Benefit cutback

American Airlines is heading toward the largest default of a defined-benefit pension plan in U.S. history.

Deteriorating conditions in the pension system are jeopardizing the lump sum payouts workers count on, and pushing some workers to retire ahead of schedule.

In a new book, Retirement Heist, prize-winning journalist Ellen Schultz has provided the ultimate backstage pass to the world of pensions, with plenty of drama and shocking details.

Shutdown benefits are special benefits that some plans provide for workers at a plant or facility that closes. These benefits are especially important to workers who have not yet reached retirement age, but are not in a position to change careers or relocate for work. Shutdown benefits bridge the gap between the time when a plant closes and retirement age.