Retired union workers facing 'unprecedented' pension cuts - Nov. 15, 2013:"The proposal would allow cuts for those plans that are closest to insolvency.
According to the Pension Benefit Guaranty Corporation, which insures pension plans, up to 10% of the roughly 1,500 multiemployer plans will run out of money in coming decades.
If cuts are allowed, retired truck driver Glenn Nicodemus, 63, could see his monthly benefits fall from around $3,300 a month to as little as $1,180.
He retired in March after nearly 40 years on the road, and his only other source of income is $1,700 a month in Social Security benefits."
No comments:
Post a Comment