Hundreds speak out on proposed Teamster benefit cuts
More than 500 people filled a public hearing Monday to speak out on proposed benefit cuts to one of the largest Teamster pension funds, which includes 30,000 members in Michigan.
Retired Teamsters fight to stop pension cuts
Retired pensioners called a plan to rescue the Central States plan as “Pension Theft.” The retirees said they don’t know what they’ll do if pensions are cut by up to 60%.
Statement of Karen Friedman at U.S. Treasury Department public session in Detroit, Michigan (February 8, 2016)
Thank you, Mr. Feinberg, for allowing me to speak here today. I am Karen Friedman, the Executive Vice President and Policy Director of the Pension Rights Center, a national consumer rights organization that works to protect and promote the retirement security of American workers, retirees and their families. I flew here from Washington today to […]
Teamsters pension crisis driving deep cuts for retirees
A plan to slash pensions for retired Teamsters has activists warning a dangerous precedent could be set for other plans. Angry Teamsters are expected in Detroit to protest cuts of 50% or higher.
Teamsters Local Pension Seeks Benefit Cuts, Third Multiemployer Plan to Request Approval
A New Jersey-based Teamsters local pension fund has become the third multiemployer pension plan known to apply for Treasury Department approval of benefit suspensions.
State-run retirement plans could offer a fix for future
At least half of the states have been working on some sort of plan, as tracked by the Pension Rights Center, an advocacy organization for workers based in Washington. Generally, workers’ contributions get deducted from their paychecks, like in a 401(k) plan, only the money goes into a government-sponsored plan.
Iron Workers Fund Looks to Cut Benefits,Is Second Plan to Seek Treasury’s Approval
An Iron Workers local pension fund has become the second multiemployer plan to apply for benefit suspension approval from the Treasury Department.
De-Risking and Rescue Plan Petitions Expected to Rise
The de-risking of single-employer defined benefit pension plans and the suspension of benefits by multiemployer plans are poised to be two of the primary issues facing pension plan sponsors and participants in 2016.
Pension cuts ‘crippling’ for retired Creve Coeur trucker and his family
When Joe Frakes stepped down from the cab of his truck for the last time, he thought he was set for life. After three decades on the road, he’d accrued a solid Teamster pension. But 13 years after retiring, the 75-year-old now fears a nosedive in his monthly check from $2,500 to less than $1,500.
Carefully Considering Pension Payment Options
Companies are increasingly offering retirees and former employees the option of taking their pensions in a lump-sum payment, rather than as a traditional monthly payment over a lifetime.
Lump sum or annuity? It’s not just a question for Powerball winners
Should a lottery winner claim the cash value of a jackpot and receive a reduced amount of money right away in a single payment, or choose 30 years of annual payments that add up to the jackpot amount? Well, few people will get rich playing the lottery, but many people do face a similar question […]
Teamsters look to fight pension cuts
Retired Teamsters fear it will take no less than an act of Congress to undo an act of Congress. Former Morning Glory Dairy employees are among the nearly 40,000 Wisconsin Teamsters who face a 50 percent cut to their pensions under a 2014 law aimed at keeping large pension funds solvent.
