Comments to the U.S. Treasury Department on the New York State Teamsters Conference Pension and Retirement Fund’s application to cut retiree benefits (December 21, 2016)
The Pension Rights Center submitted comments to the U.S. Treasury Department on the New York State Teamsters Conference Pension and Retirement Fund’s application to cut retiree benefits under the Multiemployer Pension Reform Act of 2016. In its comments, the Center urges the Treasury Department to reject the application because:
- The application fails to demonstrate that the plan took all reasonable steps to avoid insolvency;
- The actuarial assumptions, particularly the projection on future investment returns and the projection of base hours, are unrealistic and will not result in the plan remaining solvent in the long term;
- The benefit cut distributions are not equitable, for a variety of reasons; and
- The application violated explicit and implicit statutory requirements designed to ensure fairness and transparency.
Read the comments.