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Multiemployer plan

New York’s Teamsters May Have Their Pensions Cut. What Went Wrong?

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As troubled pension funds go, the New York State Teamsters Conference Pension and Retirement Fund, with some $1.3 billion in assets, is by no means the largest. Neither is it in the direst financial shape, even though just 44.8 percent of its obligations are funded.

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How safe is your pension?

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But for millions of union workers, part of the attraction of paying union dues over a lifetime of work was the promise that a pension. Many of those pensions are so-called multiemployer plans, which cover workers for unrelated employers in the same industry.

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President-elect Trump, please help protect Cleveland ironworkers' pension rights

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If President-elect Donald Trump wants to do right by working-class Americans, he should work with Congress to repeal a cruel law that could slash the pensions of hundreds of retired ironworkers in Cleveland. Over time, it could reduce the benefits of more than one million other retirees and workers nationwide.

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Pension Plan Owes Rescue Petition Success to Past Rejection

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A multiemployer pension plan that gained Treasury Department approval for a petition to reduce participants’ benefits did so by scanning a road map gleaned from a department rejection letter. This road map may now pave the way for other plans seeking such approval.

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Treasury: Troubled Multiemployer Pension May Reduce Payouts

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The U.S. Treasury Department, for the first time, approved an application from a troubled multiemployer pension plan to reduce vested benefits paid to retirees. Other deeply underfunded union plans could follow the same path.

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Treasury Department approves pension cuts for Cleveland Iron Workers' retirees

News Release

WASHINGTON – In a decision affecting more than 2,000 workers, retirees, spouses and widows, the Treasury Department announced on Friday that it had approved Iron Workers Local 17 Pension Fund’s application to cut retiree pensions under the Multiemployer Pension Refo

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White House Opposes Bill Creating Newfangled Pension Plan

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The White House opposes a discussion draft bill that would permit significant changes to collectively bargained pension plans, and is urging Congress not to include the measure on the menu of a year-end budget bill.

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Take Action: Tell Congress: Stop the so-called composite bill

Action

Urge your members of Congress to stop a draft proposal that would send shockwaves through the nation’s multiemployer pension system. A dangerous proposal, called the “composite bill,” could be attached to must-pass year-end legislation, in this year’s lame-duck session of Congress, just as it was with the Multiemployer Pension Reform Act (MPRA) two years ago.

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Composite bill: Another threat to multiemployer pension plans

Blog entry

Earlier this fall, a U.S. House of Representatives subcommittee held a hearing on draft legislation that has the potential to undermine the stability of the multiemployer pension system.

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Multiemployer Pension Program’s Deficit Soars to Record High

News Item

The PBGC, which backstops defined benefit pension plans, has seen its multiemployer plan insurance program’s deficit rise by $6.5 billion in the last fiscal year to a record-high $58.8 billion

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