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Red zone/ critical status

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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Proposal to slash Teamsters' pension benefits to be discussed tonight

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Facing cuts in their promised pensions of 30%, 50% and even more, retired Teamsters on Wednesday evening blasted the "rescue plan" that the Central States Pension Fund says it needs to save it from going broke.

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Teamsters Local 371 organizes to protest pension cuts

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Fred Lowry, a truck driver for 57 years, is facing a cut of $10,000 a year from his $33,600 annual pension unless federal action is taken on a controversial pension restructuring plan.

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Retiree benefits are facing many threats

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Retirees face a less secure future due to decisions soon to come from the U.S. Supreme Court, due to changes to Social Security and Medicare, and due to the enactment of the Kline-Miller Multiemployer Pension Reform Act. They deserve full disclosure and the truth.

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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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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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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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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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