Retirees for Justice, a retiree advocacy group committed to preserving earned benefits for retirees and their families, has joined the call for the DOL to update its guidance for pension plan fiduciaries regarding the selection of an annuity provider when transferring liabilities for benefits.
“Retiree earned benefits are not handouts. Many of today’s retirees worked for decades based upon promises made by their employers about their benefits packages- often trading higher salaries for pensions, life insurance and health care for life. These benefits need to be protected consistent with ERISA’s original protective purpose. With literally hundreds of billions in pension liabilities at stake, retirees and their families who did not choose a pension risk transfer need to know that the chosen insurer was fully and completely vetted by a Defined Benefit Plan Sponsor that is held to ERISA’s highest fiduciary standards.”
To find out more about Retirees for Justice, visit: www.retireesforjustice.org.