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Summary of the Pension Cutback Provisions in the Kline-Miller Amendment
Pension Rights Center Link to more items from this source
Dec. 11, 2014
"In some cases, the cuts could exceed 60% of a participant's benefits.... The cuts are made by plan trustees, who are typically more aligned with active workers and contributing employers, than with retirees.... Even if all participants vote against cuts, the Treasury Department can override the vote and uphold the trustees' decision to make cuts, if it concludes that a plan poses a 'systemic' risk to the [PBGC].... The insurance premiums that multiemployer plans pay to the PBGC are increased from $13 to $26 per participant per year."

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