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Multiemployer pensions rescue buys the PBGC some time

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While experts may disagree on the strength of the Pension Benefit Guaranty Corp.’s insurance program for single-employer pension plans, there is a broad consensus that lawmakers had to act last year to prevent the collapse of big, underfunded multiemployer pension plans, and with that the PBGC’s multiemployer insurance program.

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Significant pension cuts loom for retirees

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Since Whitley Wyatt retired in 2000 after 33 years as a trucker, he’s collected a pension of $3,300 a month. Now, the 71-year-old says as much as $2,000 of his monthly check is at risk because of legislation passed by Congress last year that is meant to help underfunded multiemployer pension plans bolster their finances by giving them a way to cut benefits for some retirees.

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Nation's Retirement Income Deficit Now $7.7 Trillion

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Washington – Five years after it was first announced, the nation’s Retirement Income Deficit (RID) has risen from $6.6 trillion to $7.7 trillion.

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Can They Grab Your Pension?

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Clawbacks become more common as plans discover they overpaid recipients.

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Retirees Facing Severe Pension Cuts [VIDEO]

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Whit Wyatt of Washington Court House worked as a teamster truck driver for 33 years. Now Whit and his wife Barb have a comfortable retirement living on Whit's teamster pension and social security. But Wyatt is one of hundreds of thousands of union retirees who may soon see severe cuts to their monthly pension checks.

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Union retirees fear dramatic pension cuts under new federal law

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Bill Hendershot and his wife live on his union pension and Social Security. Hendershot, a retired Consolidated Freightways long-distance truck driver, gets around now in a 12-year-old Toyota Corolla.

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Pension plans, once inviolable promises to employees, are getting cut

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The stock market has soared more than 75 percent in the past five years, yet many pension funds, where many middle-class workers should benefit from the market’s rise, continue to struggle, jeopardizing benefits for the workers who were counting on them in retirement.

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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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Fiduciary Re-Proposal, Fee Disclosures On Deck for 2015; MEPs Wait in the Wings

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Top employee benefit issues for the Department of Labor in 2015 are similar to those in 2014: a re-proposal that would expand the definition of "fiduciary" under the Employee Retirement Income Security Act and guidance on plan fee disclosures.

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