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“I Guess It’s Food Stamps”: 400,000 Americans In Jeopardy As Giant Pension Fund Plans 50% Benefit Cuts
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
zerohedge.com / by Tyler Durden on 02/18/2016 18:06
Dale Dorsey isn’t happy.
After working 33 years, he’s facing a 55% cut to his pension benefits, a blow which he says will “cripple” his family and imperil the livelihood of his two children, one of whom is in the fourth grade and one of whom is just entering high school.
Dorsey attended a town hall meeting in Kansas City on Tuesday where retirees turned out for a discussion on “massive” pension cuts proposed by the Central States Pension Fund, which covers 400,000 participants, and which will almost certainly go broke within the next decade.
“A controversial 2014 law allowed the pension to propose [deep] cuts, many of them by half or more, as a way to perhaps save the fund,” The Kansas City Star wrote earlier this week adding that “two much smaller pensions also have sought similar relief under the law, and still more pensions are significantly underfunded.”
“What’s happening to us is a microcosm of what’s going to happen to the rest of the pensions in the United States,” said Jay Perry, a longtime Teamsters member.
Jay is probably correct.
The post “I Guess It’s Food Stamps”: 400,000 Americans In Jeopardy As Giant Pension Fund Plans 50% Benefit Cuts appeared first on Silver For The People.
Thanks to BrotherJohnF
Source: http://silveristhenew.com/2016/02/18/i-guess-its-food-stamps-400000-americans-in-jeopardy-as-giant-pension-fund-plans-50-benefit-cuts-2/
