Pension Rights Center Response to Central States Teamsters Pension Fund Letter
On September 22, James P. Hoffa, General President of the International Brotherhood of Teamsters, wrote to Thomas Nyhan, Executive Director of the Central States Teamsters Pension Fund, to ask that the Fund’s trustees not propose “draconian benefit cuts that will impose significant hardships” on the Fund’s participants. Such cuts were authorized by the Multiemployer Pension Reform […]
Pension Rights Center Calls Proposed Retiree Benefit Cuts by the Central States Pension Fund a “Pension Demolition Plan”
WASHINGTON – Last week, the Central States Pension Fund began notifying hundreds of thousands of retirees that it has applied to the U.S. Department of the Treasury to cut their pensions. The application was filed under the Multiemployer Pension Reform Act of 2014 (MPRA), which allows trustees of severely underfunded multiemployer pension plans to cut […]
Proposed pension payment cuts of 50 percent and deeper rock and rile Teamster retirees in Akron
Count Steve Kmet among thousands of retired Teamsters around the nation to open their mail earlier this week and get a hard financial punch to the gut
Central States Pension Fund announces proposed pension cuts
In the last few days we at the Pension Rights Center have been inundated with calls from retirees who are receiving letters from their pension plan informing them that their pension is slated to be cut by as much as 70 percent. All of the retirees we have heard from so far are participants in […]
Central States Fund Alerts Participants To Potential Pension Reductions
Central States, Southeast and Southwest Area Pension Fund alerted its plan participants on its website that all fund participants were sent letters describing how the fund’s proposed pension reductions under the Multiemployer Pension Reform Act of 2014 will affect their benefits.
Who You Gonna Call? Ken Feinberg
In his latest role, mediator-in-the-spotlight sets sights on troubled pension plans.
Experts watching high court session
Pension plan executives and other investors are watching several Supreme Court cases in the term starting Oct. 5, especially ones that could change the rules for bringing legal actions against corporations, and challenges to when and where retirement plan participants can sue.
Central States Pension Fund Prepares To Slash Hundreds of Thousands of Workers’ Pensions
For several months, many current and retired truck drivers have feared receiving a letter in the mail that could be “devastating,” in the words of Teamsters union vice-president John Murphy. Finally, last Friday, the Central States Pension Fund sent those dreaded letters to 407,000 workers and retirees, mainly Teamsters employed by hundreds of trucking-related companies […]
Pensioners Fight Back When Fund Demands Overpayments Be Returned
You retire assuming the pension you were told you’ll get is correct. But imagine being told you were overpaid by your pension fund and now you have to pay back tens of thousands of dollars.
Retirees soon to learn how much pensions may be cut
Retired truck drivers and others who draw a pension from an underfunded pension plan expect to find out in the next couple of days how much their monthly stipend may be cut.
An amazing “Day of Action”
To help retirees around the country fight back against proposed reductions in their hard-earned pensions, the Pension Rights Center organized a “day of action” on September 10. The day was an amazing success with more than 200 retirees travelling to DC from 11 states to ask government officials and members of Congress to “stop the […]
Controversial Pension Advance Industry Flourishes With Little Federal, State Scrutiny
Effectively unregulated in all but two states, pension advance outfits offer lump-sum payments in exchange for a claim on future pension payouts, often from military retirees. As recent reports from the Government Accountability Office have found, the effective interest rates can be astronomical. In California, rates ranged as high as 84 percent, 7 times the […]
