Jump to Navigation
Jump to Content

Red zone/ critical status

Significant pension cuts loom for retirees

News Item

Since Whitley Wyatt retired in 2000 after 33 years as a trucker, he’s collected a pension of $3,300 a month. Now, the 71-year-old says as much as $2,000 of his monthly check is at risk because of legislation passed by Congress last year that is meant to help underfunded multiemployer pension plans bolster their finances by giving them a way to cut benefits for some retirees.

More...

Got a pension? Act now to save it

News Item

If you were among the 15.7 million private-sector workers with a traditional defined benefit pension plan in the U.S. in 2012, now might be good time to stop counting your blessings.

More...

Union retirees fear dramatic pension cuts under new federal law

News Item

Bill Hendershot and his wife live on his union pension and Social Security. Hendershot, a retired Consolidated Freightways long-distance truck driver, gets around now in a 12-year-old Toyota Corolla.

More...

That solid pension benefit? It may be subject to change

News Item

In the fine print of the federal budget compromise, troubled pension plans now have the right to reduce benefits

More...

New federal law allows pension cuts

News Item

More than 100,000 New Yorkers could face cuts in their union pensions in coming years, thanks to a provision that was tucked into Congress' omnibus spending bill this month to keep the federal government funded for another year. The measure would, under certain conditions, allow cuts to what are known as multi-employer pensions.

More...

Multiemployer plans can cut benefits to stay solvent

News Item

Trustees of distressed multiemployer pension funds got new tools to avert insolvency in a package of reforms approved by Congress in mid-December, including the right to reduce benefits for active workers and retirees in deeply underfunded plans.

More...

New law lets some pension plans cut promised benefits

News Item

For some retirees, Congress has played the Grinch this holiday season. Tucked into the federal spending bill were provisions that will allow certain struggling multi-employer pension plans to reduce benefits already being received by retirees.

More...

After the new federal pension rules: What retirees need to know

News Item

Buried in the $1.1 trillion "Cromnibus" legislation signed this week by President Barack Obama was a provision that aims to head off a looming implosion of multiemployer pension plans - traditional defined benefit plans jointly funded by groups of employers.

More...

ERISA Changes Passed as Part of Controversial Spending Bill

News Item

In one fell swoop last week, a once-sacrosanct tenet of the 1974 omnibus pension law, the Employee Retirement Income Security Act (more commonly known by its acronym, ERISA), was overturned. For its sponsors, the measure meant saving troubled multiemployer pensions heading for insolvency.

More...

Pension cuts helped keep the government open, but they hurt many retired women

News Item

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.

More...
print Syndicate content