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Benefit cutback

Pension Bill Seen as Model for Further Cuts

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Measure Permits Multiemployer Funds to Reduce Benefits, Which Could Open Door to Moves in Other Troubled Programs

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Your pension could go poof. Do you have a backup plan?

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Two recent news events punctuate why we all should be concerned about our retirement readiness, even people who have been diligent financial stewards.

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House passes multiemployer pension reform

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The House approved late Thursday a package of reforms available to struggling multiemployer pension funds, as part of a congressional spending deal that the Senate must vote on by Saturday.

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House approves bill to allow multiemployer pension plan benefit cuts

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Trustees of financially distressed multiemployer pension plans would be allowed to cut participants' benefits to prevent the plans from becoming insolvent under legislation narrowly approved by the House of Representatives Thursday night.

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Pension Cuts in the 2015 Federal Spending Bill

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Karen Friedman of the Pension Rights Center talked about cuts to government-guaranteed pension plans that would affect benefit recipients. The cuts were outlined in the 2015 federal spending bill.

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House Votes to Allow Pension Plan Trustees to Reduce Retiree Benefits

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Washington – The Pension Rights Center released the following statement from Executive Vice President Karen Friedman, following the passage by the U.S. House of Representatives of an omnibus spending bill that includes measures that allow certain underfunded multiemployer pension plans to cut retirees’ benefits:

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Warren and Pelosi Fight Spending Bill

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The US House of Representatives passed a $1.1 trillion, 1603-page spending bill late last night, 219-209. Senator Elizabeth Warren (D-MA) led the fight against passage, asking if Congress was representing Wall Street or representing the people. She said the bill represented "the worst of government for the rich and the powerful".

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Pension reforms pass House

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The $1.1 trillion government spending bill – which includes an amendment that could lead to cuts in retiree benefits among troubled multiemployer pensions – is now in the hands of the Senate after it was approved Thursday night by the House of Representatives.

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Congress poised to allow cuts to private pension payouts

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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.

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Congress’ No-Bailout Pension Plan Is No Solution for Retirees

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The cuts to promised benefits for current retirees would roll back a landmark law protecting pensions—and opens the door to further cutbacks.

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