Retired union workers facing 'unprecedented' pension cuts

[cbdo2007]

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]

1. Vile idea and a shallow essay.

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]

3. +1 yes -Most of the comments that follow it are worse

[uponit7771]

2. This is the worst of the worst, taking money from the elderly and giving it to the CEO ... none

... of these companies are cutting the pay of their CVD levels by the same percentage they cut the pensions

[Laelth]

4. That's what it looks like to me.

Quite disgusting, actually.

-Laelth