5 01, 2017

Retired ironworkers could face pension cuts next month

2017-01-05T17:37:33-08:00January 5th, 2017|Categories: Defined Benefit Plans|Tags: , |

Larry Burruel is starting the new year with a grim reality: His monthly pension check could be cut in half at the end of the month. Burruel, 68, is among the hundreds of retired ironworkers who received the tough news a few weeks before the holidays. The cuts proposed by his pension plan, a small Cleveland-based fund with about 2,000 members, were approved by the Treasury Department on Dec. 16. It is the first time the agency has given the green light for a private pension plan to [...]

8 10, 2015

Large pension fund files plan to cut retiree benefits under new law

2015-10-08T00:26:42-07:00October 8th, 2015|Categories: Defined Benefit Plans, Pension Funding|Tags: , |

Nearly 300,000 former truckers and their families would suffer significant losses under a proposal that uses a controversial new law to cut once sacrosanct pension benefits. The huge Central States Pension Fund, which administers retirement benefits for some former and current Teamster truckers, said the reductions are the only way to save the plan from insolvency. […]

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