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Multiemployer plan

President-elect Trump, please help protect Cleveland ironworkers' pension rights

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If President-elect Donald Trump wants to do right by working-class Americans, he should work with Congress to repeal a cruel law that could slash the pensions of hundreds of retired ironworkers in Cleveland. Over time, it could reduce the benefits of more than one million other retirees and workers nationwide.

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Pension Plan Owes Rescue Petition Success to Past Rejection

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A multiemployer pension plan that gained Treasury Department approval for a petition to reduce participants’ benefits did so by scanning a road map gleaned from a department rejection letter. This road map may now pave the way for other plans seeking such approval.

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Treasury: Troubled Multiemployer Pension May Reduce Payouts

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The U.S. Treasury Department, for the first time, approved an application from a troubled multiemployer pension plan to reduce vested benefits paid to retirees. Other deeply underfunded union plans could follow the same path.

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Treasury Department approves pension cuts for Cleveland Iron Workers' retirees

News Release

WASHINGTON – In a decision affecting more than 2,000 workers, retirees, spouses and widows, the Treasury Department announced on Friday that it had approved Iron Workers Local 17 Pension Fund’s application to cut retiree pensions under the Multiemployer Pension Refo

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White House Opposes Bill Creating Newfangled Pension Plan

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The White House opposes a discussion draft bill that would permit significant changes to collectively bargained pension plans, and is urging Congress not to include the measure on the menu of a year-end budget bill.

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Take Action: Tell Congress: Stop the so-called composite bill

Action

Urge your members of Congress to stop a draft proposal that would send shockwaves through the nation’s multiemployer pension system. A dangerous proposal, called the “composite bill,” could be attached to must-pass year-end legislation, in this year’s lame-duck session of Congress, just as it was with the Multiemployer Pension Reform Act (MPRA) two years ago.

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Composite bill: Another threat to multiemployer pension plans

Blog entry

Earlier this fall, a U.S. House of Representatives subcommittee held a hearing on draft legislation that has the potential to undermine the stability of the multiemployer pension system.

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Multiemployer Pension Program’s Deficit Soars to Record High

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The PBGC, which backstops defined benefit pension plans, has seen its multiemployer plan insurance program’s deficit rise by $6.5 billion in the last fiscal year to a record-high $58.8 billion

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Central States Woes Continue, Pension Value Falls $500 Million

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Central States Pension Fund lost $500 million during the first six months of this year, according to newly released financial documents, and continues to hemorrhage assets on the road towards eventual insolvency.

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Congress returns for lame duck session

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Opponents to the proposal, including AARP and the Pension Rights Center,argue it provides insufficient protections for workers and jeopardizes “current pension benefits earned by retirees.”

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