Tag: Benefit cutback|Congress|ERISA|Legislation|Multiemployer plan|PBGC|Pension Rights Center|Traditional (defined benefit) pensions|Underfunding
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 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.
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.
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.
Congress could cut pensions in ailing plans
A proposal in Congress that could lead to cuts in pension benefits for retirees in financially troubled multiemployer plans drew fire Thursday from worker advocates and unions.
