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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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House passes multiemployer pension reform

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The House approved late Thursday a package of reforms available to struggling multiemployer pension funds, as part of a congressional spending deal that the Senate must vote on by Saturday.

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Pension Cuts in the 2015 Federal Spending Bill

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Karen Friedman of the Pension Rights Center talked about cuts to government-guaranteed pension plans that would affect benefit recipients. The cuts were outlined in the 2015 federal spending bill.

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Congress’ No-Bailout Pension Plan Is No Solution for Retirees

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The cuts to promised benefits for current retirees would roll back a landmark law protecting pensions—and opens the door to further cutbacks.

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Tell Congress to just say “no” to pension cuts!

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We need your immediate help to stop Congress from cutting retirees’ hard-earned pension benefits. With only days left in the lame-duck session, Congress is considering provisions that would allow pension plan trustees to cut the hard-earned pension benefits of retirees – as a purported solution to shoring up certain financially-troubled multiemployer plans.

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Labor Unions Accuse Congress of Sneak Attack on Pensions in Lame Duck

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As lawmakers pressed Monday to finalize the legislative language of a must-pass omnibus spending bill, labor unions and retiree groups were mobilizing to defeat what they are characterizing as a lame-duck sneak attack on the pensions of some already-retired workers.

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1 Million American Pension Plans Could Be Insolvent In 10 Years

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The federal agency that regulates the nation's pension system issued a stark warning this week about some retirement plans.

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Pension crisis looms

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First we had the fiscal cliff, then the highway cliff. Now get ready for the pension cliff.

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Pension law, regulation pioneer Robert Nagle dead at 84

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Robert Nagle, a long-time pension policymaker and regulator, died Saturday at his home in McLean, Virginia. Mr. Nagle, 84, had been battling cancer.

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