It just became easier for employers to dump retirees' pensions
https://www.cnn.com/2019/03/20/econo...ons-retirement
Quote:
With no fanfare in early March, the Treasury Department issued a notice that allows employers to buy out current retirees from their pensions with a one-time lump sum payment. The decision reverses Obama-era guidance, issued in 2015, that had effectively banned the practice after officials determined that lump-sum payments often shortchanged seniors.
Now, advocates for the elderly worry that millions of people receiving monthly pension checks could be at risk.
"Permitting plans — for their own financial benefit — to replace joint and survivor or other annuities with lump-sum payments will reduce the retirement security of both workers and their spouses," AARP Legislative Counsel David Certner said.
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Thanks, Repubes, for yet another handout to big businesses! Retiring in two days. Will be taking the pension as an annuity, thank you very much.