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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsRetired union workers facing 'unprecedented' pension cuts
NEW YORK (CNNMoney)
Hundreds of thousands of retired union workers are facing pension cuts that could slash their monthly payments in half or even more.
The proposed cuts are part of a desperate effort to head off insolvency at multiemployer pension plans, pensions that typically provide benefits for workers at several companies.
It's an unconventional move: Pension law has long maintained that cutting the benefits of those already retired is off-limits. Current law allows troubled multiemployer plans to reduce the benefits that employees earn going forward, cut early retirement and disability benefits and hike employer contributions instead.
But things have gotten so dire that a coalition of employers and labor unions is asking Congress to change the law.
http://money.cnn.com/2013/11/15/retirement/pension-cuts/index.html?hpt=hp_t3
Laelth
(32,017 posts)Last edited Fri Nov 15, 2013, 10:49 PM - Edit history (1)
Most of the comments that follow it are worse.
The essay says legislation is scheduled to be introduced, but it does not say by whom. If Democrats support the proposed change, I will be disappointed.
-Laelth
lunasun
(21,646 posts)uponit7771
(90,301 posts)... of these companies are cutting the pay of their CVD levels by the same percentage they cut the pensions
Laelth
(32,017 posts)Quite disgusting, actually.
-Laelth