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Underfunding

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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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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Independence rally draws pension rights advocate Karen Friedman

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Pension rights advocate Karen Friedman will address area retirees facing huge cuts to their pensions at a rally Thursday in Independence.

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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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Why Retirees Are Losing Their Pensions (AUDIO)

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You didn't read wrong. Retirees, after working for 30 years or more, will lose up to 70% of their pensions. These are some of our neighbors & friends. As a result of Congress' 2015 omnibus spending bill, the pensions of up to 400,000 Americans, many of whom spent lifetimes working here, will see their pensions evicerated.

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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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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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Resources for Central States Pension Fund Retirees

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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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