Pension Cuts
From The New York Times 14 April 2016:
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Some 400,000 retirees who worked in the trucking, parcel delivery and grocery supply industries face drastic pension cuts on July 1 as a result of a little-noticed measure attached to a huge end-of-year spending bill passed in December 2014.
Many members of Congress say they were not given the time to read the provisions or did not grasp the ramifications at the time, and they now say they would not have voted for the legislation.
The bill allowed trustees of multi-employer retirement plans to slash benefits if a pension fund’s failure was likely to overwhelm the underfunded Pension Benefit Guaranty Corporation, the federal government’s main insurance program for pension plans.
...James Lambert, 69, a former trucker, from Randolph, Ohio, was told his $2,200 monthly pension payment would be slashed to $1,200.
Bob Berg, 61, of Hendrum, Minn., who drove a UPS delivery truck for 30 years, was informed that his monthly payment would drop from $3,000 to $2,200.
And Judy Weeks, 62, of Davenport, Iowa, went back to work almost immediately after retiring when her husband, Terry, a former grocery store warehouse worker, learned his benefit would drop from $3,000 to $1,258.
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