Press Coverage: Pension Plan Provision has Problematic Phrase

Saw this while reading about the $1.1 Trillion spending bill.

In an unexpected move, lawmakers also agreed on legislation expected to be incorporated into the spending measure that will permit a reduction in benefits for current retirees at economically distressed multiemployer pension plans. Supporters said it was part of an effort to prevent a slow-motion collapse of a system that provides retirement income to millions, but critics objected vehemently.

The pension-related talks between Rep. John Kline, R-Min., and George Miller, D-Calif., were designed to preserve benefits of current and future retirees at lower levels than currently exist, but higher than they would be if their pension funds ran out of money.

http://www.jsonline.com/business/na...ee29947f154993ba32af18a40775dc-285183021.html



Huh, so the government has a plan to pay retirees more money than zero. Why, how nice of them!