Companies That Have Changed Their Defined Benefit Pension Plans

Below is a list of employers that have announced significant changes to their defined benefit pension plans this year according to Pension Rights Center. Changes include plan terminations, plan freezes for new and/or current employees, and changes to the formula by which pension benefits are calculated.

401(k) Fair Disclosure for Retirement Security Act of 2009

The Health, Employment, Labor, and Pensions Subcommittee of the House Education and Labor Committee held a hearing on Wednesday, April 22 on legislation that will provide American workers with clear and complete information about Wall Street fees taken from their 401(k)-style accounts.

Ready for Social Security Benefits? Here’s What You Need to Do

Here are some key points to know when you are eligible for social security benefits as outlined by the U.S. Social Security Administration.

You can apply for retirement benefits online at http://www.socialsecurity.gov or you can call the toll-free number, 1-800-772-1213. Or you can make an appointment to visit any Social Security office to apply in person.

Depending on your circumstances, you will need some or all of the documents listed below. But do not delay applying for benefits because you do not have all the information.

Q. What Will 10,000 New People a Day/Every Day for the Next 20 Years Have in Common?

A. The Baby Boomers start to become eligible for social security benefits. Last year, the oldest of the 79 million baby boomers born from 1946 through 1964 turned 62 and became eligible.

The Social Security Administration is hoping that most of the boomers will apply online, which takes less than 15 minutes. However, we all know that there are millions and millions who won’t or can’t take advantage of that technology. “We just don’t have the infrastructure to handle that workload in the traditional fashion”, said Social Security Commissioner Michael J. Astrue.

150,000 U.S. Postal Employees Given an Early Retirement Opportunity

The Postal Service made this announcement today in response to its budget concerns.

“With no signs of economic recovery in sight, the U.S. Postal Service is taking bold actions in response to its ongoing financial crisis. Today the Postal Service announced it would be closing six of its 80 district offices, eliminating positions across the country and offering another early retirement opportunity. These actions are expected to save the Postal Service more than $100 million annually.

Spouses & Survivors of Federal Employees: Watch Out For This Loophole

The Pension Rights Center sent a letter to Kathie Ann Whipple, Acting Director, U.S. Office of Personnel Management, urging the agency to notify Civil Service Retirement System (CSRS) employees about the “potential loss of pre-retirement survivor annuities should they leave federal employment and die before applying for retirement benefits”.