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)