407,000 Workers Stunned As Pension Fund Proposes 60% Cuts, Treasury Says "Not Enough"

http://www.zerohedge.com/news/2016-05-21/407000-workers-stunned-pension-fund-proposes-60-cuts-treasury-says-not-enough
 
407,000 private sector workers are about to lose most of their pensions. When private pension plans go broke, they go broke. Public pensions expect a bailout.

The Central States Pension Fund, which handles the retirement benefits for current and former Teamster union truck drivers across various states applied for reductions under that law.
Currently the plan pays out $3.46 in pension benefits for every $1 it receives from employers. That’s a drain of $2 billion annually.
The plan filed for 60% cuts in pensions. The Treasury Department has the final say. The verdict came in today: “cuts not deep enough”.