As the list of traditional union pension plans that are underfunded continues to grow, nearly three dozen have applied to cut benefits to plan beneficiaries.
Under the Multiemployer Pension Reform Act, the trustees of certain underfunded multiemployer plans that meet the definition of being in “critical and declining” status have almost unprecedented authority to cut retiree pension benefits. However, before cuts are made, the trustees must apply to the U.S. Treasury Department. Here is the list of those pension plans that have applied to cut benefits.
Proposed Pension Plan Cut Applications on Scribd
- To view at the U.S. Treasury Department’s page, go here.