The airline and parent company AMR said they never promised to provide benefits for life and reserved their rights to modify the plans.
The Ford Actions Impacting Retirees Alliance hired a team of lawyers, consultants and accountants to review the proposal Ford made this month, and in a letter to its members, advised against accepting the buyout, the Detroit News reported.
Although the plan is a separate program from company retirement plans, sponsors often aren't telling their workers about it as a way to improve their benefits.
The U.S. Labor Department first proposed an enhanced fiduciary-duty rule in October 2010, citing the need to update federal retirement law to improve the protection of millions of 401(k) and individual retirement account investors from tainted advice. Read More
Of 550 employers surveyed in SHRM's study of employee benefits programs, slightly more than two-thirds indicated that they currently match their employees’ contributions, down from 75 percent five years ago.Read More
Financial advisers worry that families don't realize how much they're spending on their grown children.
BayCare Health System of Florida has geared a new retirement savings push toward women after realizing that more than three-quarters of its workforce were female, generic savings seminars were not well attended, and women historically haven't been good savers.
The General Motors Retirees Association, in a June 13 letter addressed to GM CEO Dan Akerson and posted on the organization’s website, says it’s concerned that GM’s plan to shift the pension plan for white-collar retirees to Prudential Insurance Co. of America will eliminate federal insurance of their pension income.Read More
General Motors Corp. CEO Dan Akerson also said he would consider offering a pension buyout to GM's more than 400,000 hourly retirees and dependents as a way to reduce the $134 billion pension obligation on its books, which Akerson said is the largest of any U.S. company. This month, GM said it will offer a buyout to some of its salaried retirees.Read More
More than half of Transamerica Retirement Survey respondents say they don't think they are building a sufficient nest egg—a percentage consistent for all ages of workers.Read More