Month: May 2016
Supreme Court Hands Verizon Retirees Victory In Pension Spinoff Case
In a significant victory for a group of Verizon retirees whose pensions were spun off by the company, the U.S. Supreme Court vacated a lower court decision and sent the case back to be re-evaluated, giving the class action suit, advanced by the Association of BellTel Retirees Inc (BellTel), a significant shot in the arm.
Central States pension decision: Pyrrhic victory for Teamsters
Soon after the Treasury Department announced it was rejecting the Central States Pension Fund’s application to cut retiree benefits in a bid to stave insolvency, the International Brotherhood of Teamsters and their supporters were quick to applaud the decision.
Big pensions add to city’s retirement fund woes
The median private-pension benefit of individuals age 65 and older was $9,227 a year in 2014, according to the Pension Rights Center, a nonprofit advocacy group based in Washington. That same year, the median state- and local-government pension benefit was $14,158.
`Zombie’ Pension Plans Need Autopsies, Financial Watchdog Says
The finances of the Central States pension fund, like those of other dead or dying “zombie” pension plans, need to be investigated, a financial watchdog said.
Speech by Karen Friedman at the Breaking Through Power Conference (May 23, 2016)
Hello everyone and good morning! I am so happy to be here on the opening day of “Breaking Through Power.” What an amazing event! First, I want to thank Ralph Nader and all the hard-working staff at the Center for the Study of Responsive Law who put this together. I’m here today to tell you about […]
Teamsters pension fund won’t propose another plan to cut benefits
The struggle to fix a Teamsters retirement fund took another turn Thursday when the Central States Pension Fund said it will not propose another plan to prevent the fund from running out of money in 10 years. Instead, Central States Pension Fund wants Congress to pass legislation to protect pension benefits.
LETTER TO THE EDITOR: Treasury Is Right to Block Subpar Settlement
There is no question we need to find a solution to the problems facing Central States and other severely underfunded multiemployer plans.
Retirees dodge bullet, but ‘gun’ still loaded
Sixty-five-year-old Teamster retiree Ron Hill was relieved when the U.S. Treasury Department this month announced the rejection of a plan to drastically cut pensions for 272,600 Teamster workers and retirees, including thousands in Illinois.
Feds reject plan to cut Teamsters’ pensions
The U.S. Treasury Department announced Friday afternoon that it rejected Central States Pension Fund’s request to cut pension benefits for about 277,000 retired Teamsters across the country.
Retired Teamsters get reprieve as federal government rejects Central States pension cuts
Retired Teamsters facing imminent massive cuts to their pensions won a significant battle Friday that preserves their monthly retirement checks but still leaves open the huge issue of how to keep their pension plan solvent in years ahead.
Supreme Court rulings keep shareholder suits in state, set higher hurdles for plan participants
The Supreme Court made it somewhat easier to bring shareholder and other lawsuits in state court, but harder for retirement plan participants to sue unless there is clear harm, in two decisions released Monday.
Treasury denies Central States pension plan try to cut benefits
The Central States multiemployer pension plan’s application to reduce retiree benefits has been unanimously denied by the Treasury Department, Pension Benefit Guaranty Corp., and the Department of Labor.