Thousands facing pension cuts

Posted at 6:29 PM, Feb 12, 2016
and last updated 2016-02-13 17:21:22-05

GREEN BAY, Wis.- Brad Vaughn of Green  Bay is one of thousands facing looming pension cuts.

"You know you plan your life on that and then it gets pulled out from beneath you," said Vaughn.

Vaughn could see up to half of his retirement income cut after investing into Central States Pension Fund while working at Supevalu in Green Bay.
"I'm going to h ave to go out and find another job," said Vaughn.
The Wisconsin Committee to Protect Pensions is rallying support to fight back.
"Our hope right now is to get it rejected," said Terry Black with the Committee to Protect Pensions.
Central States Pension Fund has $17.3 billion in net assets and handles pensions for more than 200,000 Wisconsin employees. 
"Reducing anyone's benefits is not something we ever wanted to do but it is something we have to do to save the pension fund and to be able to pay pension benefits to our hard working participants far into the future," said Central States Fund executive director, Thomas Nyhan.
The proposed cuts are part of a Rescue Plan by the company who says otherwise would go broke within a decade.
"They're not looking for our interests there's got to be other options to turning it around," said Black.
Vaughn plans on writing local lawmakers for change.
"You know be part of the movement instead of just sitting back waiting for everyone to do everything for you," said Vaughn.
The Committee to Protect Pensions group is meeting at Stadium View on March 5th at 3:30 to discuss options for saving their pensions.  They're expecting about 400  people or more at the event.