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Senator Franken Wants Pension Cuts Reviewed

Senator Franken Wants Pension Cuts Reviewed Click to Enlarge Photo: Courtesy of Al Franken

Apr 15, 2016 at 1:54 pm

Washington D.C. (KNSI) - Senator Al Franken joined other Democrats in criticizing the Treasury for a plan that could cut pension payments to seniors in half.

Franken was addressing Treasury Secretary Jacob Lew's proposed revisions to the Multiemployer Pension Reform Act, passed in 2014.

Franken says that if approved, it would result in monthly pension payments being cut by up to 50 percent for some Minnesota seniors.

Franken, a member of the Senate Labor and Pensions Committee, said he's heard from many Minnesotans who fear these cuts won’t just severely affect their quality of retirement, but may also force them out of their homes.

The Senate Democratic Caucus and Franken would like Lew to carefully review proposed cuts to hard-earned pension benefits for retirees in Minnesota and across the country. 

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