Warren, Daines offer retirement bill
Sens. Elizabeth Warren (D-Mass.) and Steve Daines (R-Mont.) on Tuesday introduced legislation to protect the retirement savings of people who change jobs.
Union retirees battle for pension payouts, possible bailout: What’s at stake?
When you walk past the 45-story skyscraper on Cleveland’s Public Square, look up and think of Walter Overstreet. There he was in the early 1980s, framing what was to become the Standard Oil of Ohio headquarters and was later known as the BP Tower — the third tallest building in Cleveland — and doing work that tries the […]
Who will save Central States?
The fate of the financially troubled Central States Pension Fund is once again in Congress’ hands.
Central States Pension Fund Rescue Not Panacea for All
Many Central States pension fund retirees said they would be better off financially if the plan’s rescue proposal were rejected—even if the fund eventually went insolvent.
High-court moves could change participant class-action suits
The ability of retirement plan participants and institutional investors to pursue ERISA and securities class-action lawsuits could be significantly altered, following two Supreme Court actions that have sent both groups back to the circuit courts to make their respective cases.
Treasury Is Right to Block Subpar Settlement
The Treasury Department rejected the Central States Pension Fund’s application to cut thousands of retirees’ benefits by 40%-70%, not because it was “nitpicking” but because the application was legally flawed and didn’t meet the conditions set forth by the Multiemployer Pension Reform Act of 2014 (MPRA).
Teamster Retirees Win Surprise Victory, Force Government Not To Slash Their Pension
In a stunning demonstration of the power of grassroots organizing, retired Teamster union members across the Midwest have forced the federal government to back down on plans to slash pensions on thousands of retired workers.
Teamsters retirees get pension reprieve, but fund still short
A leader in the fight to preserve pension benefits for hundreds of thousands of retired Teamster truck drivers and other workers took a victory lap of sorts in Columbus last week.
‘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 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.
