Tag: Multiemployer plan
Iron Workers Plan Gets Bad News As Treasury Rejects Benefit Suspension
An Iron Workers defined benefit pension plan has become the third multiemployer plan to have its petition to cut benefits rejected by the Treasury Department.
Treasury rejects Ironworkers union application to cut retiree benefits
The U.S. Department of the Treasury has denied an application by Ironworkers Local 16, which represents 1,100 Baltimore-area retirees and workers, to cut pension benefits to retirees to extend the life of the fund, which is in danger of running out of money by 2032.
No Easy Solutions to Help Multiemployer Pension Plans
Several options have been proposed to bolster the PBGC’s multiemployer pension program funding by altering its premium structure, but none have overwhelming appeal, and all would require some give from stakeholders, the American Academy of Actuaries said.
Upstate Teamsters Face 30% Pension Cut
Retired after 18 years as a trucker, Morristown’s Bill Mead faces an unpleasant fact. “The Teamsters fund is going belly up, for lack of a better word,” he said. The upstate teamsters fund is asking the Treasury Department to okay a 31 percent cut in the monthly check for retirees.
Kline proposes more flexible benefits as part of pension reform
Rep. John Kline of Minnesota has proposed a new pension reform law that he said can save troubled multi-employer retirement plans from dissolution or insolvency by making benefits more flexible.
Draft Bill May Offer Better Mousetrap for Multiemployer Pensions
Draft legislative language that would create a controversial form of multiemployer pension plan was released in the House Education and the Workforce Committee.
Multiemployer pension reforms allowing composite plans proposed
Draft legislation allowing new multiemployer pension plan designs was unveiled Friday in a discussion draft released by House Education and the Workforce Committee Chairman John Kline, R-Minn.
Guest Column: Pension fund of precipice of destruction
Few people realize a pension crisis is looming. It’s the aftershock of the 2008 market collapse. Pension funds managed by unscrupulous Wall Street Banks held the worthless real estate investments that took the markets down further than most of us had previously seen in our lifetimes. The “investments” wiped out many billions in pension funds forever.
Crowdfunding Emerging as Power to the People Pension Tool
Crowdfunding is emerging as a creative and powerful tool that pension plan participants and retirees can use to independently investigate their plans.
Multiemployer Pension Resubmits Rescue Plan to Treasury
An Iron Workers local pension fund has withdrawn and resubmitted its application for benefit suspension approval from the Treasury Department, restarting the clock on the department’s review.
Iron Workers retirees get temporary reprieve from pension cuts
Retired iron workers in Northeast Ohio will get a short reprieve before their pensions could be cut.
Teamsters are still looking at pennies on the dollar in retirement
Teamsters in Minnesota and across the country may believe they caught a break when the U.S. Treasury Department stopped cuts in their retirement pay. But the Pension Benefit Guaranty Corporation (PBGC) is now saying the government is on track to run out of money to prop up the troubled Teamsters Central States Pension Fund in […]
