PRC In the News
Teamsters want local Congressional reps, Senators to protect their pensions
A group of retired Teamsters demonstrated in front of the Leo O’Brien federal building in Albany Monday to draw attention to the threats to their pensions, as well as what looks like Congressional inaction.
Pension ruling triggers dire warnings
The U.S. Treasury Department’s rejection of a proposal by the Central States Pension Fund to slash benefits sets the stage for the collapse of the massively underfunded plan as well as the failure of the decades-old federal insurance program that protects benefits of more than 10 million participants in multiemployer plans.
Len Boselovic’s Heard off the Street: Teamster pensions spared, for the time being
Late in 2014, Congress quietly approved a scheme to prevent the insolvency of the federal program backing the pension benefits of about 10 million Americans.
Missing Pensions Costly to Retirees
People who have earned a defined-benefit pension seem to be in an enviable position — retiring with the promise of a steady income stream for life. But it’s not so enviable if the promised benefits don’t show up. And an investigation by the U.S. Department of Labor is finding that many retirees aren’t getting the benefits they’ve […]
When Your 401(k) Is Better for Your Employer
Is your retirement plan set up to benefit you or your employer? Such a question may seem out of place. After all, the Employee Retirement Income Security Act of 1974, known as Erisa, requires overseers of 401(k) plans and other benefit programs to ensure they are run safely, soundly and in participants’ best interests.
Retirees Win Round One
Who could have predicted a year ago, as Congress-sanctioned pension cuts gathered momentum, that thousands of retired truckers self-organizing in diners and union halls across Middle America would manage to apply the brakes?
Supreme Court Hands Verizon Retirees Victory In Pension Spinoff Case
In a significant victory for a group of Verizon retirees whose pensions were spun off by the company, the U.S. Supreme Court vacated a lower court decision and sent the case back to be re-evaluated, giving the class action suit, advanced by the Association of BellTel Retirees Inc (BellTel), a significant shot in the arm.
Central States pension decision: Pyrrhic victory for Teamsters
Soon after the Treasury Department announced it was rejecting the Central States Pension Fund’s application to cut retiree benefits in a bid to stave insolvency, the International Brotherhood of Teamsters and their supporters were quick to applaud the decision.
Big pensions add to city’s retirement fund woes
The median private-pension benefit of individuals age 65 and older was $9,227 a year in 2014, according to the Pension Rights Center, a nonprofit advocacy group based in Washington. That same year, the median state- and local-government pension benefit was $14,158.
`Zombie’ Pension Plans Need Autopsies, Financial Watchdog Says
The finances of the Central States pension fund, like those of other dead or dying “zombie” pension plans, need to be investigated, a financial watchdog said.
Teamsters pension fund won’t propose another plan to cut benefits
The struggle to fix a Teamsters retirement fund took another turn Thursday when the Central States Pension Fund said it will not propose another plan to prevent the fund from running out of money in 10 years. Instead, Central States Pension Fund wants Congress to pass legislation to protect pension benefits.
LETTER TO THE EDITOR: Treasury Is Right to Block Subpar Settlement
There is no question we need to find a solution to the problems facing Central States and other severely underfunded multiemployer plans.
