Month: June 2016
Ironworkers union in Baltimore wants to cut pension benefits to save fund
Now Henry finds himself out on a ledge again, but not by choice. Ironworkers Local 16, the union that represents Henry and more than 1,100 other retirees and workers in the Baltimore area, has asked the federal government for permission to cut pension benefits.
LETTER TO THE EDITOR: Getting the facts wrong about pensions
The June 21 editorial “The hard truth about pensions,” which looked at multi employer pension plans, had a couple of misguided assertions.
Daines bill would help employees track retirement accounts
Workers changing jobs would have an easier time keeping track of their retirement plans, under bipartisan legislation introduced this week by Sens. Steve Daines and Elizabeth Warren
Elizabeth Warren Brings Donuts, Introduces 401(K) ‘Lost and Found’
Senator Elizabeth Warren, D-Mass., who most recently brought (what else?) Dunkin’ Donuts to fellow Dems occupying the House in an attempt to bring gun-control legislation to the floor, also has a plan to develop a national “lost-and-found” for retirement plans.
Senator propose legislation to help participants find abandoned retirement accounts
Bipartisan legislation to help find lost or forgotten retirement savings accounts was introduced Tuesday by Sens. Elizabeth Warren, D-Mass., and Steve Daines, R-Mont. The proposed Retirement Savings Lost and Found Act would use data that employers are already required to report to create a national, online, lost-and-found database for retirement accounts.
Warren, Daines offer retirement bill
Sens. Elizabeth Warren (D-Mass.) and Steve Daines (R-Mont.) on Tuesday introduced legislation to protect the retirement savings of people who change jobs.
Union retirees battle for pension payouts, possible bailout: What’s at stake?
When you walk past the 45-story skyscraper on Cleveland’s Public Square, look up and think of Walter Overstreet. There he was in the early 1980s, framing what was to become the Standard Oil of Ohio headquarters and was later known as the BP Tower — the third tallest building in Cleveland — and doing work that tries the […]
Who will save Central States?
The fate of the financially troubled Central States Pension Fund is once again in Congress’ hands.
Central States Pension Fund Rescue Not Panacea for All
Many Central States pension fund retirees said they would be better off financially if the plan’s rescue proposal were rejected—even if the fund eventually went insolvent.
High-court moves could change participant class-action suits
The ability of retirement plan participants and institutional investors to pursue ERISA and securities class-action lawsuits could be significantly altered, following two Supreme Court actions that have sent both groups back to the circuit courts to make their respective cases.
Treasury Is Right to Block Subpar Settlement
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).
Teamster Retirees Win Surprise Victory, Force Government Not To Slash Their Pension
In a stunning demonstration of the power of grassroots organizing, retired Teamster union members across the Midwest have forced the federal government to back down on plans to slash pensions on thousands of retired workers.