Senators urge caution on multiemployer cuts

Hazel Bradford
Pensions & Investments
May 15, 2015

Democratic members of the Senate Finance Committee asked Treasury Department officials to tread carefully as they develop the process for implementing multiemployer pension reforms enabling some plans to cut benefits.

“These reforms are unprecedented and, therefore, we ask the Treasury Department to take its role in overseeing the benefit suspension provisions very seriously. In particular, it is critical that you ensure that participants’ and retirees’ rights are protected,” Democratic Sens. Sherrod Brown, Ohio; Ron Wyden, Ore.; Debbie Stabenow, Mich.; Bill Nelson, Fla.; Robert Menendez, N.J.; Ben Cardin, Md.; and Robert Casey, Pa., said in a letter sent Thursday to Treasury Secretary Jacob Lew.

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