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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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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

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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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Pension Bill Seen as Model for Further Cuts

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Measure Permits Multiemployer Funds to Reduce Benefits, Which Could Open Door to Moves in Other Troubled Programs

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Your pension could go poof. Do you have a backup plan?

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Two recent news events punctuate why we all should be concerned about our retirement readiness, even people who have been diligent financial stewards.

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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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House approves bill to allow 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 narrowly approved by the House of Representatives Thursday night.

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