Month: December 2014
House Votes to Allow Pension Plan Trustees to Reduce Retiree Benefits
Washington – The Pension Rights Center released the following statement from Executive Vice President Karen Friedman, following the passage by the U.S. House of Representatives of an omnibus spending bill that includes measures that allow certain underfunded multiemployer pension plans to cut retirees’ benefits: “It is a travesty that, in the year of the 40th […]
Warren and Pelosi Fight Spending Bill
The US House of Representatives passed a $1.1 trillion, 1603-page spending bill late last night, 219-209. Senator Elizabeth Warren (D-MA) led the fight against passage, asking if Congress was representing Wall Street or representing the people. She said the bill represented “the worst of government for the rich and the powerful”.
Pension reforms pass House
The $1.1 trillion government spending bill – which includes an amendment that could lead to cuts in retiree benefits among troubled multiemployer pensions – is now in the hands of the Senate after it was approved Thursday night by the House of Representatives.
Congress poised to allow cuts to private pension payouts
More than 1 million Americans who were promised secure, predictable retirement income probably will see part of their monthly benefit checks evaporate as Congress moves to stabilize some private pension systems veering toward insolvency.
Congress’ No-Bailout Pension Plan Is No Solution for Retirees
The cuts to promised benefits for current retirees would roll back a landmark law protecting pensions—and opens the door to further cutbacks.
Congress Says It Has to Cut Pensions to Save Them
Joshua Gotbaum doesn’t like telling retirees that their pensions are about to be cut. After all, until August he was the director of the Pension Benefit Guaranty Corporation (PBGC), the federal insurance fund that’s supposed to safeguard pensions. But yesterday Gotbaum interrupted a vacation in Madrid to return my call asking about a bill working […]
Pension Deal In Spending Bill Will Cut Benefits Before Safety Net Fails
The agreement comes as several “multi-employer” pension plans are insolvent. The federal government guarantees those plans’ benefits, but might not be able to handle all of them failing at once.
Rep. Kline’s proposed cuts catch pensioners by surprise
Dave Erickson of Isanti, Minn., believed his pension benefits were guaranteed when he contributed a fixed portion of his pay into the Teamsters Central States Pension Fund. On Wednesday, Erickson learned that those benefits might be cut under a provision that Minnesota Rep. John Kline aims to tack onto the new federal budget bill.
Retirees outraged over provision allowing pension funds to cut benefits
Karen Friedman of the Pension Rights Center says retirees could see almost 60 percent cuts in earned benefits
Congress considering plan to allow pension cuts
More than a million retired and current truck drivers, construction workers and other union workers could see their pension benefits cut if Congress passes a proposal aimed at shoring up some of the nation’s biggest pensions.
Deal to allow multiemployer pension benefits cuts
Retirees covered by financially troubled multiemployer pensions could soon see their benefits cut under a congressional spending deal to keep the government running.
Is Congress About to Cut Your Pension?
Congress is set to vote on a $1.1 trillion spending bill this week, one with a troubling provision for U.S. retirees. If the bill passes, the promised retirement benefits of millions of workers could be slashed. The knee-jerk reaction: Fear that it could set a dangerous precedent and lead to more widespread cuts in retiree […]
