More than a million retired and current truck drivers, construction workers and other union workers could see their pension benefits cut now that Congress passed a proposal aimed at shoring up some of the nation's biggest pensions.
Tacked on as an amendment to the government's $1.1 trillion spending bill, the proposal was approved by the Senate late Saturday night.
While those sponsoring the pension proposal say it is "the only available option" to save failing multiemployer pension plans, other groups -- like the AARP and the Pension Rights Center -- are crying foul.
Multiemployer pension plans cover more than 10 million workers and retirees in the trucking, manufacturing and other industries. But many of these plans have struggled in the last decade as they grapple with an aging workforce and major investment losses from the recession. Plus, many larger employers have pulled out of the plans.