Pensions & Benefits


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FAQs: What the Pension Bill Means for You

UPDATED December 16, 2014: Get answers on the pension cut deal and what it means for you. The ink is still drying on the pension cut deal that was attached in the dead of night to Congress's spending bill. Some questions can be answered now. We will update with new information as it becomes available. Does this bill mandate pension cuts? No. This bill permits “deeply troubled” pension plans, those which could become insolvent over...

Congress, Hoffa Butcher Teamster Pensions

December 13, 2014: Congress has officially passed the spending bill that includes pension cut legislation that was attached as an amendment to the budget bill. The legislation guts federal pension protections and will pave the way for pension cuts in the Central States Pension Fund. Teamsters have questions and deserve answers. TDU lays out what the bill means for Teamsters in our Frequently Asked Questions.  The biggest question of all may be: how did Hoffa...

Will the Central States Big Shots Take a Cut?

December 12, 2014: Thomas Nyhan testified in Congress and lobbied hard – with our pension money and staff – to get the pension-cut bill passed. Now, he got his wish: a 163-page bill sneaked through Congress, tacked onto the budget.  We propose some small measure of equality of sacrifice, which is a basic principle of the labor movement.   The executives of the Central States Pension and Welfare Funds should take a 30% cut, to...

Urgent: Congress to vote today on pension cuts

December 11, 2014: We need your help NOW! The House is poised to vote on the omnibus spending bill, which includes provisions that would allow pension plan trustees to cut the hard-earned pension benefits of current retirees – as a purported solution to shoring up certain financially-troubled multiemployer plans. Click here to contact your members of congress and tell them to strip the pension cut ammendment from the omnibus bill. Sign up for email updates...

Congress' backroom pension-cutting deal is even worse than expected

Michael Hiltzik Los Angeles Times December 11, 2014 View the original piece At last the actual language has been released of the backroom, last-minute congressional deal allowing benefits of millions of retired workers to be shredded. It's even worse than its critics anticipated. We've tracked this inexcusably hasty, secretive maneuvering during the last week, reporting that it allows extreme, potentially premature cuts in benefits for retirees who are members of multi-employer pension plans. Such plans...
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