Unions ask Congress to let distressed pensions trim retiree benefits

nwlaborpress.org

Union and employer representatives are lobbying Congress to modify the Employee Retirement Income Security Act (ERISA) to allow severely underfunded multiemployer pension plans to reduce the paychecks of retirees and partially suspend accrued benefits for all vested participants in an effort to keep the plans from going under.

US joblesseness an emergency

By Kevin G. Hall, union-bulletin.com

Seemingly intractable long-term unemployment has become a national emergency that requires new and creative steps if it’s to be reversed before it does permanent damage, several high-profile economists warned Congress on Wednesday.