Month: December 2014
Congress to vote on pension cut proposal
Around 1.5 million pensioners could lose benefits, and the law would reverse a 1974 law that protects earned pensions
Pensions of retirees, widows face cuts in action by House of Representatives
While most seniors were focused on Thanksgiving with their families and then getting ready for Christmas, some members of the U.S. House of Representative have hit them with a nightmare…a reduction in pension benefits for those already retired or their widows. This amendment is rapidly moving forward but senior advocates are swinging into action to […]
Congress’ Holiday Present to Retirees: Slashing Their Pensions
Policymakers say “Ho, Ho, Ho”…Retirees say, “NO, NO, NO” Washington – Today, the Pension Rights Center released the following statement from Executive Vice President Karen Friedman, urging the House Rules Committee not to include legislation cutting retiree pensions in the omnibus spending bill. “The Pension Rights Center and retirees across this country are outraged that […]
Multiemployer pension proposal riles Teamsters, retiree advocates
The “cromnibus” spending bill has produced something for practically everyone to hate, and at the top of the list for organized labor is a proposed amendment that could cut benefits for elderly retirees who draw their income from troubled multiemployer pension plans.
Proposed Congress spending bill allows some multiemployer plans to cut retiree benefits
Controversial reforms for multiemployer pension funds will be part of a congressional spending deal set for a final vote Thursday.
Retiree benefits could be cut under congressional plan
Congress will vote Thursday on a $1.1 trillion spending plan that includes a provision to help out the Pension Benefit Guaranty Corp. by letting financially ailing multiemployer pension plans cut retiree benefits for the first time in 40 years.
House delay leaves pension reform in question
An amendment to let troubled multiemployer pension plans cut retiree benefits initially moved forward in Congress on Thursday but faced an uncertain future after the House recessed mid-afternoon without taking a vote on a massive spending plan.
That awful congressional plan to allow pension cuts heads for enactment
The congressional proposal to deal with a supposed crisis in worker pensions by allowing trustees to slash the benefits of already retired workers to shreds is heading toward enactment.
Labor Unions Accuse Congress of Sneak Attack on Pensions in Lame Duck
As lawmakers pressed Monday to finalize the legislative language of a must-pass omnibus spending bill, labor unions and retiree groups were mobilizing to defeat what they are characterizing as a lame-duck sneak attack on the pensions of some already-retired workers.
Financial planning issues wrapped into government spending bill?
Members of Congress are considering adding provisions to the government spending bill that would impact at least two crucial issues for financial advisers: the DOL’s action on fiduciary duty and the right of pensions to cut benefits.
Bill could slash pensions across America
A new bill that could be passed before Congress leaves for winter break has a lot of retirees upset. Donna and Daniel McAuliffe are heading into a nightmare next week, as Congress could pass a bill that opponents say will slash some retiree’s pensions by 65 percent. This scares the Brunswick couple.
The lame-duck Congress plots to undermine retiree pensions
Passing legislation on a tight deadline–especially a bogus deadline–is invariably a formula for serious mischief. That’s what’s happening with a proposal to deal with a supposed crisis in worker pensions by allowing trustees to slash the pensions of already-retired workers to shreds.
