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Congress

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

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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)

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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

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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 Fund Alerts Participants To Potential Pension Reductions

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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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Who You Gonna Call? Ken Feinberg

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In his latest role, mediator-in-the-spotlight sets sights on troubled pension plans.

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

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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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Controversial Pension Advance Industry Flourishes With Little Federal, State Scrutiny

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Effectively unregulated in all but two states, pension advance outfits offer lump-sum payments in exchange for a claim on future pension payouts, often from military retirees. As recent reports from the Government Accountability Office have found, the effective interest rates can be astronomical. In California, rates ranged as high as 84 percent, 7 times the state’s legal maximum.

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