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?
Comments to U.S. Department of Labor on the Proposed Revision of Annual Information Reports (December 5, 2016)
The Pension Rights Center submitted comments to the U.S. Department of Labor on its proposed revisions to the Form 5500, the form retirement plans use to report data to the federal government. The Center’s comments include recommendations that the Form 5500: Add questions concerning the default features of individual account plans; Clarify the definition of “active […]
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 […]
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.
President-elect Trump, please help protect Cleveland ironworkers’ pension rights
If President-elect Donald Trump wants to do right by working-class Americans, he should work with Congress to repeal a cruel law that could slash the pensions of hundreds of retired ironworkers in Cleveland. Over time, it could reduce the benefits of more than one million other retirees and workers nationwide.
The Legacy of DOL’s Champion for Employee Benefits
Phyllis Borzi has one month to go in office as assistant secretary for the Department of Labor’s Employee Benefits Security Administration, but stacks of files are still heaped on her desk and on the floor.
Pension Plan Owes Rescue Petition Success to Past Rejection
A multiemployer pension plan that gained Treasury Department approval for a petition to reduce participants’ benefits did so by scanning a road map gleaned from a department rejection letter. This road map may now pave the way for other plans seeking such approval.
Treasury: Troubled Multiemployer Pension May Reduce Payouts
The U.S. Treasury Department, for the first time, approved an application from a troubled multiemployer pension plan to reduce vested benefits paid to retirees. Other deeply underfunded union plans could follow the same path.
