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National Retiree Legislative Network Would OK Proposed Delay in PPA Funding Rules If Accompanied by New Pension Protections

Excerpt: Given the dire financial circumstances our country is experiencing, the NRLN's legislative team has concluded that we could accept a temporary delay in the implementation of pension funding and accounting requirements if Congress will include in any ERISA relief legislation the NRLN's proposals to protect pension assets. The measures we want included are: (1) Protect pension plan assets by preventing companies from using assets for restructuring expenses, such as paying lump-sum severance or layoff payments. (2) Prevent the purchase of pension plans by third parties, such as financial firms. (3) Prevent the use of pension plan assets to enhance deferred compensation of executives.

National Retiree Legislative Network Asks for Relief on Minimum Distribution Rules (PDF)

1 pages letter to Henry Paulson. Excerpt: Given the fact that value of such accounts have fallen dramatically with stocks down more than a third this year, millions of Americans age 70? and older will suffer a financial catastrophe if they are forced to make withdrawals by December 31st.

Concerns That Seven Provisions of ACA Will Not Apply to Company-Sponsored Retiree-Only Health Plans (PDF)

"[The provisions] will not apply to company-sponsored retiree-only health care plans unless the company voluntarily elects to provide the excluded benefits."

Senate Finance Committee Considering Legislation Harmful to Pension Security (PDF)

5 pages. Excerpt: I am writing [to express] grave concerns over the consideration that the Senate Finance Committee is giving to modifying Section 420 of the IRS Code to allow the transfer of defined benefit pension plan funds to 401(h) healthcare accounts to pay for the healthcare benefits for active employees. This action under consideration would have devastating consequences to the future pension security of 44 million active and retired workers who have earned a defined benefit pension.

Joint Statement of Unions and Other Organizations Opposing Consideration of 'Composite' Pension Legislation

"The composite legislation does not go nearly far enough to ensure the retirement security of our members and other participants in multiemployer pension plans. The draft provides inadequate funding for composite plans and weakens the funding base for existing (legacy) plans ... Protecting the benefits of workers in legacy plans would require deep cuts to active workers in composite plans in times of market instability.... [C]omposite plans are exempt from paying PBGC premiums ... When combined with plan failures, the PBGC will be saddled with significant new liabilities at the same time an already underfunded multiemployer insurance program is depleted of funds."

Letter to Senate Finance Committee on Companies' Lobbying for Pension Funding Relief (PDF)

"Congress should require the PBGC to use the same ... assumptions as plan sponsors for the purpose of allocating plan assets to pay non-guaranteed benefits.... [T]he PBGC's artificially low discount rate causes tens of thousands of retirees to permanently lose earned and vested benefits that would be paid at least in part if the PBGC used the ERISA discount rate for the purpose of allocating plan assets for benefit payments."

Factors to Use When Considering a Defined Pension Benefit Buyout Offer from Your Employer (PDF)

The information sheet provides a basic understanding of a buyout offer and the things that an individual needs to consider when making the decision on whether or not to accept the lump sum buyout. It is not exhaustive but provides important considerations to think about before accepting a lump sum offer.