Tag: Benefit cutback|Congress|ERISA|Legislation|Multiemployer plan|PBGC|PBGC limits/ guarantees|Pension Rights Center|Red zone/ critical status|Traditional (defined benefit) pensions|Underfunding
Congress could soon allow pension plans to cut benefits for current retirees
Congress could soon allow the benefits of current retirees to be cut as part of an agreement to address the fiscal distress confronting some of the nation’s 1,400 multi-employer pension plans. Several unions and pension advocates opposing the move, which would be unprecedented…
Lame-Duck Congress Nears Last-Minute Vote On Sweeping Pension Reform
Congress is nearing a vote on arguably the biggest change to private pension law in decades. The proposed reforms would grant sweeping new authority to the trustees of some “deeply troubled” multi-employer pension plans to slash benefits promised to current retirees—something that’s illegal under existing law.
