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

2014-12-05T00:00:56-07:00December 5th, 2014|Categories: Pension Funding|Tags: , |

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, say that permitting financially strapped plans to cut retiree benefits would violate the central promise of traditional pensions: that they would provide a defined benefit for life. “This proposal would devastate retirees and their surviving spouses,” said Karen [...]