"A bipartisan group of congressional leaders reached a deal Tuesday evening that would for the first time allow the benefits of current retirees to be severely cut, part of an effort to save some of the nation’s most distressed pension plans. The measure, attached to a massive $1.01 trillion spending bill, would alter 40 years of federal law and could affect millions of workers, many of them part of a shrinking corps of middle-income employees in businesses such as trucking, construction and supermarkets." - Steve C, Team Marina

So many retirees are going to be hurt by this. - John (bird whisperer)

o_O - Steven Perez

I never thought it would happen. - Eric - Final Countdown

I bet it doesn't affect congressional pensions. Not the staff, the congresspeople themselves. - bentley

For the moment it is directed at trucking, construction and supermarkets within 3 years it will be everyone as precedent has been set. - Steve C, Team Marina

This crap really pisses me off. Doesn't sound like there was much representation from pensioners in this 'deal'. I'm not that familiar with multiemployer pension plans, but their operation isn't that different from single employer plans. Why have pensions plans been allowed to partially fund (underfund) pensions for years? Plans don't just sit on a pile of money, they invest it. Where is the accountability by plan administrators for plan (mis)management. - Greg GuitarBuster

I'm glad that I took the pension buyout from one of my previous employers. I wasn't there for 30 years and my pension wouldn't have been too much, but taking the lump sum seems much more secure. - Greg GuitarBuster