Dave Erickson of Isanti, Minn., believed his pension benefits were guaranteed when he contributed a fixed portion of his pay into the Teamsters Central States Pension Fund. On Wednesday, Erickson learned that those benefits might be cut under a provision that Minnesota Rep. John Kline aims to tack onto the new federal budget bill. The measure, which would allow multi-employer pension plans that are underfunded to significantly cut benefits to retirees under age 75, is an attempt to prevent such plans from running out of money. But Kline’s push to get it into the omnibus budget bill that Congress must pass to keep the government running enraged retirees like Erickson. The provision, which primarily affects major unions’ retirement plans, has never been introduced into the House or Senate on its own.
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