Senator Sherrod Brown and Congressman Richard Neal Introduce bills to save financially troubled multiemployer plans and protect retirees
WASHINGTON – The Pension Rights Center released letters today strongly endorsing new multiemployer legislation introduced by Senator Sherrod Brown (D-OH) and Congressman Richard Neal (D-MA). The “Butch Lewis Act of 2017” and its House companion bill “The Rehabilitation of Multiemployer Pensions Act” provide an innovative way to avoid retiree benefit reductions by providing relief to […]
Machinists pension latest to get treasury nod to cut benefits
The Treasury Department approved a reduction in pension benefits for 1,134 members of the International Association of Machinists Motor City Pension Plan.
Wisconsin Fights for its Retired Workers
Kenneth Stribling retired from the trucking industry after more than 30 years of service. In the years since, however, the 65-year-old Teamster has been working overtime to fight for the retirement he was promised. Like 10 million others, he spent the majority of his career paying into a multiemployer pension fund, often negotiating wage cuts, […]
Speech by Karen Friedman to New York Nurses Association (October 12, 2017)
Karen Friedman gave a speech to New York Nurses Association on October 12, 2017. You can read the speech here.
Role of retirement plans in tax debate highlights how poorly Americans are saving for retirement
The dust-up over 401(k)s is a good opportunity to remind everyone how bad the state of the average person’s retirement plan is.
Teamsters pension plan warns thousands of beneficiaries that the checks may get smaller
The Western Pennsylvania Teamsters fund — which has about 48 cents for every $1 in benefits it owes to retirees and workers — notified participants in April that it is considering cutting benefits in order to insure that the fund doesn’t become insolvent.
Comments on 2017 Draft Instructions for Form 8955-SSA
The Pension Rights Center submitted comments to the Internal Revenue Service on the draft Instructions for Form 8955-SSA. The comments emphasized the importance of deferred vested statements to participants. The statements are based on information reported on Form 8955-SSA. The Center urged the IRS to reject earlier guidance that permitted plans to give less comprehensive […]
Hospital Workers’ Pension Plan On Life Support
Across the country, millions of employees have entrusted their retirement savings to unregulated pension plans known as church plans. Many of these plans are run by church-affiliated schools, nursing homes and hospitals.
New York State Teamsters’ pensions to be slashed because of unfair law
By Karen Friedman Last week, the news came in that workers and retirees voted in favor of pension cuts by the New York State Teamsters Pension Fund. But dig a little deeper and you’ll see that the vote results are tainted. Because if you look at ballots cast, the workers and retirees overwhelmingly voted against […]
Furniture workers pension cuts okayed despite majority no vote
Thousands of members of a pension fund for furniture workers will soon see their benefits cut, even though a large majority of those members voted against the cuts or didn’t vote at all.
DuPont offers buyouts to 9,500 pensioners
DuPont quietly offered about 9,500 of its U.S.retirees a chance to exchange their pensions for a lump-sum buyout or small monthly annuity.
St. Joseph’s Pension Fund Bankruptcy Could Be Just One of Many in RI
Church pension plans controlled by the Diocese of Providence, like the bankrupt pension fund of St. Joseph Health services, may be in distress too – but no one knows and the Diocese of Providence will not respond to repeated requests for comments.
