Tag: Multiemployer plan

Ironworkers union in Baltimore wants to cut pension benefits to save fund
Now Henry finds himself out on a ledge again, but not by choice. Ironworkers Local 16, the union that represents Henry and more than 1,100 other retirees and workers in the Baltimore area, has asked the federal government for permission to cut pension benefits.

Pension ruling triggers dire warnings
The U.S. Treasury Department’s rejection of a proposal by the Central States Pension Fund to slash benefits sets the stage for the collapse of the massively underfunded plan as well as the failure of the decades-old federal insurance program that protects benefits of more than 10 million participants in multiemployer plans.

Teamsters pension fund won’t propose another plan to cut benefits
The struggle to fix a Teamsters retirement fund took another turn Thursday when the Central States Pension Fund said it will not propose another plan to prevent the fund from running out of money in 10 years. Instead, Central States Pension Fund wants Congress to pass legislation to protect pension benefits.