Is Your Pension Plan Secure?

[700UW]

Is your pension plan secure?
These days, workers should ask about solvency of plans
AMY BALDWIN
Staff Writer

When US Airways pilot John Bisson retires in six years, he'll collect $28,000 annually from his pension. That's a little more than a fourth of what he had expected.

Charlotte Observer (free subscription)

 

[diogenes]

I see where the IAM pension fund is hedging their bets.

In the May 2005 Summary of Material Modifications, the first sentence of the third paragraph reads, "National Pension Plan benefits earned while employed by new contributing employers with contribution dates on or after April 1, 2003 will accrue 60% of the rates in the current future service benefits table."

Ouch!

So if I'm reading this right, anybody new to the plan after 4/1/03 just took a 40% cut in their retirement.

Wonder how the folks promised one thing in 2003-2005, and now will receive something less feel about that?