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Why Some Private-Sector Workers Are Facing Big Pension Cuts Millions of workers are likely to receive smaller retirement benefits as many multi-employer plans were underfunded as a result of the 2008-2009 financial crisis, according to CNN Money. Annual benefits could be reduced by $4,000 on average for multi-employer workers who have rendered at least 30 years of service, according to the Pension Benefit Guarantee Corp. Major plans and the multi-employer system would fail if Congress takes no action to fix the problem, says PBGCs director Josh Gotbaum. --CNN Money
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