John Fowler saw his pension check drop 72% this year. And he could see more cuts to his IAM pension fund.
300 such plans across the country are underfunded, affecting 1.5 million people who rely on retirement checks from multi-employer pension plans.
There’s a government-sponsored insurance company for such pensions, but the Pension Benefit Guarantee Corp. (PBGC) projects it will go bankrupt by 2025.
To learn more about this on-going pension crisis, click the links below.