FOX10 News | WALA
Retired union workers facing large pension cuts gathered to voice their anger at those cuts Tuesday.
Representative Emanuel Cleaver conducted the town hall meeting.
According to Cleaver, more than 270,000 people from across several states, including Missouri, who have vested millions of dollars into their pension funds, have been told their benefits from the Central States Pension Fund would be drastically cut, some as much as by 60 percent.
“We’re not talking about some welfare situation. These people have worked hard all of their lives to earn this money,” Cleaver said.
The cuts are the result of the Multiemployer Pension Reform Act, which allows the pension company to ask the U.S. Treasury for permission to cut payments to remain solvent.