US. Coal Mine Workers Pension “Death” Deserves An Autopsy
A forensic review of the endangered mine workers pension should be undertaken immediately. Workers and retirees deserve answers and once the Pension Benefit Guaranty Corporation takes over the plan, it will be too late.
The bankruptcy of Murray Energy, America’s largest private coal mining company has coal workers “nervous and scared” for their pensions, says CNN.
The company is seeking to dramatically slash its liabilities through bankruptcy, including $8 billion of pension and retiree healthcare obligations.
Murray is the last major company contributing to the United Mine Workers of America’s pension plan which provides benefits to about 87,000 retired miners and surviving spouses who collect on average about $600 monthly. Retirees and workers should be worried.
Pension cuts are almost certainly looming. However, now is the time to take action to protect their pensions.
Read more @Forbes
