Re:Is everything falling apart?
by chucksmash on Friday April 29, 2022 @12:35PM
(#31207375)
That doesn't mean you will get what you were promised if the pension was underfunded[1]:
> If you look at multiemployer plans, those people worked in coal mines, driving trucks, in bakeries — typically physical, difficult jobs, and they certainly earned the pension they were promised by their union. Now, some of them are 70-years-old and in retirement and have the terrible prospect of having their pension cut.
> There’s a government backstop for private pensions, but the government backstop for multiemployer plans is very modest
> If you look at multiemployer plans, those people worked in coal mines, driving trucks, in bakeries — typically physical, difficult jobs, and they certainly earned the pension they were promised by their union. Now, some of them are 70-years-old and in retirement and have the terrible prospect of having their pension cut.
> There’s a government backstop for private pensions, but the government backstop for multiemployer plans is very modest
[1]: https://ideas.darden.virginia.edu/underfunded-pensions