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Central States Big Wig Calls for 30% Benefit Cut

June 13, 2014
June 13, 2014: Al Nelson, the Benefits Services Director of the Central States Pension Fund, told Minneapolis Teamsters that he favors a 30 percent across-the-board benefit cut for every current retiree and every active Teamster in the fund. Nelson announced this position at a Local 120 meeting on June 6, where he was giving a report on the Central States Pension Fund. He elaborated that if the 30 percent cut is not made, the situation...

Sign the Petition to Protect Our Pensions

June 13, 2014
June 13, 2014: The Director of the Pension Benefit Guaranty Corporation (PBGC) has called for reforms that would help secure union members pensions. Josh Gotbaum, the Director of the PBGC, is calling for a major increase in insurance premiums paid by pension funds to provide more security to pension funds that cover Teamsters and other union members.   Teamsters for a Democratic Union (TDU) supports this proposal and urges its adoption.   You can help...

Breaking Pension Promises is No Solution at All

June 11, 2014
Kyle Garrett Pension Rights Center June 11, 2014 View the original piece Complexity is to be expected when discussing an issue like pensions. So for the moment let’s make things simple: 150 to 200 multiemployer plans are severely underfunded and may run out of money in 15 to 20 years if no action is taken. There are approximately 1.5 million workers and retirees in these plans. To solve this problem, members of Congress are considering a...

How Much Could Your Pension Be Cut?

May 30, 2014
May 30, 2014: How much could you possibly lose from your pension if the anti-cutback provisions are repealed from federal law? The Pension Rights Center has posted a retiree cutback calculator to show you the answer. The calculator shows how drastic the cuts could possibly be to retirees in “deeply troubled” pension plans, including the Central States Plan. The calculator provides the answer. Use the calculator below to determine how much your pension could legally...

The Wall Street Pension Scam

May 29, 2014
Dean Baker The Huffington Post May 29, 2014 View the original piece In recent years there has been a regular drum beat of news stories warning us about the enormous unfunded liabilities of state and local pension funds. Much of this has come from reports issued from well-endowed foundations, most notably the Pew and Arnold foundations who have a joint project on public pensions. Ostensibly these foundations are simply providing information to allow the public...
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