Defined Benefits

There’s a push by Congress to pass a bill to allow CITs – tax-exempt, pooled investment vehicles similar to mutual funds – in 403(b) plans, but investor advocacy groups oppose the bill. But now, the American Retirement Association is strongly advocating for its passage.

Six investor advocacy groups are opposing CITs in 403(b)s because some plans are not governed by ERISA, so eliminating SEC’s regulatory oversight is detrimental, in a letter to the Senate committee.

Retirement plans were a hot button issue for union workers, who wanted Boeing to bring back their lost pension plans, however, Boeing said they were "prohibitively expensive."

While companies like Boeing and 3M are phasing out their pension plans, more and more employees see the pension as a way to restore the American Dream of retirement, according to the National Institute on Retirement Security.

For 13 years, she has been attempting to claim her husband's $53,000 pension plan, which he amassed from working 10 years for the investment firm.

The study found that only 11% of Gen X and 31% of boomers say they have saved the often recommended, 10 times or more of their current annual salary for retirement.

Boeing union workers, in their seventh week of a strike, are seeking higher wages along with the restoration of the company's pension plan, which has been frozen since 2014.

Plaintiffs alleged that Cornell failed to adequately monitor the fees and investments of its retirement plan, according to Jerome Schlichter, a lawyer for the plaintiffs.