Congress is nearing a vote on arguably the biggest change to private pension law in decades.

The proposed reforms would grant sweeping new authority to the trustees of some “deeply troubled [3]” multi-employer pension plans to slash benefits promised to current retirees—something that’s illegal under existing law. A cornerstone of some collective bargaining agreements, multi-employer plans cover more than 10 million workers [4], mostly in construction but also in the transportation, manufacturing, retail and service sectors [5].  

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