About one million American workers have pension plans on verge of insolvency
Nearly one million working and retired Americans are currently covered by pension plans that are in imminent danger of insolvency, according to an organization trying to help people keep their retirement earnings.
The union pension funds have been designated as being in “critical and declining status” — which means trustees are eligible to apply for cuts on their payouts.
Reducing the payout load lengthens the life expectancy of the stressed fund — but does little to alleviate the suffering of seniors who see their checks cut to about a third of what they were promised upon retirement.
According to the Pension Rights Center, which works with seniors facing a downgrade of their retirement checks, a small iron workers union shop in Ohio recently had to accept a pension cut.
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