Pensions reduced

I worked with pension plans over the years and most rules were established with the Pension Reform Act of 1974. That act provides that pensions must be evaluated each year to determine their safety which means is there enough money in the plan to pay off the retirees. If it is deemed that the plan is short which is called, ”underfunded” then more money must be put into the plan. If this is not done there are severe penalties. During the lame duck session of the last congress a large union pension fund appealed for and received relief from the requirement to properly fund their pension. A new law was passed saying that if they did not have the money they could instead reduce the promised benefits to both workers and present retirees. This did not make the news but you can bet those retirees know about it. Many people feel their pensions are guaranteed but this is no longer the case since other unions can now apply for this change.