As numbers on Wall Street continue to plunge, many older Americans preparing to retire are forced to choose between decreasing their standard of living or continuing to work. John Challenger, CEO of Chicago-based outplacement firm Challenger, Gray & Christmas, Inc., warns that either option will have serious economical repercussions.
The ERISA Industry Committee has urged both the House and Senate to reject two measures, one affecting benefits paid from cash balance pension plans, the other creating a new Office of Pension Participant Advocacy in the U.S. Department of Labor.
A new study from Congressional Research Service finds that employees who have only 401(k) retirement accounts, without the additional security of traditional pension plans, have a higher concentration of their company's stock than previously assumed.
State and local government employee retirement systems paid $100 billion to 6 million retirees and survivors in fiscal year (FY) 2001, the Commerce Department's Census Bureau reported recently.
Overseers of retirement funds for public employees around the country said Thursday that the accounting scandal at telecom giant WorldCom already has cost them well over $1 billion in lost stock and bond investments.
The ERISA Industry Committee (ERIC) has called for an immediate investigation into apparent leaks to a U.S. congressman of the names of pension plans targeted in a recent report by the Department of Labor's Office of Inspector General.
The Equal Employment Opportunity Commission has concluded that the Allstate Insurance Company illegally discriminated against about 650 life insurance agents even as it negotiated to settle similar charges involving thousands of agents who sell auto and home insurance.
An audit by the U.S. Labor Department reveals that one in five companies with hybrid "cash balance" pension plans is shortchanging workers who move on to other employers, according to the Washington Post.
The pace at which large companies are making the switch to so-called hybrid pension plans appears to have slowed considerably, according to a new analysis by the consulting firm Watson Wyatt Worldwide.
