than half (51.3%) of retirees rank the security of their pensions and
retirement savings as the most important issue they face, according to results
of an online survey conducted by ProtectSeniors.Org, in conjunction with former
Chairman of the Richmond Federal Reserve Bank and former White House Employee
Retirement Income Security Act (ERISA) adviser Dr. Thomas J. Mackell Jr. Another
9.9% are concerned about the adequacy of their pension or retirement savings to
meet their future needs.
one-third (30%) of retirees polled say they are concerned their defined pension
benefits could be transferred to an insurance annuity, resulting in loss of
ERISA and Pension Benefit Guaranty Corporation (PBGC) protections. Nearly
four in 10 (37.9%) say their pensions have already been transferred to an
insurance company and converted to an annuity.
almost unanimous (98.1%) in their support of legislation that would protect
retirees whose defined benefit (DB) pensions have or could be sold off by their
former employers in a transaction referred to as pension de-risking, resulting
in the loss of ERISA protections.