Tag: Multiemployer plan

Threatened pension cuts will test Trump ties to U.S. Rust Belt voters
Karen Friedman has been traveling the country speaking at meetings of retired union members – and they are angry. What riles them is the prospect of deep cuts in promised pension benefits, and they are hoping for relief from President Donald Trump.

Can President Trump help ironworkers about to lose part of pensions? Retiree family makes an unlikely plea
Congress didn’t help Cleveland’s retired ironworkers, who are about to lose part of their pensions. The Treasury Department didn’t either, although it said it did all it could. Can President Donald Trump help?

In unprecedented move, pension plan cuts benefits promised to retirees
A pension fund in Cleveland became the first plan to approve benefit cuts for current retirees — before the plan has run out of money. The move, some critics say, could open the door for other troubled pension plans to follow suit.

First Mutltiemployer Plan to Make Benefit Cuts Under MPRA
Cleveland Iron Workers Local 17 Pension Fund announced that its retirees will be the first in the country to face pension benefit cuts as a result of the Multiemployer Pension Reform Act (MPRA), which allows ongoing plans that are severely underfunded to take action to cut retiree pension benefits.

Cleveland Iron Workers vote to approve pension cuts: Iron Workers Local 17 becomes first plan to cut retiree pensions
WASHINGTON – Today, Cleveland Iron Workers Local 17 Pension Fund announced that its retirees will be the first in the country to face devastating pension benefit cuts as a result of the Multiemployer Pension Reform Act of 2014, which allows ongoing plans that are severely underfunded to take the unprecedented action of cutting retiree pension […]

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.