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Benefit cutback

IRS releases multiemployer benefit cut voting rules

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Procedures for allowing multiemployer plan participants to vote on benefit reductions in distressed plans were issued by the IRS on Wednesday.

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Plans Applying for Partitions With PBGC Need Flexibility in Final Rules, Groups Say

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Multiemployer plans asking the PBGC to allow them to partition their pension plans need the application process to be flexible, according to comment letters from various groups.

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Can you afford to retire?

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Many Americans are facing the reality that they might not be able to retire in their 60s as planned. In 2014, President Obama and Congress passed the 2015 Omnibus spending bill, which includes provisions that allow trustees of certain multiemployment plans to cut retirees pensions - part of the Multiemployer Pension Reform Act of 2014.

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Multiemployer pension plans projected to be in "critical and declining" status

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The Multiemployer Pension Reform Act of 2014 allows the trustees of certain multiemployer pension plans to reduce pensions, including the benefits of retirees.

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Multiemployer pension plans in critical and declining status, by state

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The Multiemployer Pension Reform Act of 2014 allows the trustees of certain multiemployer pension plans to reduce pensions, including the benefits of retirees.

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Legislation offers workable solution to multiemployer plan underfunding

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This is a Letter to the Editor from Karen Ferguson, director of the Pension Rights Center, responding to a negative editorial that Pensions & Investments published on the Keep Our Pension Promises Act of 2015.

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Teamster Retirees’ Campaign Against Pension Cuts Draws Support from Bernie Sanders

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Less than six months after getting started, a grassroots campaign among Teamsters union retirees to protect their pensions appears to be picking up steam, attracting the support of presidential candidate Bernie Sanders and threatening to influence the outcome of the union’s own leadership elections next year.

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PBGC readies rules to cut retiree pension benefits

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The Pension Benefit Guaranty Corporation (PBGC) is getting ready to implement a new law that allows distressed union multi-employer pension plans to reduce retiree benefits — if that can halt them from sliding into insolvency.

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PBGC Partition Rules Give Clear Guidance, Will Help Preserve Plans, Commenters Say

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Regulations issued by the Department of Treasury and the Pension Benefit Guaranty Corporation will help troubled multiemployer plans from sliding into insolvency, but not without forcing participants and beneficiaries to make hard choices, pension professionals told Bloomberg BNA in recent interviews.

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Keep Our Pension Promises Act of 2015

Legislation

The Keep Our Pension Promises Act of 2015 repeals the “benefit suspension” provisions of the Multiemployer Pension Reform Act of 2014 (MPRA) enacted at the end of the last Congress.

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