Teamsters pension cuts may get worse -- and a U.S. safety net is at risk

Treasury Department Special Master Kenneth Feinberg has delivered a stinging rebuke to the $16.1 billion Central States Pension Fund's application to slash benefits at a teetering retirement plan that had not yet collapsed. While greeted with relief by 270,000 U.S. households that faced drastic reductions in their living standards beginning in July, it all but ensures that ultimate benefit cuts will be even deeper, writes Elliot Blair Smith.