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Summary of the pension cutback provisions in the Omnibus spending law [UPDATED]

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In December 2014, Congress passed and President Obama signed into law the 2015 Omnibus spending bill, which includes provisions that allow trustees of certain multiemployer plans to cut retirees’ pensions. Here is a summary of these provisions: 

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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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Pension Benefits: New Law Lets Trustees Cut Them

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The House and Senate plan that would let trustees of certain financially wobbly pension plans cut retirees' benefits is aimed at reducing financial demands on those underfunded plans so they do not collapse totally.

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Pension reforms pass House

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The $1.1 trillion government spending bill – which includes an amendment that could lead to cuts in retiree benefits among troubled multiemployer pensions – is now in the hands of the Senate after it was approved Thursday night by the House of Representatives.

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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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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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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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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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