Headline: 1.5 Million Retirees Await Congressional Fix for a Pension Time Bomb
Publication: New York Times
Article Date: Feb 18, 2018
As part of the recent budget agreement in Congress, a select congressional committee was formed to craft a plan to help as many as 200 “multiemployer” pension plans. These plans are ones in which employers and labor unions have banded together to provide retirement benefits to employees. Some of these plans are facing challenges due to a combination of factors, including slow recovery from the 2008 financial crisis and fewer new workers entering certain industries such as coal. If Congress does not act to create a better safety net for these plans, many retirees with these plans could see their benefits reduced or eliminated – an outcome that’s both bad for the retirees and the economy. Read article…