Pensions & Benefits


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Big Vote Coming in Central States Fund Don't Let Them Divide Us!

May 20, 2015:  Sometime this summer nearly 400,000 Teamsters and  retirees will be mailed a ballot, asking them to approve  cutting their own pension. That vote is our voice. Use it to Vote No  to demand improvements in the Central States  pension cut plan. Central States will try to pressure Teamsters  into voting yes for cuts—starting with scare  tactics. They will tell us if we Vote No and delay  the cuts for even a month,...

NY Public Workers: Management to Represent Teamsters?

May 20, 2015: Hoffa’s newest International Trustee hires a boss to help run the Teamsters’ biggest local. Local 237 represents over 10,000 Teamsters at the New York City Housing Authority. So why would the local hire a NYCHA boss to a union post? Local 237 President Greg Floyd hired Kevin Norman, as the Special Assistant to the President, a top leadership position in the largest local in the Teamsters.   Norman was previously in upper management at the New York City Housing Authority where he...

Central States Pension Fund: $17.9 Billion

May 15, 2015: The 2014 financial report on the Central States Pension Fund shows that the fund’s money manager – Northern Trust -- performed rather poorly last year, causing the fund to get a sub-par return of 6.86% on investments. The fund’s assets declined to $17.9 billion. Despite losses in 2014, the fund still has net growth over the past six years, since the end of 2008 when the fund had $17.3 billion in assets....

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

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

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’...
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