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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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Multiemployer Program Posts Record Deficit, Single-Employer Shortfall Shrinks, PBGC Says

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The deficit of the Pension Benefit Guaranty Corporation’s multiemployer plan program rocketed to an all-time high in fiscal year 2014 of $42.4 billion—more than five times its previous high in 2013— the agency said in its annual report.

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Facts About Multiemployer Pension Plan Funding

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This fact sheet explains funding issues in multiemployer pension plans and links to our on-line calculators, which you can use to gauge the impact that possible benefit cuts or the guarantee limits

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ERISA at 40

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The landmark legislation that promised security in retirement has fallen far short of its expectations

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Teamsters rank and file digging in against possible pension benefit cuts

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Teamsters retirees from the trucking industry currently enjoy some of the most generous pensions in America—up to $3,500 a month for 30 years of service from any unionized trucking company that contributed to multiemployer pension plans that once covered the industry like a warm fuzzy financial security blanket.

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Should union pensions be cut?

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Congress is expected soon to consider the recommendations of a coalition of unions, pension administrators and employers supporting tough measures to save its pensions.

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