Those Pension Cuts and What You Need to Know

http://blog.aarp.org/
12/16/14

Congress recently carved a hole in a 40-year-old pension law that has prevented employers from cutting benefits earned by those already retired. This change applies to people covered under multiemployer plans that are in critical financial shape.

Here’s what you need to know:

What is a multiemployer plan? This is a pension covering workers and retirees from more than one employer in the same or related industries, such as trucking or construction. (Most of them were established under collective bargaining between a union and the employers.) There are about 1,400 multiemployer plans with 10.4 million participants… (more)

What’s in the $1.1 trillion spending bill?

(The Washington Post on 12/10/14 published “What’s in the spending bill? We skim it so you don’t have to,” as reported by Ed O’Keefe, and republished below.) This item has been updated and revised. The $1.01 trillion spending bill unveiled late Tuesday will keep most of the federal government funded through next September — and it’s packed with hundreds of policy instructions, known on Capitol Hill as “riders,” that will upset or excite Democrats, Republicans and various special interest groups. So, what’s in the bill? We’ve sifted through the legislation, consulted … Continue reading