Pensions & Benefits


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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...

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 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’...

Pension Fund says Hoffa’s Kroger Deal is Illegal

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: 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...
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