407,000 Workers Stunned As Pension Fund Proposes 60% Cuts, Treasury Says “Not Enough”…(ALL Pensions Are Broke…Plan For Riots!)

Sunday, May 22, 2016
By Paul Martin

by Michael Shedlock via MishTalk.com,
ZeroHedge.com
05/22/2016

407,000 private sector workers are about to lose most of their pensions.

I first wrote about this on April 21, in One of Nation’s Largest Pension Funds (Truckers) Will Reduce Benefits or Go Broke by 2025.

The Central States Pension Fund, which handles the retirement benefits for current and former Teamster union truck drivers across various states applied for reductions under that law.

Currently the plan pays out $3.46 in pension benefits for every $1 it receives from employers. That’s a drain of $2 billion annually.

The plan filed for 60% cuts in pensions. The Treasury Department has the final say. The verdict came in today: “cuts not deep enough”.

Please consider Pensions May be Cut to ‘Virtually Nothing’ for 407,000 People.

The Rest…HERE

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