continue reading Court rejects challenge to TVA pension changes
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?
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
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 Third Circuit upholds nearly $16,000 penalty against R.L. Reppert over pension plan documents
The Elder Law of Michigan’s Lansing Office is closed today, Friday, February 9, 2018, due to inclement weather. Continue reading PSA: Inclement Weather-Related Closings
Via PennRecord By Louie Torres PITTSBURGH – A nonprofit, multiemployer benefit pension plan alleges a New York private holding company and its subsidiaries failed to pay withdrawal liability payments. Steelworkers Pension Trust by Daniel A. Bosh filed a complaint on Jan. 31 in the U.S. District Court for the Western District of Pennsylvania against The Renco Group Inc., Ilshar Capital LLC, Blue Turtles Inc., Unarco Material … Continue reading Steelworkers Pension Trust alleges it is owed more than $112 million in withdrawal liability payments
Via Penn Record By Louie Torres PHILADELPHIA – A Pfizer retiree alleges he was not informed before he retired that his pension payments could not be rolled over to another account. Jeffrey A. Robertson filed a complaint on Jan. 19 in the U.S. District Court for the Eastern District of Pennsylvania against Pfizer Retirement Committee and Fidelity Executive Services, doing business as Fidelity Employer Services Co. … Continue reading Retiree alleges Pfizer Retirement Committee failed to disclose information about his pension