Mine Worker Bailout Would Unfairly Preserve UMWA Pensions While Other Pensions Face Massive Cuts
Created on March 14, 2016
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Sources: Author's calculations based on the UMWA's pension benefits for a 62-year-old worker who retires in 2016 with 30 years of work history. Data on UMWA’s pension eligibility are from UMWA Health and Retirement Funds, Pension Eligibility Requirements, http://www.umwafunds.org/Pension-Survivor-Health/Pages/Eligibility-Requirements.aspx (accessed March 9, 2016). Data on pension benefit cuts are based on PBGC's guaranteed level and U.S. Government Accountability Office, “Private Pensions: Multiemployer Plans and PBGC Face Urgent Challenges,” Testimony Before the Subcommittee on Health, Employment, Labor and Pensions, Committee on Education and the Workforce, House of Representatives, March 5, 2013, http://www.gao.gov/assets/660/652687.pdf (accessed March 10, 2016).
CHART 2 • IB 4529
Tags: UMWA, United-Mine-Workers-of-America, pension, bailout, PBGC