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Legislation

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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State-based retirement plans for the private sector

Legislation

States around the country are looking into ways of using the efficiencies of public retirement systems to administer new types of pension plans for private-sector workers. Below are brief summaries of plans that have either passed or are being considered.

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Retirees soon to learn how much pensions may be cut

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Retired truck drivers and others who draw a pension from an underfunded pension plan expect to find out in the next couple of days how much their monthly stipend may be cut.

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An amazing "Day of Action"

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To help retirees around the country fight back against proposed reductions in their hard-earned pensions, the Pension Rights Center organized a “day of action” on September 10. The day was an amazing success with more than 200 retirees travelling to DC from 11 states to ask government officials and members of Congress to “stop the clock” on pension cuts.

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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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Teamsters Protest as Treasury Debates Allowing Pension Cuts for 1.5 Million Retirees

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About 300 angry Teamsters descended on Washington, D.C., September 10, demanding federal action to protect the pensions of union members threatened with benefit cuts. The retired Teamsters are among a group of as many as 1.5 million retirees from a long list of different labor unions nationwide that could see their pensions slashed under a new law quietly approved late last year.

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Proposed pension cuts have Teamster retirees worried

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Retired truck drivers and other retirees who draw a pension from an underfunded pension plan expect to find out early this fall how much their pension will be cut.

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Impassioned Voices Ring Loudly at Benefits Suspension Hearing Savings

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When crafting final regulations on suspending benefits under multiemployer pension plans, the IRS and Treasury Department should use the "maximum limits" of their authority to write rules that follow the law but are as fair as possible to workers and retirees, speakers said during an IRS hearing.

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With union pensions in jeopardy, Ohio members plead with Congress and the feds

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Alex Adams lifted his shirt so the panelists and audience could see the bandages and feeding tube. "This is how I eat," he said in a halting voice. 

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