Tag: Multiemployer plan
Rally to focus on plight of pensioners
Denise Wheatley spent 32 years working as a clerk at Standard Forwarding, a trucking company in East Moline. Now retired, she’s counting on the $2,850 monthly pension she earned on the job. In a few months, though, that could be cut in half.
One of the nation’s largest pension funds could soon cut benefits for retirees
More than a quarter of a million truckers, retirees and their families could soon see their pension benefits severely cut — even though their pension fund is still years away from running out of money.
MEDIA ADVISORY: Retired truck drivers, spouses and widows to rally at U.S. Capitol to protest proposed pension cuts
WASHINGTON – Tomorrow, on Thursday, April 14th from 11:00 a.m. to 1:00 p.m., thousands of retired truck drivers, spouses and widows will travel to Washington, D.C., for a rally on the West Lawn of the U.S. Capitol to urge policymakers and the Treasury Department to stop unprecedented cuts to their hard-earned pensions. These retirees are […]
Losses under Goldman, Northern Trust accelerated Teamsters cuts
One of America’s most battle-hardened pension funds was flying high last decade with large bets on stocks, lower-rated bonds and real estate. But even during the best of times, the Central States Pension Fund needed to draw down at least $1.2 billion a year in capital to pay for overhead and Teamsters union drivers’ benefits.
MEDIA ADVISORY: Retirees coordinate statewide “March Madness” actions to protest unfair pension cuts
In a series of coordinated actions taking place from March 10-13, angry retired truck drivers, spouses and widows are taking to the streets in five states to protest unprecedented proposed cuts to their pensions. The retirees are calling on presidential candidates and members of Congress to protect their pensions and to educate other retirees that […]
Report: Teamsters pension fund cuts would affect 14,800 in Minnesota
Cuts proposed by the Teamsters Central States Pension Fund will touch retirees and workers in every corner of Minnesota,a document just released by the Pension Rights Center reveals.
Why the coming cuts to Teamster pensions deserve more national news coverage
Historically, it was illegal for pension plans to cut core benefits to people who are already retired; if the plan had money in the bank, it had to pay promised benefits. But many so-called “multi-employer” plans, which serve workers from multiple companies in a particular industry, have been falling into financial distress for years.
Houston workers fight for promised pensions
“We’ve never seen anything like this – ever,” Pension Rights Center Policy Director Karen Friedman said. “(The) law pretty much gives almost unbridled power to the trustees of certain pension funds that will allow them to cut the pensions of retirees by, in this case, as much as more than 70 percent.”
Innovation could be outcome of multiemployer plan debate
With three multiemployer pension plans moving to cut benefits, pension advocates are pushing to derail the law that made such steps possible before there are more, while other experts press for new plan designs.
Hundreds speak out on proposed Teamster benefit cuts
More than 500 people filled a public hearing Monday to speak out on proposed benefit cuts to one of the largest Teamster pension funds, which includes 30,000 members in Michigan.
Retired Teamsters fight to stop pension cuts
Retired pensioners called a plan to rescue the Central States plan as “Pension Theft.” The retirees said they don’t know what they’ll do if pensions are cut by up to 60%.
Teamsters pension crisis driving deep cuts for retirees
A plan to slash pensions for retired Teamsters has activists warning a dangerous precedent could be set for other plans. Angry Teamsters are expected in Detroit to protest cuts of 50% or higher.
