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Multiemployer pension proposal riles Teamsters, retiree advocates

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The “cromnibus” spending bill has produced something for practically everyone to hate, and at the top of the list for organized labor is a proposed amendment that could cut benefits for elderly retirees who draw their income from troubled multiemployer pension plans.

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Retiree benefits could be cut under congressional plan

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Congress will vote Thursday on a $1.1 trillion spending plan that includes a provision to help out the Pension Benefit Guaranty Corp. by letting financially ailing multiemployer pension plans cut retiree benefits for the first time in 40 years.

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House delay leaves pension reform in question

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An amendment to let troubled multiemployer pension plans cut retiree benefits initially moved forward in Congress on Thursday but faced an uncertain future after the House recessed mid-afternoon without taking a vote on a massive spending plan.

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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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Financial planning issues wrapped into government spending bill?

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Members of Congress are considering adding provisions to the government spending bill that would impact at least two crucial issues for financial advisers: the DOL's action on fiduciary duty and the right of pensions to cut benefits.

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The lame-duck Congress plots to undermine retiree pensions

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Passing legislation on a tight deadline--especially a bogus deadline--is invariably a formula for serious mischief. That's what's happening with a proposal to deal with a supposed crisis in worker pensions by allowing trustees to slash the pensions of already-retired workers to shreds.

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Congress could soon allow pension plans to cut benefits for current retirees

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Congress could soon allow the benefits of current retirees to be cut as part of an agreement to address the fiscal distress confronting some of the nation’s 1,400 multi-employer pension plans. Several unions and pension advocates opposing the move, which would be unprecedented...

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Congress could cut pensions in ailing plans

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A proposal in Congress that could lead to cuts in pension benefits for retirees in financially troubled multiemployer plans drew fire Thursday from worker advocates and unions.

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Lame-Duck Congress Nears Last-Minute Vote On Sweeping Pension Reform

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Congress is nearing a vote on arguably the biggest change to private pension law in decades. The proposed reforms would grant sweeping new authority to the trustees of some “deeply troubled” multi-employer pension plans to slash benefits promised to current retirees—something that’s illegal under existing law.

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