posted at 8:31 am on January 28, 2017 by Jazz Shaw
This is the policy equivalent of seeing an actual unicorn. In Cleveland, the Iron Workers Local 17 union has approved cuts to their pension plan to avoid having it become insolvent. The cuts will affect different workers by varying amounts depending on their individual circumstances, but everyone will be feeling the pinch. (Washington Post)
A pension fund in Cleveland became the first plan to approve benefit cuts for current retirees — even though it is still years away from running out of cash. The move, some critics say, could open the door for other troubled pension plans to follow suit.
The financially-strapped Iron Workers Local 17 Pension fund proposed a plan for extending its lifespan by reducing benefits for workers and retirees. Now that the plan has received final approval,…