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Message: <blockquote data-quote="OLDMAN3" data-source="post: 1598183"><a href="http://www.startribune.com/opinion/commentaries/298828951.html" target="_blank">http://www.startribune.com/opinion/commentaries/298828951.html</a>Quote from the article (emphasis mine):The PRA took effect immediately. Cuts could take place this year. Two good sources for retirees trying to find information are the Center for Retirement Research at Boston College and the Pension Rights Center. The Center for Retirement Research studied the Central States Teamster plan and concluded that the plan could remain solvent if benefits were cut an average of 30 percent. The PRA requires a far different allocation of cuts. First, as the Pension Rights Center notes, the pensions of retirees over 80 or disabled are not cut. Those for people 75 to 79 are not cut as severely. This is within reason.Second, the Pension Rights Center states: “Plan trustees are required to reduce the benefits of participants whose employers went out of business (or withdrew from the plan for other reasons without paying all of their obligations) first, before they reduce the benefits of other plan participants. This will mean that those retirees whose companies went bankrupt will have greater reductions than other retirees.”While the amount of pension contributions paid for retirees could be equal, cuts will vary drastically. Some of the retirees of companies that filed bankruptcy participated in a voluntary program to donate 15 percent of their gross wages to their companies to help them survive following deregulation of the trucking industry, in hopes of preserving jobs and pensions.Third, as the center states, certain “retirees in the Central States Teamster plan are given special protection; their benefits are last in line to be cut.”So if the PRA (Pension Reform Act) will not allow the cuts to go forward as delineated in the study you pointed out (30% across the board) Who is guaranteeing CS won't go under?</blockquote>

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