By Miriam Raftery
Photo credit: John Vachon, Alabama truck driver, Library of Congress TRUCKING PAST
October 20, 2015 (Washington D.C.) – Congress has crumpled the security net for many retired union workers. A controversial law passed last December allows multi-employer pension funds to cut benefits if the funds are projected to run out of money. CNN reports that many of these funds, which cover over 10 million works, are in financial trouble.
One of the first to take advantage of the new law is the Central States Pension Fund, which has been teetering on insolvency and now wants to cut benefits as much as 60% for retirees who are reliant on its pension payments—if the Treasury Department approves the deal.
The fund covers workers and retirees in over 1,500 companies ranging from truck drivers and construction workers to Disneyland employees.