PRC In the News
03/09/17|Reuters

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.

PRC In the News
02/28/17|NY Daily News

About one million American workers have pension plans on verge of insolvency

Nearly one million working and retired Americans are currently covered by pension plans that are in imminent danger of insolvency, according to an organization trying to help people keep their retirement earnings.

PRC In the News
02/13/17|Ron Ponder Show

Joellen Leavelle appears on the Ron Ponder Show

Joellen Leavelle, PRC’s communications and outreach director, appeared on the Ron Ponder Show where she discussed recent pension cuts affecting Iron Workers Local 17 retirees as a result of the Multiemployer Pension Reform Act.

PRC In the News
01/31/17|The Plain Dealer

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?

PRC In the News
01/30/17|Pension & Benefits Daily

Cleveland-Area Iron Workers Approve Pension Cuts

Members of Iron Workers Local 17 in Cleveland have approved cuts to their pension benefits in an effort to keep their pension plan from going insolvent, and it’s the fund’s retirees who are going to take the hardest hit.

PRC In the News
01/27/17|Pensions & Investments

Iron Workers pension benefit reductions to start in February

Iron Workers Local 17 Pension Fund, Cleveland, will implement a benefit reduction plan Feb. 1, following approval by plan participants by a ratio of 2-to-1, the pension fund announced Friday.

PRC In the News
01/27/17|The Plain Dealer

Iron Workers pension cuts approved; retirees to get smaller checks

In a vote pitting current workers against retirees, the retirees in the Iron Workers Local 17 union in Cleveland lost. Starting next week, their pension payments will shrink, some by half or more.

PRC In the News
01/27/17|The Washington Post

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.

PRC In the News
01/27/17|PlanSponsor

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.

Press Release
01/27/17

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 […]

PRC In the News
01/17/17|The Columbus Dispatch

Will change in Washington bring help to ailing multi-employer pension funds?

Last year, a group of retirees collecting pension benefits from the financially struggling Central States Pension Fund were able to block big cuts in their monthly check that the fund said it needed to keep it afloat.

PRC In the News
01/11/17|Forbes

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.