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Washington's Pension Non-Bailout
The Wall Street Journal; subscription may be required Link to more items from this source
Dec. 12, 2014
"The big reform breakthrough is that pension plans deemed 'critical' or 'declining' ... could petition the Treasury to cut benefits to up to 110% of the PBGC guarantee.... The reform would also make permanent the 2006 Pension Protection Act's rules that allow insolvent plans to reduce 'adjustable' benefits (e.g., early and disability payouts). Insurance premiums would immediately double to $26 per participant, and the PBGC would have to propose a plan for paying benefits through 2035. This may be a bow to the reality that the multi-employer pension model can't be sustained in the long-term and should be phased out. We're told that next year the House Ways and Means Committee will consider how to facilitate the transition to hybrid plans involving 401(k)s."

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