PRC In the News
First Mutltiemployer Plan to Make Benefit Cuts Under MPRA
Cleveland Iron Workers Local 17 Pension Fund announced that its retirees will be the first in the country to face pension benefit cuts as a result of the Multiemployer Pension Reform Act (MPRA), which allows ongoing plans that are severely underfunded to take action to cut retiree pension benefits.
Hospital pension fund in trouble: Retirees wonder who will pay, after ‘church plan’ fails
The pension plan covering workers at the former St. Clare’s Hospital has notified more than 1,100 participants that, based on current projections, it will run out of money to pay their retirement benefits in about another decade.
Will change in Washington bring help to ailing multi-employer pension funds?
Last year, a group of retirees collecting pension benefits from the financially struggling Central States Pension Fund were able to block big cuts in their monthly check that the fund said it needed to keep it afloat.
Six Items on High Court’s Labor Docket Include Church-Plan ERISA Exemption Cases
The Supreme Court will hear three cases asking whether large hospitals and other non-church employers can use the exemption to avoid fully funding their pension plans.
Puerto Rico Catholic School Teachers Win Round in Pension Suit
Puerto Rico Catholic school teachers survived a first attempt to dismiss a proposed class action that alleges the administrators of their pension plan mismanaged their retirement assets and failed to comply with ERISA.
Employees of former St. Clare’s Hospital face pension insolvency
A pension fund for employees of the former St. Clare’s Hospital in Schenectady is likely to run out of money in the next decade, leaving more than 1,100 beneficiaries uncertain about their retirement income.
Failing Multi-Employer Pension ‘Rehabilitation Plans’ Don’t Address Mismanagement of Investments
According to the Pension Rights Center, there are more than 10 million workers and retirees in 1,400 multi-employer plans. Approximately 150 to 200 of these plans are projected to run out of money within the next 20 years.
Iron Worker Retirees Face Stacked Deck in Vote to Cut Pensions
Nearly 2,000 Iron Workers in the Cleveland area will be voting by Jan. 20 to accept or reject cuts to their pensions, and the vote could pit active employees against retirees.
Donald Trump collected a massive $168,000 union pension. Will he fight for yours?
Now that Trump is about to be president, the most important question is: What is Trump’s plan to save the system that is designed to protect millions of union pensions like his own?
Cleveland union becomes first for MPRA acceptance
The first multiemployer pension plan to win approval to reduce benefits offers lessons for other struggling plans facing insolvency.
Retired iron workers could face pension cuts next month
Larry Burruel is starting the new year with a grim reality: His monthly pension check could be cut in half at the end of the month.
New York’s Teamsters May Have Their Pensions Cut. What Went Wrong?
As troubled pension funds go, the New York State Teamsters Conference Pension and Retirement Fund, with some $1.3 billion in assets, is by no means the largest. Neither is it in the direst financial shape, even though just 44.8 percent of its obligations are funded.
