Month: February 2016
Report: Teamsters pension fund cuts would affect 14,800 in Minnesota
Cuts proposed by the Teamsters Central States Pension Fund will touch retirees and workers in every corner of Minnesota,a document just released by the Pension Rights Center reveals.
Why the coming cuts to Teamster pensions deserve more national news coverage
Historically, it was illegal for pension plans to cut core benefits to people who are already retired; if the plan had money in the bank, it had to pay promised benefits. But many so-called “multi-employer” plans, which serve workers from multiple companies in a particular industry, have been falling into financial distress for years.
Houston workers fight for promised pensions
“We’ve never seen anything like this – ever,” Pension Rights Center Policy Director Karen Friedman said. “(The) law pretty much gives almost unbridled power to the trustees of certain pension funds that will allow them to cut the pensions of retirees by, in this case, as much as more than 70 percent.”
Innovation could be outcome of multiemployer plan debate
With three multiemployer pension plans moving to cut benefits, pension advocates are pushing to derail the law that made such steps possible before there are more, while other experts press for new plan designs.
Speech by Karen Friedman to the Texas-Houston Committee to Protect Pensions
Hello, my friends from Texas! I’ve flown here today from Washington, D.C. I’m happy to be talking to you about the movement to STOP the cuts to your pension. And I want to say right up front, we are making good progress on this goal. But I first want to ask you a few questions: […]
Iowa’s Treasurer Proposes State-Run Retirement Options for Iowans
42 percent of Iowa’s private sector workers do not have an employer-sponsored retirement plan. State Senator Janet Petersen and Iowa’s State Treasurer Michael Fitzgerald are working to change that. They’ve proposed a state-run plan for private employees, something more than 20 states are also considering.
Verizon participants petition SCOTUS on right to sue over de-risking deal
The Supreme Court is being petitioned to review a claim that could clarify when participants in defined benefit pension plans have a right to sue sponsors under the Employee Retirement Income Security Act.
Hundreds speak out on proposed Teamster benefit cuts
More than 500 people filled a public hearing Monday to speak out on proposed benefit cuts to one of the largest Teamster pension funds, which includes 30,000 members in Michigan.
Retired Teamsters fight to stop pension cuts
Retired pensioners called a plan to rescue the Central States plan as “Pension Theft.” The retirees said they don’t know what they’ll do if pensions are cut by up to 60%.
Statement of Karen Friedman at U.S. Treasury Department public session in Detroit, Michigan (February 8, 2016)
Thank you, Mr. Feinberg, for allowing me to speak here today. I am Karen Friedman, the Executive Vice President and Policy Director of the Pension Rights Center, a national consumer rights organization that works to protect and promote the retirement security of American workers, retirees and their families. I flew here from Washington today to […]
Teamsters pension crisis driving deep cuts for retirees
A plan to slash pensions for retired Teamsters has activists warning a dangerous precedent could be set for other plans. Angry Teamsters are expected in Detroit to protest cuts of 50% or higher.
Teamsters Local Pension Seeks Benefit Cuts, Third Multiemployer Plan to Request Approval
A New Jersey-based Teamsters local pension fund has become the third multiemployer pension plan known to apply for Treasury Department approval of benefit suspensions.
