14 05, 2019

Feds approve pension cuts to W.Pa. Teamsters fund; 22,000 ballots to be mailed

2019-05-14T13:04:22-07:00May 14th, 2019|Categories: Defined Benefit Plans|Tags: , |

About 22,000 ballots will be mailed to pension plan participants in Western Pennsylvania for a vote on a 30% benefit cut proposed by the plan’s board. The ballots are being authorized after the U.S. Department of Treasury approved the Western Pennsylvania Teamsters and Employers Pension Fund’s request submitted last September to cut benefits. The plan represents about 17,000 retirees and 5,000 people who are working and paying into the fund. In a letter dated May 7, the Treasury Department sent [...]

7 12, 2017

Schumer backs Teamster pension rescue proposal; Senate bill to create Treasury agency would ease impact of cuts to benefits

2017-12-07T14:29:37-08:00December 7th, 2017|Categories: Pension Funding|Tags: , , |

Across the country, 114 of these multi-employer pension plans, covering more than 1.3 million workers, are underfunded by $36.4 billion and expect to become insolvent within the next 20 years. Teamsters whose pension benefits were cut could see some future relief under a proposal backed by Senate Minority Leader Charles E. Schumer, D-N.Y. Schumer and several other Democratic senators are backing legislation that would create a remedy through the Treasury Department. […]

6 05, 2016

Treasury rejects Teamster pension cuts

2016-05-06T21:06:46-07:00May 6th, 2016|Categories: Pension Funding|Tags: , , |

The U.S. Treasury Department has rejected the deep retirement cuts sought by the ailing Teamsters Central States Pension Fund, to the cheers of more than a quarter million trucking retirees and workers around the country. The government’s decision Friday does nothing to solve the dire financial problems of the Central States fund, which faces insolvency in 10 years. Some say the retirement fund’s only hope is a federal bailout. Kenneth Feinberg, the administrator appointed by Treasury to implement the [...]