As union members throughout the country fret over the future of their retirement funds, the Pension Rights Center has posted a list of 100 multi-employer plans that could be cut under the new Multiemployer Pension Reform Act of 2014.
via the Pension Rights Center:
The recently-enacted Multiemployer Pension Reform Act of 2014 allows the trustees of certain multiemployer pension plans to reduce pensions, including the benefits of retirees. Read a summary of the cutback provisions of the law here.
The Center for Retirement Research at Boston College has compiled a list of 100 plans that may be permitted to cut benefits as a result of the new law. This is not a definitive list. It was created using data from U.S. Department of Labor’s Form 5550s, financial reports that pension plans are required to file each year. All projections assume that money contributed to the plan and benefits paid remain at current levels and that the plan achieves an assumed rate of return each year. There may be plans on the list that are not eligible to reduce benefits, and there may be plans that are not on the list that are eligible to cut benefits, or that will be eligible in the future, if their financial status worsens.
It is important to note that the new law authorizes but does not require benefit cuts. It is up to plan trustees to decide whether to cut benefits and how much they will be reduced. You may want to contact the trustees of your plan and ask if they are planning to reduce benefits and, if so, how much the reductions will be. [Emphasis added.]