Teamsters pension cuts may get worse — and a U.S. safety net is at risk
Treasury Department Special Master Kenneth Feinberg has delivered a stinging rebuke to the $16.1 billion Central States Pension Fund’s application to slash benefits at a teetering retirement plan that had not yet collapsed.
Central States executive says Congress holds key to pension fund’s rescue
Saving the Central States Pension Fund largely rests with Congress now that the U.S. Treasury has rejected the fund’s own rescue plan, the head of the fund said Monday.
Threatened U.S. pensions safe for now – but what comes next?
Should the pension of a retired truck driver – or his widow – be cut by one-third or more because the plan is in trouble? Doing no harm to current retirees is a basic tenet of sound retirement policy, as well as basic fairness. But U.S. legislation passed in 2014 opened the door to the possibility […]
It’s back to the drawing board for multiemployer pension reform
The result of the first test of a new multiemployer pension reform law has left trustees of the Central States Teamsters pension fund reeling, other troubled multiemployer pension fund officials uncertain about their options and some politicians feeling the pressure to step in.
Should I take my pension in monthly payments or a lump sum?
I’m retiring and my company has given me the choice of receiving a monthly pension check or a lump sum. Which should I take? –Robert, Texas
Congress, seeing national pension crisis, starts to act
The U.S. Senate is stepping into the political fray over pensions — a looming crisis across the country — as hundreds of thousands of retirees brace for benefit cuts.
Pension Rights Center praises U.S. Treasury Department rejection of Central States Pension Fund application to cut retiree pensions
WASHINGTON – The Pension Rights Center joins hundreds of thousands of retired truck drivers, spouses, widows and active workers in praising the U.S. Department of the Treasury for rejecting the Central States Pension Fund’s application to cut its retirees’ pensions. “The Treasury Department decision is a victory for democracy,” said Karen Friedman, the Center’s executive […]
Time to rethink pensions?
Karen Friedman, Pension Rights Center Executive Vice President and Policy Director, discusses the current state of pensions in the U.S. and what can be done in the future.
Teamsters retirees await word on deep pension cuts
More than 13,000 Teamsters retirees in Michigan face cuts to their pensions as early as July. Some pension checks could be cut in half for retired truck drivers and others
Pensions At Risk: Is Your Retirement In The Crosshairs?
The U.S. Treasury Department is expected to decide by May 7 whether to approve benefit reductions for the trucking industry, which is one of the nation’s largest pension funds with more than 400,000 members.
Some Retirees Brace for Major Cuts in Wisconsin and Throughout the Midwest
Thousands of pensioners in Wisconsin and throughout the Midwest could soon see their benefits slashed. The U.S. Treasury will decide by the end of this week whether Central States Pension Fund can cut retirees’ benefits by up to 60 percent. The possibility could cause a lot more people to worry about their pensions.
Senate Democrats Urge Scrutiny of Central States Rescue
The entire Democratic Party Senate caucus has urged the Treasury Department to closely scrutinize the Central States pension fund’s rescue proposal.
