De-Risking is Risky for Millions of American Retirees

Many major corporations have begun to pursue “de-risking” strategies and retirees are the victims, losing pension benfits and ERISA protections without their consent.  In this video featuring Edward Stone and Jack Cohen, a leading retiree advocate from ProtectSeniors.org, Stone and Cohen explain the dangerous impact of these “de-risking” transactions.

Class Action Suit in pension de-risking transfer

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A federal court in Dallas, Texas has certified a class action on behalf of Verizon pension beneficiaries, permitting 41,000 retirees to sue as a group over the transfer of their pension benefits to Prudential Insurance Company of America.

Stone Testifies at Hearing on Pension De-risking

Edward Stone testified at a public hearing in support of HB 6148 before the Connecticut Labor and Public Employees Committee .  The proposed legislation seeks protections for retirees in pension de-risking transactions.

Pension De-Risking

Verizon Retirees Sue to Block Pension-Risk Transfer – Verizon’s transfer of its pension obligations to 41,000 retirees to Prudential stripped the retirees of the protections afforded them under ERISA and the Pension Benefit Guaranty Corporation (PBGC).