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Benefit cutback

Big change to law on union pensions

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A new law passed by Congress in December could affect more than one million union workers and retirees who are covered by union-sponsored multiemployer pension plans. The law, which is now in effect, allows the trustees of severely distressed pension plans to reduce benefits for current and future retirees — if doing so can save the plan from future insolvency.

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Retirements reduced by the stroke of a pen in D.C.

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About 100,000 New Yorkers who depend on a variety of private-sector union pensions could be facing lowered payments in coming years.

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Multiemployer, 4062(e) Changes Enacted, And Now It's Time to See How It Shakes Out

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Congressional negotiations over a budget bill late last year introduced a landmark change to ERISA on the law's 40th anniversary: To preserve their multiemployer defined benefit plans, trustees and participants can now voluntarily decide whether to reduce benefits instead of waiting for plan insolvency.

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Organizing to Protect Our Pensions

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Reckless Wall Street schemes tanked the economy and Teamster pension funds. Now Teamsters and retiree advocates are coming together to hold Wall Street accountable and take on pension cuts.

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How Did It Happen? Disastrous Pension Bill Is Now Law

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Congress approved pension cut legislation in a sneak attack amendment to the budget bill. The fight to protect Teamster pensions is on. Teamsters and retirees are joining the Pension Justice Campaign.

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Congress punishes retirees for company lapses

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When Congress passed the spending bill in December to keep the government running, a hidden provision in the act sent shivers of fear into the retirement industry. The provision allows underfunded multi-employer pension plans to reduce benefits for retirees so the government pension insurance fund won’t have to bail out the plans.

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The Republican Congress’s First Salvos: Corporations: 5 - Workers: 1

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The Omnibus spending bill just passed by Congress indicates clearly that the Republican Legislative Offensive is being rolled out faster than otherwise might have been predicted.

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A Historic End to the 113th Congress Caps a Remarkable Year in Politics

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The final days of the 113th Congress -- coming just days before Christmas and the new year -- brought with it the end of a turbulent month -- and year -- of American politics.

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That solid pension benefit? It may be subject to change

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In the fine print of the federal budget compromise, troubled pension plans now have the right to reduce benefits

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Pension law change alarms retiree groups

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Forty years after Congress took steps to guarantee that retirees get the pensions they were promised, another generation of lawmakers has taken a chisel to those legal protections.

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