Retirement

Despite the economic downturn and a widely held belief that the country is heading into another recession, benefit plan participants are committed to saving money for retirement, according to the Mercer Workplace Survey.

A Pittsburgh company must restore $67,138 in plan assets and interest to its employee retirement plan, according to the U.S. District Court for the Western District of Pennsylvania.

A new study by the MetLife Mature Market Institute revealed that women who take an active role in their retirement planning stand a better chance of securing their finances in retirement than those who avoid the process.

When the Department of Labors Employee Benefits Security Administration re-proposes its fiduciary rules, it must take into account their effect on broker/dealers, plan sponsors, record keepers and plan auditors, says Jeleen Guttenberg, a partner in the law firm Bracewell & Giulianis Employee Benefits, ERISA, and Executive Compensation group.

The $8.3 billion shortfall predicted by the time the fiscal year ends in June includes $5.5 billion in unpaid bills and another $2.8 billion from a payment backlog for Medicaid, employee health insurance bills and business tax refunds, the report said.

Congressional Republicans are demanding that the Obama administration clarify what it is doing about implementation or non-implementation of the Community Living Assistance Services and Supports (CLASS) Act long term care (LTC) insurance program.