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Benefit cutback

Congress could cut pensions in ailing plans

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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.

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Lame-Duck Congress Nears Last-Minute Vote On Sweeping Pension Reform

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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.

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Multiemployer Program Posts Record Deficit, Single-Employer Shortfall Shrinks, PBGC Says

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The deficit of the Pension Benefit Guaranty Corporation’s multiemployer plan program rocketed to an all-time high in fiscal year 2014 of $42.4 billion—more than five times its previous high in 2013— the agency said in its annual report.

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Benefit clawbacks: Only way to avoid a pension cliff?

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The reduction and even suspension of pension benefits isn’t something anyone wants. However, a growing number of financially troubled multiemployer benefit plan managers may find it to be an inescapable eventuality.

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Pension crisis looms

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First we had the fiscal cliff, then the highway cliff. Now get ready for the pension cliff.

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Facts About Multiemployer Pension Plan Funding

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This fact sheet explains funding issues in multiemployer pension plans and links to our on-line calculators, which you can use to gauge the impact that possible benefit cuts or the guarantee limits

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Teamsters rank and file digging in against possible pension benefit cuts

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Teamsters retirees from the trucking industry currently enjoy some of the most generous pensions in America—up to $3,500 a month for 30 years of service from any unionized trucking company that contributed to multiemployer pension plans that once covered the industry like a warm fuzzy financial security blanket.

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Should union pensions be cut?

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Congress is expected soon to consider the recommendations of a coalition of unions, pension administrators and employers supporting tough measures to save its pensions.

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An unusual victory for the Mid-Atlantic Pension Counseling Project

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When Carol Cascio’s husband suddenly died of a heart attack at age 52, her husband's pension plan told her that she would receive a survivor’s benefit in three years, when her husband would have been eligible for early retirement had he lived. The benefit would be based on the pension her husband had earned during his 33 years of work at a local supermarket.

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ERISA Anti-Cutback Rule at Heart of Debate On NCCMP Proposal for Multiemployer Plans

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There is one thing representatives for multiemployer pension plans can agree on: The system needs to be strengthened if it is going to survive.

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