The members of a Cleveland-based pension plan that is financially strapped must now vote on a proposal to cut benefits for some participants. (Mark Duncan/AP)A pension fund in Cleveland became the first plan to approve benefit cuts for current retirees — before the plan has run out of money. The move, some critics say, could open the door for other troubled pension plans to follow suit. Roughly half of the 2,000 participants in the Iron Workers Local 17 Pension fund will see their pension benefits cut next week. The Central States Pension Fund, one of the largest multiemployer pension plans in the country, became the first pension fund to apply to cut benefits under the law with a proposal that would have affected nearly 300,000 current and retired truckers.

Source: Washington Post January 27, 2017 18:10 UTC