"The new law only allows multi-employer plans that are projected to run out of money within the next 20 years to make cuts. It doesn't include public pensions or private pensions that cover a single employer. And the cuts can only go into effect after being approved by the Treasury Department. Between 5% and 10% of all multi-employer plans might be eligible to make benefit cuts under the law, according to the PBGC. "We anticipate that only a fraction of the plans that potentially could make benefit cuts under MPRA will do so," a spokeswoman said. Multi-employer funds cover about 10.4 million people."
From:
New Law
