Retirement Security Coalition Reacts to American Federation of Musicians and Employers’ Proposed Pension Cuts

Source: Retirement Security Coalition

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Washington, D.C. – The Retirement Security Coalition (RSC) today released the following statement in response to the largest musicians’ pension plan in the United States, the American Federation of Musicians and Employers’ Pension Fund, announcing they have requested approval from the U.S. Treasury Department to reduce benefits in order to avoid insolvency:

“Not even two weeks into the new year, over 20,000 more American workers and retirees are now faced with potential benefit cuts of up to 40 percent as a result of Congress’ inaction. Losing nearly half of what you saved for in retirement is too much to ask of hard-working Americans.

“The longer Congress goes without reaching a bipartisan, bicameral compromise, the more urgent one becomes as the rug is pulled out from under more and more retirees and workers who will be hit with increasingly reduced retirement funds through no fault of their own. Three in four voters agree – Congress must act now to address the multiemployer pension crisis threatening millions of hard-working Americans.”

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About the Retirement Security Coalition:

Comprised of a diverse group of employers, labor unions, and policy experts dedicated to finding a common-ground solution to the multiemployer pension crisis, the Retirement Security Coalition is urging a bipartisan compromise to reinvigorate the multiemployer pension plan system in America. To learn more about the Coalition’s efforts to protect millions of Americans’ hard-earned retirement futures, please visit www.RetirementSecurityCoalition.com.