ATTENTION TEAMSTERS: Congressional Subcommittee Chairman Acknowledges Pension Crisis Will Result in ‘Shared Pain’
According to a recent Pensions&Investments report:
“Solutions to a multiemployer pension crisis will be painful but will only get harder and more costly if there is further delay…
Without congressional action, participants in struggling plans face benefit cuts of 50% or more; when the PBGC multiemployer program itself becomes insolvent as projected to happen by 2025, those cuts will deepen to 90%…
‘I don’t think we can talk about this without assuming there will be shared pain,’ said ranking subcommittee Chairman Tim Walberg, R-Mich.”
Read Pensions&Investments full report on the issue by clicking here.
Category: Current Events
