Len Boselovic’s Heard off the Street: Critics question proposed rules for cutting pensions

Via Pittsburgh Post-Gazette,

By Len Boselovic, Pittsburgh Post-Gazette

June 21, 2015

Six months after Congress approved reducing benefits promised to workers covered by certain troubled pension plans, the IRS and the Pension Benefit Guaranty Corp. have published proposed rules for how pension promises can be broken.

Tucked into the last-minute budget compromise signed by President Barack Obama in December, the pension legislation is of most interest to about 1.5 million workers and retirees covered by multiemployer pension plans that could run out of money in the next 15 or 20 years.

The Western Pennsylvania Teamsters & Employers Pension Fund, which covers about 23,500 current and future retirees, could be one of those plans, according to Boston College’s Center for Retirement Research.

Read the full article.

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