(Mid-America Pension Rights Project) Indiana roofers union pension fund applies for MPRA benefit cuts

Via pionline.com By Hazel Bradford “Roofers Local No. 88 Pension Fund, Merrillville, Ind., applied to the Treasury Department to reduce benefits to avoid plan insolvency. Pension fund trustees said in the application that benefit cuts starting in November would help the $25.4 million pension fund remain solvent. The pension fund is 61.4% funded and projected to be insolvent by the 2036 plan year. Trustees said in the … Continue reading (Mid-America Pension Rights Project) Indiana roofers union pension fund applies for MPRA benefit cuts

(Mid-America Pension Rights Project) Ohio Bricklayers local seeks benefits cuts, partition

Via Pionline.com By Hazel Bradford “The Bricklayers and Allied Craftworkers Local 7 Pension Plan in Austintown, Ohio, has submitted its third Treasury Department application to reduce benefits under the Multiemployer Pension Reform Act of 2014, along with a request for a partition from the Pension Benefit Guaranty Corp. The plan is in critical and declining status, with $9.53 million in assets as of April 30, … Continue reading (Mid-America Pension Rights Project) Ohio Bricklayers local seeks benefits cuts, partition

(Mid-America Pension Rights Project): Ms. I

By Sandra Wisnewski, Director of the Mid-America Pension Rights Project at Elder Law of Michigan The Mid-America Pension Rights Project (MAPRP) assists clients with pension and 401(k) issues. There are no age or income restrictions and there is never a charge for the services. The Pension Project works to find answers and solutions to your pension-related problem. Just ask Ms. I. Ms. I was ready to retire and knew … Continue reading (Mid-America Pension Rights Project): Ms. I

Mid-America Pension Rights Project: What is REA and Why is it Important?

By Christine Steinmetz, Pension Attorney at the Mid-America Pension Rights Project at Elder Law of Michigan Am I entitled to my late spouse’s pension? The Mid-America Pension Rights Project is frequently asked this question by clients. As a widow or widower, you MAY be entitled to part of your spouse’s pension. Under Federal Law, known as the Employee Retirement Income Security Act (ERISA), private pension … Continue reading Mid-America Pension Rights Project: What is REA and Why is it Important?

(Mid-America Pension Rights Project): How Does the CARES Act Impact Retirement Planning?

Via ThinkAdvisor By Roger Wohlner One of the most visible provisions of the CARES Act was the suspension of required minimum distributions (RMDs) for 2020. This covers RMDs in connection with IRA accounts, 401(k)s, 403(b)s and other similar retirement plans. This includes those who reached age 70½ during 2019 and were required to take their first RMD by April 1 of this year. It also … Continue reading (Mid-America Pension Rights Project): How Does the CARES Act Impact Retirement Planning?

(Mid-America Pension Rights Project): A Working-Class Program that Works to Solve Your Pension Problems

By Sandra Wisnewski, Director of the Mid-America Pension Rights Project at Elder Law of Michigan The Mid-America Pension Rights Project (MAPRP) assists clients with pension and 401(k) issues. There are no age or income restrictions and there is never a charge for the services. The Pension Project works to find answers and solutions to your pension-related problem. Just ask Mr. J. Mr. J. worked for a company for … Continue reading (Mid-America Pension Rights Project): A Working-Class Program that Works to Solve Your Pension Problems

Mid-America Pension Rights Project: Defined Benefit Pension vs Defined Contribution 401(k): Part 2

By Christine Steinmetz, Pension Attorney at the Mid-America Pension Rights Project at Elder Law of Michigan In my last blog post, I discussed a defined benefit pension where the employer solely contributes to the plan and bears all the risk. In this post, I will discuss the defined contribution plan. A 401(k), also called a defined contribution benefit, is very different from a defined benefit … Continue reading Mid-America Pension Rights Project: Defined Benefit Pension vs Defined Contribution 401(k): Part 2

(Mid-America Pension Rights Project): The Only Insurance Policies You Need After Retirement

Via U.S. News By Maryalene LaPonsie RETIREMENT IS WHEN everything changes. Seniors may end up with new schedules, new hobbies and even new homes. In the midst of all these exciting changes, don’t overlook the mundane: your insurance coverage. With a new season of life at hand, old policies may no longer meet your needs. However, seniors should be cautious about canceling their policies. You need … Continue reading (Mid-America Pension Rights Project): The Only Insurance Policies You Need After Retirement

(Mid-America Pension Rights Project): Social Security and survivor benefits

Via InvestmentNews By Mary Beth Franklin Widows and widowers have more flexibility than other Social Security beneficiaries when it comes to claiming strategies because retirement benefits and survivor benefits represent two different pots of money. A surviving spouse or an eligible surviving divorced spouse can choose one type of benefit first and switch to the other benefit later if it results in a larger monthly … Continue reading (Mid-America Pension Rights Project): Social Security and survivor benefits

(Mid-America Pension Rights Project): Can I Have a 401(k) and an IRA?

Via nerdwallet By Andrea Coombes Short answer: Yes, you can contribute to both a 401(k) and an IRA, but if your income exceeds the IRS limits, you might lose out on one of the tax benefits of the traditional IRA. How it works: One of the benefits of a traditional IRA is that you can get a tax deduction for your contributions each year. If … Continue reading (Mid-America Pension Rights Project): Can I Have a 401(k) and an IRA?