Tag: Benefit cutback|Congress|Department of Labor|Legislation|Multiemployer plan|PBGC|Pension Rights Center|Red zone/ critical status|Traditional (defined benefit) pensions|Underfunding
New federal law allows pension cuts
More than 100,000 New Yorkers could face cuts in their union pensions in coming years, thanks to a provision that was tucked into Congress’ omnibus spending bill this month to keep the federal government funded for another year. The measure would, under certain conditions, allow cuts to what are known as multi-employer pensions.
