Over 130,000 Verizon, AT&T Retirees Laud Federal Pension Asset Protection Legislation
Seeks to
In 2021 alone, in excess of
For pensioners, de-risking presents many risks and no upside, as group insurance annuities are far less regulated and less secure for pensioners.
For these reasons, Verizon and
The PRT Accountability Act would direct the
The non-profit
In 2012, 41,000 Verizon retirees had their pensions transferred to a group annuity. Such insurance annuities afford fewer protections than traditional pensions. The wave of de-risking transfers has only grown since then, concerning retirees about the transparency and stability of the entities overseeing their pension payments.
Given that so many insurance companies, and their assets, are being taken over by private equity and hedge fund investors--some of whom utilize offshore affiliate holding companies--the PRT Accountability Act is poised to provide much-needed guidance to companies looking to select the safest available annuity provider.
BellTel Chairman
Among recent 2021 transactions,
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