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Benefit cutback

Resources for Central States Pension Fund Retirees

Publication

This page is intended to serve as a resource hub for retirees who are subject to cuts as a result of the Central States Pension Fund’s application to the U.S. Department of the Treasury to reduce retiree benefits. This page will be updated on an ongoing basis.

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The Pension Accountability Act

Legislation

In the last days of 2014, Congress passed the Multiemployer Pension Reform Act of 2014 (MPRA) as part of a year-end budget compromise. As a result of MPRA’s enactment, for the first time in 40 years multiemployer pension plan trustees have been given the authority to cut already earned retiree pension benefits while a plan is still solvent.

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Proposed draconian cuts to Teamsters’ pensions draws fire from retirees, who vow action

News Item

If you want to meet some of the most ticked-off people on the planet, talk to any trucking industry retiree who received that letter from the Teamsters’ Central States pension plan notifying them of their potential financial haircut coming in retirement.

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Legislation can keep pension plans funded (letter to the editor)

News Item

The first domino has fallen. In the waning moments of Congress last December, a bill was passed allowing multiemployer pension funds to cut the long-promised pension benefits of retirees.

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Pension Rights Center Response to Central States Teamsters Pension Fund Letter

News Release

On September 22, James P. Hoffa, General President of the International Brotherhood of Teamsters, wrote to Thomas Nyhan, Executive Director of the Central States Teamsters Pension Fund, to ask that the Fund’s trustees not propose “draconian benefit cuts that will impose significant hardships” on the Fund’s participants. 

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Pension Rights Center Calls Proposed Retiree Benefit Cuts by the Central States Pension Fund a “Pension Demolition Plan”

News Release

WASHINGTON – Last week, the Central States Pension Fund began notifying hundreds of thousands of retirees that it has applied to the U.S. Department of the Treasury to cut their pensions.

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Proposed pension payment cuts of 50 percent and deeper rock and rile Teamster retirees in Akron

News Item

Count Steve Kmet among thousands of retired Teamsters around the nation to open their mail earlier this week and get a hard financial punch to the gut

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Central States Pension Fund announces proposed pension cuts

Blog entry

In the last few days we at the Pension Rights Center have been inundated with calls from retirees who are receiving letters from their pension plan informing them that their pension is slated to be cut by as much as 70 percent.

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Central States Fund Alerts Participants To Potential Pension Reductions

News Item

Central States, Southeast and Southwest Area Pension Fund alerted its plan participants on its website that all fund participants were sent letters describing how the fund’s proposed pension reductions under the Multiemployer Pension Reform Act of 2014 will affect their benefits.

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Central States Pension Fund Prepares To Slash Hundreds of Thousands of Workers’ Pensions

News Item

For several months, many current and retired truck drivers have feared receiving a letter in the mail that could be “devastating,” in the words of Teamsters union vice-president John Murphy.

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