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Treasury Department

Treasury Is Right to Block Subpar Settlement

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The Treasury Department rejected the Central States Pension Fund’s application to cut thousands of retirees’ benefits by 40%-70%, not because it was “nitpicking” but because the application was legally flawed and didn’t meet the conditions set forth by the Multiemployer Pension Reform Act of 2014 (MPRA).

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Teamster Retirees Demand Trustees 'Stop the Rush' to Slash Pensions in Half

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They thought their pensions were secure—but now they’re fighting to keep them. Retired and active Teamsters in 25 states from Florida to Minnesota received notice this fall that their pensions could be cut by as much as 60 percent, beginning July 1.

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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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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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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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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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Retirees brace for hardship as multi-employer pension cuts loom

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Of all the negative financial surprises that can hit in retirement, learning a "guaranteed" pension could be severely cut is among the worst.

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