Post by Logan on Apr 20, 2016 21:46:50 GMT -6
LIMA — On April 14, a group of retirees from the Lima area joined thousands of people from across the U.S. for a rally to protest a law that could reduce their pensions by as much as 70 percent.
Lima resident Richie Crouch said the rally, which was held in front of the Capitol Building in Washington, D.C., was the best way for their voices to be heard. But one week after the event, Crouch and more than 400,000 other people who may see cuts in their pensions are waiting in limbo, unsure of what the future may bring.
“It’s a waiting game right now,” Crouch said.
The projected pension cuts are a result of the Multiemployer Pension Reform Act, which President Barack Obama signed into law in December 2014.
The law allows for a reduction in benefits for multiemployer pension plans that were at risk of going broke. Before this legislation, pension plans in financial trouble could not reduce benefits to already retired workers.
Read more; limaohio.com/news/177482/decision-on-pension-cuts-a-waiting-game
Lima resident Richie Crouch said the rally, which was held in front of the Capitol Building in Washington, D.C., was the best way for their voices to be heard. But one week after the event, Crouch and more than 400,000 other people who may see cuts in their pensions are waiting in limbo, unsure of what the future may bring.
“It’s a waiting game right now,” Crouch said.
The projected pension cuts are a result of the Multiemployer Pension Reform Act, which President Barack Obama signed into law in December 2014.
The law allows for a reduction in benefits for multiemployer pension plans that were at risk of going broke. Before this legislation, pension plans in financial trouble could not reduce benefits to already retired workers.
Read more; limaohio.com/news/177482/decision-on-pension-cuts-a-waiting-game