PRC In the News
01/06/17|Pension & Benefits Reporter

Iron Worker Retirees Face Stacked Deck in Vote to Cut Pensions

Nearly 2,000 Iron Workers in the Cleveland area will be voting by Jan. 20 to accept or reject cuts to their pensions, and the vote could pit active employees against retirees.

PRC In the News
01/05/17|Mic.com

Donald Trump collected a massive $168,000 union pension. Will he fight for yours?

Now that Trump is about to be president, the most important question is: What is Trump’s plan to save the system that is designed to protect millions of union pensions like his own?

PRC In the News
01/04/17|Pensions & Investments

Cleveland union becomes first for MPRA acceptance

The first multiemployer pension plan to win approval to reduce benefits offers lessons for other struggling plans facing insolvency.

PRC In the News
01/04/17|The Washington Post

Retired iron workers could face pension cuts next month

Larry Burruel is starting the new year with a grim reality: His monthly pension check could be cut in half at the end of the month.

PRC In the News
01/03/17|The New York Times

New York’s Teamsters May Have Their Pensions Cut. What Went Wrong?

As troubled pension funds go, the New York State Teamsters Conference Pension and Retirement Fund, with some $1.3 billion in assets, is by no means the largest. Neither is it in the direst financial shape, even though just 44.8 percent of its obligations are funded.

PRC In the News
12/30/16|Cleveland Plain Dealer

President-elect Trump, please help protect Cleveland ironworkers’ pension rights

If President-elect Donald Trump wants to do right by working-class Americans, he should work with Congress to repeal a cruel law that could slash the pensions of hundreds of retired ironworkers in Cleveland. Over time, it could reduce the benefits of more than one million other retirees and workers nationwide.

PRC In the News
12/22/16|Pension & Benefits Reporter

Pension Plan Owes Rescue Petition Success to Past Rejection

A multiemployer pension plan that gained Treasury Department approval for a petition to reduce participants’ benefits did so by scanning a road map gleaned from a department rejection letter. This road map may now pave the way for other plans seeking such approval.

PRC In the News
12/22/16|SHRM Online

Treasury: Troubled Multiemployer Pension May Reduce Payouts

The U.S. Treasury Department, for the first time, approved an application from a troubled multiemployer pension plan to reduce vested benefits paid to retirees. Other deeply underfunded union plans could follow the same path.

Press Release
12/20/16

Treasury Department approves pension cuts for Cleveland Iron Workers’ retirees

WASHINGTON – In a decision affecting more than 2,000 workers, retirees, spouses and widows, the Treasury Department announced on Friday that it had approved Iron Workers Local 17 Pension Fund’s application to cut retiree pensions under the Multiemployer Pension Reform Act (MPRA). This decision marks the first time the Treasury Department has allowed retiree pension […]

PRC In the News
11/17/16|BNA Pension & Benefits Daily

Multiemployer Pension Program’s Deficit Soars to Record High

The PBGC, which backstops defined benefit pension plans, has seen its multiemployer plan insurance program’s deficit rise by $6.5 billion in the last fiscal year to a record-high $58.8 billion

PRC In the News
11/17/16|Transport Topics

Central States Woes Continue, Pension Value Falls $500 Million

Central States Pension Fund lost $500 million during the first six months of this year, according to newly released financial documents, and continues to hemorrhage assets on the road towards eventual insolvency.

PRC In the News
11/14/16|Politico

Congress returns for lame duck session

Opponents to the proposal, including AARP and the Pension Rights Center,argue it provides insufficient protections for workers and jeopardizes “current pension benefits earned by retirees.”