Social Security. Defined benefit pensions. Increasingly, secure and dignified retirement is the difference between union and non-union employment.
Without a 30% pension cut, the fund will be insolvent in 18 years.
Over a million union members are in pension funds that are headed for insolvency. Here’s how Congress created the crisis.
Members of the panel are supposed to craft a plan by November 30.
One solution, favored by many Democrats, is to have the Treasury step in to help.
A new plant manager welcomes retirees back to see their old workplace and coworkers.
But workers, and even the pension plan, could come out ahead.
Five states, including Oregon, are setting up low-fee retirement accounts for workers without any employer-sponsored plan.
Some in the Oregon Legislature want to divert current employee contributions to make up for the system’s investment losses.
State-sponsored retirement savings plans in Oregon and four other states are about to help millions of Americans save for retirement. Republicans in Congress are trying to stop them.
The proposed benefit cuts of 29 percent are supposed to save a pension plan that would otherwise run out of money in 2035.