The Next Big Bailout? Treasury Rejects Proposal To Cut Pension Benefits

The Next Big Bailout? Treasury Rejects Proposal To Cut Pension Benefits | Zero Hedge:
"UPS, and roughly 270,000 retired truck drivers, construction workers, and other service workers can breathe a collective sigh of relief... for now.
...Absent an injection of funds or benefit cuts, the fund which pays out $2.8 billion in benefits a year will be insolvent within ten years...
According to the WSJ, the fund currently has $16.8 billion in assets against $35 billion in liabilities, and has roughly one active worker contributing to the fund for every four retirees that draw from it.
So we're now back to where we started.
The Central States Pension Fund will by its own estimates be insolvent within ten years, and the government safety net, the Pension Benefit Guaranty Corp cannot be counted on to pick up the benefits because it too is well on its way to insolvency.
If the Treasury won't allow any pension cuts, and the government created safety net won't be there to keep the benefits flowing, how will the cash continue to flow to members?
With the precedent now set by the Treasury that no cuts will be allowed, the answer will likely come in the form of a massive bailout."