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

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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

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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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