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Benefit cutback

New federal law allows pension cuts

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More than 100,000 New Yorkers could face cuts in their union pensions in coming years, thanks to a provision that was tucked into Congress' omnibus spending bill this month to keep the federal government funded for another year. The measure would, under certain conditions, allow cuts to what are known as multi-employer pensions.

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Merry Christmas, Seniors. Eat, drink and be merry, for tomorrow they may cut your pension.

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House Republicans quietly snuck in a number of egregious add-ons to the spending bill. One of those add-ons allows employers of certain companies whose pension funding is in trouble to simply cut the amount of retirement pension they promised retirees.

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Multiemployer plans can cut benefits to stay solvent

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Trustees of distressed multiemployer pension funds got new tools to avert insolvency in a package of reforms approved by Congress in mid-December, including the right to reduce benefits for active workers and retirees in deeply underfunded plans.

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New law lets some pension plans cut promised benefits

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For some retirees, Congress has played the Grinch this holiday season. Tucked into the federal spending bill were provisions that will allow certain struggling multi-employer pension plans to reduce benefits already being received by retirees.

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After the new federal pension rules: What retirees need to know

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Buried in the $1.1 trillion "Cromnibus" legislation signed this week by President Barack Obama was a provision that aims to head off a looming implosion of multiemployer pension plans - traditional defined benefit plans jointly funded by groups of employers.

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ERISA Changes Passed as Part of Controversial Spending Bill

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In one fell swoop last week, a once-sacrosanct tenet of the 1974 omnibus pension law, the Employee Retirement Income Security Act (more commonly known by its acronym, ERISA), was overturned. For its sponsors, the measure meant saving troubled multiemployer pensions heading for insolvency.

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Pension cuts helped keep the government open, but they hurt many retired women

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On Nov. 14, the Pension Benefit Guaranty Corp. reported that 200 of the 1,400 multi-employer plans covering 1 million participants are at risk of failing within the next decade. The PBGC is worried about this because it becomes responsible for the pension obligations of these failed plans.

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Legal fight likely over pension reforms

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Can the Kline-Miller amendment be overturned in court? Opponents were already weighing their legal options in response to this week’s passage by Congress of the amendment allowing troubled, multiemployer pension plans to cut retiree benefits.

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Summary of the pension cutback provisions in the Omnibus spending law [UPDATED]

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In December 2014, Congress passed and President Obama signed into law the 2015 Omnibus spending bill, which includes provisions that allow trustees of certain multiemployer plans to cut retirees’ pensions. Here is a summary of these provisions: 

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Reporters fail to capture implications of pension provision

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A ‘big shift’ tucked into the spending bill goes under-examined

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