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Iron Workers pension benefit reductions to start in February

01/27/2017 | Pensions & Investments

Iron Workers Local 17 Pension Fund, Cleveland, will implement a benefit reduction plan Feb. 1, following approval by plan participants by a ratio of 2-to-1, the pension fund announced Friday.


Iron Workers pension cuts approved; retirees to get smaller checks

01/27/2017 | The Plain Dealer

In a vote pitting current workers against retirees, the retirees in the Iron Workers Local 17 union in Cleveland lost. Starting next week, their pension payments will shrink, some by half or more.


In unprecedented move, pension plan cuts benefits promised to retirees

01/27/2017 | The Washington Post

A pension fund in Cleveland became the first plan to approve benefit cuts for current retirees — before the plan has run out of money. The move, some critics say, could open the door for other troubled pension plans to follow suit.


First Mutltiemployer Plan to Make Benefit Cuts Under MPRA

01/27/2017 | PlanSponsor

Cleveland Iron Workers Local 17 Pension Fund announced that its retirees will be the first in the country to face pension benefit cuts as a result of the Multiemployer Pension Reform Act (MPRA), which allows ongoing plans that are severely underfunded to take action to cut retiree pension benefits.


Will change in Washington bring help to ailing multi-employer pension funds?

01/17/2017 | The Columbus Dispatch

Last year, a group of retirees collecting pension benefits from the financially struggling Central States Pension Fund were able to block big cuts in their monthly check that the fund said it needed to keep it afloat.


Hospital pension fund in trouble: Retirees wonder who will pay, after 'church plan' fails

01/16/2017 | The Daily Gazette

The pension plan covering workers at the former St. Clare's Hospital has notified more than 1,100 participants that, based on current projections, it will run out of money to pay their retirement benefits in about another decade.


Puerto Rico Catholic School Teachers Win Round in Pension Suit

01/11/2017 | Pension & Benefits Daily

Puerto Rico Catholic school teachers survived a first attempt to dismiss a proposed class action that alleges the administrators of their pension plan mismanaged their retirement assets and failed to comply with ERISA.


Six Items on High Court’s Labor Docket Include Church-Plan ERISA Exemption Cases

01/10/2017 | Pension & Benefits Reporter

The Supreme Court will hear three cases asking whether large hospitals and other non-church employers can use the exemption to avoid fully funding their pension plans.


Employees of former St. Clare's Hospital face pension insolvency

01/10/2017 | Albany Times Union

A pension fund for employees of the former St. Clare's Hospital in Schenectady is likely to run out of money in the next decade, leaving more than 1,100 beneficiaries uncertain about their retirement income.


Failing Multi-Employer Pension 'Rehabilitation Plans' Don't Address Mismanagement of Investments

01/09/2017 | Forbes

According to the Pension Rights Center, there are more than 10 million workers and retirees in 1,400 multi-employer plans. Approximately 150 to 200 of these plans are projected to run out of money within the next 20 years.