In March, four unions filed applications with the U.S. Treasury Department requesting relief under a program established by the Obama administration that allows multi-employer pension plans to cut benefits in order to sustain the long-term health of the plan. The applications from United Furniture Workers Pension Fund, Alaska Ironworkers Pension Fund, Southwest Ohio Regional Council of Carpenters, International Association of Machinists of Motor City Pension Fund, and Teamsters Local 805 Pension & Retirement Plan are all being reviewed by the department, according to the Pension Rights Center. If the cuts are approved on all four applications, as many as 20,309 union members could see their retirement money drastically reduced.This is why I favor partial privatization - aka personal accounts - for Social Security. When your money is in the hands of other people, well, rosy rates of return are promised, benefits start to outstrip revenues, and there are fewer workers in the system propping up a pool of retirees.
Then you go bankrupt, gradually then suddenly.