CNNMoney: Hundreds of thousands of retired union workers are facing pension cuts that could reduce their monthly payments by more than half.
CNNMoney: Hundreds of thousands of retired union workers are facing pension cuts that could reduce their monthly payments by more than half.
The proposed cuts are part of a desperate effort to head off insolvency at multiemployer pension plans, pensions that typically provide benefits for workers at several companies.
It’s an unconventional move: Pension law has long maintained that cutting the benefits of those already retired is off-limits. Current law allows troubled multiemployer plans to reduce the benefits that employees earn going forward, cut early retirement and disability benefits and hike employer contributions instead.
