Congress could soon allow pension plans to cut benefits for current retirees

[antigop]

http://www.washingtonpost.com/business/economy/congress-could-soon-allow-pension-plans-to-cut-benefits-for-current-retirees/2014/12/03/62e5112a-7b0c-11e4-9a27-6fdbc612bff8_story.html

Congress could soon allow the benefits of current retirees to be cut as part of an agreement to address the fiscal distress confronting some of the nation’s 1,400 multi-employer pension plans.

Several unions and pension advocates opposing the move, which would be unprecedented, say that permitting financially strapped plans to cut retiree benefits would violate the central promise of traditional pensions: that they would provide a defined benefit for life.

“This proposal would devastate retirees and their surviving spouses,” said Karen Friedman, executive vice president of the Pension Rights Center, a nonprofit group. “The proposal would also torpedo basic protections of the federal private pension law .?.?. that states that once benefits are earned, they can’t be cut back.”

[annabanana]

1. horrifying

Just where do they think elderly pensioners would go? I guess just die off and decrease the surplus population.

[fredamae]

2. Dems and GOP are Nothing

more than Administrators of Corporate Rule.

This is what "the people" wanted...I hope they're prepared.

[bbgrunt]

3. another travesty quietly being accepted by both parties.

[colsohlibgal]

4. If The Gilded Set Can Get To It They Will

No matter how safe you may think you are it may make sense to scout out a tent, a shopping cart, and a source of empty cans.

But...there are more of us than them and if enough people get hurt we may find a way forward.

[nichomachus]

5. This is why I took my pensions as lump-sum payments

People told me I was a crazy comspiracy theorist. "They can't take your pensions away. Those are contractual obligations."

(adjusts tinfoil hat, laughs evil laugh)