AARP, unions sound pension alarm
Dec 24, 2014 12:06 am
Rick Karlin is reporting at Capitol Confidential more than 100,000 New Yorkers could potentially get hit with pension cuts in coming years, due to a provision tucked into the federal omnibus spending bill approved earlier this month. The measure would allow cuts to so-called multi-employer pensions, which are typically union retirement plans. It would apply to plans that become so underfunded as to face insolvency and pose a financial threat to the Pension Benefit Guarantee Corp, the federal agency that insures private sector pensions. These plans cover union workers who may have worked for different employers during their careers. That would include union truckers, electricians or miners, for example. The midwest could be hit particularly hard since the Central States Teamsters pension is in particular trouble and is cited as one of the reasons for this push for cuts. A growing chorus of groups, including the AARP and unions, are starting to question why this measure was put in the funding bill, with little debate. Read the full story at Capitol Confidential, a Times Union blog.