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Senators Call on Treasury Dept to Slow the Rush to Pension Cuts

May 15, 2015

May 15, 2015: Seven Senators have written to Secretary of the Treasury Jacob Lew calling on him to vigorously enforce retiree and worker rights before any pensions are cut under the Multiemployer Pension Reform Act passed last December. US Senator Sherrod Brown (D-Ohio) issued a statement and the letter today calling for guidelines to prevent a rush to pension cuts. The Central States Pension Fund is moving quickly to try to implement cuts, without careful...

Senators urge caution on multiemployer cuts

May 15, 2015

Hazel Bradford Pensions & Investments May 15, 2015 View the original piece Democratic members of the Senate Finance Committee asked Treasury Department officials to tread carefully as they develop the process for implementing multiemployer pension reforms enabling some plans to cut benefits. “These reforms are unprecedented and, therefore, we ask the Treasury Department to take its role in overseeing the benefit suspension provisions very seriously. In particular, it is critical that you ensure that participants’...

Pension Fund says Hoffa’s Kroger Deal is Illegal

May 07, 2015

May 7, 2015: The Central States Pension Fund has decisively rejected a proposed deal between the Hoffa administration and the Kroger Co which would pull all Kroger Teamsters out of the fund, without even paying the required withdrawal penalty. In a letter to the IBT and Kroger, Central States Director Thomas Nyhan pointedly reminds them that federal law requires cash payment of withdrawal liability before an employer can pull out of a union pension fund....

Pension Advocates Call for Hearings on Pension Cuts

April 29, 2015

April 29, 2015: Today the Pension Rights Center presented a call for action to the US House Subcommittee on Health, Employment, Labor and Pensions, calling for hearings on the devastating impact of pension cutbacks authorized by December 2014 changes in pension law. Teamsters for a Democratic Union and the pension protection movement support this call, and will work to advance legislation to correct the injustices of the Multiemployer Pension Reform Act (MPRA) passed in December. The...

Sign the Petition for Independent Audit of Pension Fund

April 29, 2015

April 29, 2015. Teamsters and retirees have launched a petition campaign calling on the Central States Trustees and IBT President James Hoffa to support an independent actuarial audit of the Central States Pension Fund to determine the extent and necessity of pending benefit cuts. Teamsters are demanding a “second opinion” with experts chosen by the pension protection committees across the region, prior to any rollout of the so-called “rescue plan” by the Fund. The “rescue...

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