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14,800 Minnesotans face deep cuts to their pensions

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Ken Petersen spent 30 years as a Teamster trucker, loading and hauling utility poles, fertilizer and other freight. All those years his employers socked money away for the monthly pension check Petersen has received since he retired from trucking in 2003.

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So, You Think That You Have The Right To A Pension?

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As a baby boomer, my interest in pension plans has grown as I approach the magic age when "mailbox money" will appear in my bank account every month. When I entered the workforce in the late 1970s, pension plans were a foundation of every employment contract along with a monthly salary and health insurance.

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Lawmakers Announce Principles for Bill As Alternative to DOL Fiduciary Rule

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A bipartisan group of House lawmakers teamed to release a set of "best interest" principles to form the basis of financial education and advice legislation they are developing to counter the Department of Labor’s proposed fiduciary rule.

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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

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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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