Via NerdWallet By Andrea Coombes It’d be nice if saving for retirement was all we had to do. Turns out, we also need to decide on the best way to pull out our savings once we retire. Luckily, smart people have come up with a variety of tactics to stretch our savings for the long haul. Read on to review some of the most popular … Continue reading (Mid-America Pension Rights Project): Retirement Withdrawal Strategies: Which Should You Use?
Via ThinkAdvisor By Marlene Satter The IRS has announced in Notice 2018-83 new cost-of-living adjustments that affect dollar limitations for defined contribution plans and other retirement-related items for tax year 2019. Those contributing to 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan will be able to boost their contribution from $18,500 to $19,000. IRA contributions, not raised since 2013, will now be $6,000, … Continue reading (Mid-America Pension Rights Project): IRS Raises 401(k), IRA Contribution Limits for 2019
Via Pensions&Investments By Rob Kozlowski AK Steel Corp., West Chester, Ohio, purchased a group annuity contract from Massachusetts Mutual Life Insurance Co. to transfer about $280 million in pension liabilities, spokeswoman Lisa H. Jester said in an email. The transaction took place this month, according to a 10-Q filing with the SEC on Friday. AK Steel transferred the liabilities of about 5,400 retirees and beneficiaries to the … Continue reading (Mid-America Pension Rights Project): AK Steel transfers $280 million in pension liabilities with group annuity purchase
Via Pensions & Investments By Hazel Bradford Western Pennsylvania Teamsters and Employers Pension Fund, Pittsburgh, applied for permission to reduce benefits to remain solvent, according to the Treasury Department website listing applications under the Kline-Miller Multiemployer Pension Reform Act of 2014. As of Jan. 1, 2017, the pension fund had $718.4 million in assets and $2.2 billion in liabilities, according to its most recent Form 5500; it … Continue reading (Mid-America Pension Rights Project): Western Pennsylvania Teamsters fund seeks benefit reductions
Via Fox17 By Nikki Junewicz It’s a looming crisis set to impact one million American workers, including thousands in middle Tennessee: pension cuts. This weekend local union members came together to talk about what they’re going to do if or when the pension plans they’ve been paying into for decades run out. “I do feel it’s a betrayal, and it strikes me as particularly un-American … Continue reading (Mid-America Pension Rights Project): Pension crisis worries mid-state retirees
Via Pension Rights Center By Emily Gilbert As a result of a misguided law passed in 2014 to ostensibly “save” pension plans, the Treasury Department announced last week that it has provisionally approved an eighth application from a multiemployer pension plan seeking to slash the benefits of vulnerable retirees as a way of balancing its books. The Teamsters Local 805 plan headquartered in New York – … Continue reading (Mid-America Pension Rights Project): Consumer group urges special congressional committee to develop solution to multiemployer pension crisis
Via pueblo.gpo.gov A guide for consumers considering their retirement payout options from a private-sector plan. Your traditional pension plan is designed to provide you with a steady stream of income once you retire. That’s why your pension benefits are normally paid in the form of lifetime monthly payments. Increasingly, employers are making available to their employees a one-time payment for all or a portion of … Continue reading (Mid-America Pension Rights Project): Pension lump-sum payouts and your retirement security