Tag: Pensions

AFL-CIO Condemns GOP Multi-Employer Pension Proposal
Building Trades, Features, headline, Law and Politics, National, Retail, Transportation

AFL-CIO Condemns GOP Multi-Employer Pension Proposal

WASHINGTON—The AFL-CIO’s pension panel has roundly condemned proposals made by two leading Senate Republicans to shore up the nation’s endangered multiemployer pension funds that would cut benefits by up to 19%. The federation’s Retirement Security Working Group said Dec. 2 that the proposals contained in a white paper released Nov. 20 by Finance Committee chair…

House Passes Bill to Aid Endangered Pension Funds
Building Trades, Features, Law and Politics, Municipal Government, National, Retail, topslot, Transportation

House Passes Bill to Aid Endangered Pension Funds

WASHINGTON—The House has approved a bill to rescue multiemployer pension funds whose collapse could cut off benefits for 1.3 million people, but it now faces an uphill battle in the Senate. The Rehabilitation for Multiemployer Pensions Act, sponsored by Rep. Richard Neal (D-Mass.), passed by a 264-169 margin July 24, with 29 Republicans voting yes…

Musicians’ Pension Fund Says It’s Going Broke
Entertainment, Finance, Law and Politics, National, topslot, Transportation

Musicians’ Pension Fund Says It’s Going Broke

NEW YORK, N.Y.—Retired musicians are joining truckers and miners in singing the financial blues. The American Federation of Musicians and Employers’ Pension Fund announced May 24, that it is applying to the Treasury Department to reduce benefits on the grounds that it has entered “critical and declining” status.  That “means the Fund is projected to…

Senator’s Pension-Cut Proposal Infuriates N.J. Unions
Law and Politics, National, topslot

Senator’s Pension-Cut Proposal Infuriates N.J. Unions

TRENTON, N.J.—A top New Jersey politician’s proposal to set up a two-tier pension system for government workers and cut their health benefits immediately infuriated public-sector unions. State Senate President Stephen Sweeney (D-Gloucester) introduced a 27-bill package May 16 that would move non-uniformed public-sector workers on the job for five years or less to a hybrid…