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PRC Statement on Retiree Pension-Cut Legislation Included in Omnibus Bill

News Release

Washington – On December 16, President Obama signed the 2015 Omnibus spending bill. The new law contains provisions that allow certain underfunded multiemployer pension plans to cut retirees’ benefits. The Pension Rights Center released the following statement from Executive Vice President Karen Friedman:

 

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President Expected to Sign Spending Bill Addressing Multiemployer Plans, 4062(e)

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President Barack Obama was expected to sign into law a $1.1 trillion U.S. government spending bill that includes elements designed to boost the nation's troubled multiemployer pension plan system and provisions addressing several other employee-benefits-related areas.

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Pension Benefits: New Law Lets Trustees Cut Them

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The House and Senate plan that would let trustees of certain financially wobbly pension plans cut retirees' benefits is aimed at reducing financial demands on those underfunded plans so they do not collapse totally.

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Congress passes major change to law on union pensions

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Severely underfunded union pension plans will be allowed to reduce current retiree benefits in order to avoid future insolvency, under a last-minute amendment attached to the $1.1 trillion federal government appropriations bill known as the “CRomnibus.”

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Those Pension Cuts and What You Need to Know

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Congress recently carved a hole in a 40-year-old pension law that has prevented employers from cutting benefits earned by those already retired. This change applies to people covered under multiemployer plans that are in critical financial shape.

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Cromnibus Continues Attack on Pensions

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There are plenty of setbacks for working people, and benefits for the rich and corporations, in the $1.1 trillion appropriations bill just passed by Congress. But what it does to pension protections is appalling.

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4 Ways Congress Just Screwed Up Pensions

News Item

When the Senate approved the omnibus spending bill to prevent the government from shutting down, it also delivered a blow to some retirees who collect pensions. In a little-discussed provision of the bill, certain multi-employer pension plans were given the go-ahead to reduce pension checks to current recipients by up to 60 percent. Didn't see that coming, did you?

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Congress gives final OK to bill allowing multiemployer pension plan benefit cuts

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Trustees of financially distressed multiemployer pension plans would be allowed to cut participants' benefits to prevent the plans from becoming insolvent under legislation given final congressional approval Saturday.

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Editorial: Middle-class retirees deserve better from Congress

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The devastating pension reform crammed into the omnibus spending bill that will likely soon become law would allow pension trustees to slash the benefits of retired workers and cut future benefits for a shrinking pool of middle-income employees.

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Congress approves pension measure that could cut benefits for many retirees

News Item

Glenn Zichler worked 30 years driving a bread truck around St. Louis before retiring. Now, he may be facing a sharp cut in his $33,600 annual pension. A provision just approved by Congress would let troubled multi-employer pension plans cut benefits for current retirees.

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