PRC In the News
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 […]
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 […]
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.
