Information About Retirement Benefit Plans
What You Should Know About Your Retirement Plan | U.S. Department of Labor
This link takes you to the Department of Labor’s brochure with important information about workplace retirement plans, such as the differences between defined benefit plans and defined contribution plans. It discusses how employees can earn and receive retirement benefits through their work, explains how retirement plans are operated, and describes employee rights under employer sponsored employee benefit plans.
Types of Retirement Plans | U.S. Department of Labor
This link takes you to the U.S. Department of Labor’s page explaining the differences between defined benefit plans, which typically pay guaranteed retirement benefits for life using factors such as years of work and wages, and defined contribution plans, which pay retirement benefits using the value of individual accounts, which is typically determined by investment performance. The page also describes other types of retirement plans that can be offered in the workplace.
What Is a Pension? Types of Plans and Taxation by Peter Gratton | Investopedia
This Investopedia page has useful information on retirement benefits for employees, including explaining the differences between defined benefit plans, which guarantee specific payouts, and defined contribution plans, where the payout depends on the investment performance of contributions. The page also outlines the advantages and disadvantages of different types of retirement plans, vesting, taxation of retirement benefits, and how workplace retirement benefits enhance retirement security.
Traditional Pension Plans are Pretty Rare. But Here’s Who Still Has Them and How They Work by Jeanne Sahadi | CNN
This article explains the critical role of pensions and retirement savings, highlighting the differences between traditional pensions, known as defined benefit plans, and retirement savings plans, known as defined contribution plans. It discusses how pensions provide guaranteed income, which can alleviate financial stress in retirement. The article also addresses the challenges many workers face in accessing adequate retirement savings, emphasizing the importance of understanding various pension options for financial security.
Union Workers, Don’t Overlook Your 401k by Clifton Linton | 401K Help Center
This 401(k) Help Center article discusses how defined contribution plans, like 401(k) retirement plans, are being offered to union workers, and how they can help employees save for retirement through tax-deferred employee and employer contributions.
Union Workers More Likely than Nonunion Workers to have Retirement Benefits in 2019 | The Economics Daily, Bureau of Labor Statistics.
This link takes you to a statistical analysis showing that, in 2019 union workers were significantly more likely than nonunion workers to have access to retirement benefits through their employers. This disparity illustrates the role of unions in securing retirement options for their members, reflecting broader trends in workplace benefits and compensation.
Multiemployer Pension Plans by Harriet Weinstein and William J. Wiatrowski | Bureau of Labor Statistics.
This link takes you to a 1999 article describing how collectively bargained multiemployer pension plans work to provide retirement benefits to union workers, especially for workers in industries like construction and hospitality. The article discusses the collaborative nature of these plans, where multiple employers contribute to a single pension fund, ensuring that workers have access to retirement benefits even when changing jobs, and where employer and employee representatives work together to manage pension benefit programs. The article also addresses challenges that multiemployer pension plans may face, such as funding and regulatory issues.
Resources for Securing Retirement Benefits | Pension Rights Center
This link takes you to the Pension Rights Center’s Information Center, which offers resources for securing retirement benefits, including guidance on handling lost pensions, claiming survivor benefits, and understanding your rights under various types of retirement plans. It also highlights legislative efforts impacting retirement security, such as Social Security reform and pension protections. The Center aims to help individuals understand recent legal changes and access the support they need to protect their retirement income.
The PBGC provides certain guarantees for benefits due under defined benefit pension plans. This link takes you to the PBGC’s page describing union negotiated multiemployer pension plans, explaining how they provide retirement benefits, and outlining the role of the PBGC in protecting participants’ benefits in case of plan insolvency. The page also highlights the challenges multiemployer plans face, including funding issues and regulatory changes.
