PRC In the News
Proposal to slash Teamsters’ pension benefits to be discussed tonight
Facing cuts in their promised pensions of 30%, 50% and even more, retired Teamsters on Wednesday evening blasted the “rescue plan” that the Central States Pension Fund says it needs to save it from going broke.
Retirement Issue Gets Presidential ‘I Beg Your Pardon?’
The race to the Oval Office is shaping up, and people like Brianna Buch are noticing one sizable employment issue is getting little attention from presidential candidates: retirement. Buch joked that if recording artist Kanye West gets serious about running for president in 2020 and if he starts talking about retirement issues — maybe, just […]
Why Retirees Are Losing Their Pensions (AUDIO)
You didn’t read wrong. Retirees, after working for 30 years or more, will lose up to 70% of their pensions. These are some of our neighbors & friends. As a result of Congress’ 2015 omnibus spending bill, the pensions of up to 400,000 Americans, many of whom spent lifetimes working here, will see their pensions […]
Teamsters Local 371 organizes to protest pension cuts
Fred Lowry, a truck driver for 57 years, is facing a cut of $10,000 a year from his $33,600 annual pension unless federal action is taken on a controversial pension restructuring plan.
Retiree benefits are facing many threats
Retirees face a less secure future due to decisions soon to come from the U.S. Supreme Court, due to changes to Social Security and Medicare, and due to the enactment of the Kline-Miller Multiemployer Pension Reform Act. They deserve full disclosure and the truth.
So, You Think That You Have The Right To A Pension?
As a baby boomer, my interest in pension plans has grown as I approach the magic age when “mailbox money” will appear in my bank account every month. When I entered the workforce in the late 1970s, pension plans were a foundation of every employment contract along with a monthly salary and health insurance. We […]
Lawmakers Announce Principles for Bill As Alternative to DOL Fiduciary Rule
A bipartisan group of House lawmakers teamed to release a set of “best interest” principles to form the basis of financial education and advice legislation they are developing to counter the Department of Labor’s proposed fiduciary rule.
Plucking people’s pensions
That’s what’s happening for some folks who are giving up rights to future pension payments, reports The Washington Post’s Jonnelle Marte. It’s called pension advances, which offer retirees a lump-sum cash advance in exchange for all, or part, of their future pension payments, according to Marte.
What are the limits of congressional power to authorize suits?
Spokeo Inc. v. Robins, which will be argued on Monday, Nov. 2, has the potential to significantly change the law in terms of the ability of federal statutes to authorize suits in federal courts.
U.S. CEO retirement packages: Bigger than yours
Most fast food workers do not earn enough to retire with much of a pension. Then there is David Novak, executive chairman of YUM Brands, the conglomerate that runs Taco Bell, Pizza Hut, and KFC outlets.
Lawmaker Says Central States Rescue Not Only Option
A lawmaker who introduced legislation to address the Central States Pension Fund’s anticipated future insolvency—along with other supporters of the bill and critics of the fund’s rescue plan—disputed the notion that the plan is the only realistic solution.
Proposed draconian cuts to Teamsters’ pensions draws fire from retirees, who vow action
If you want to meet some of the most ticked-off people on the planet, talk to any trucking industry retiree who received that letter from the Teamsters’ Central States pension plan notifying them of their potential financial haircut coming in retirement.
