20,000 Union Members, Retirees at Risk of Losing Pension Benefits

via The Washington Free Beacon

by Bill McMorris, The Washington Free Beacon
April 22, 2017

Five union pension plans are heading toward bankruptcy in the next 20 years if the federal government does not approve benefit cuts to retirees.

In March, four unions filed applications with the U.S. Treasury Department requesting relief under a program established by the Obama administration that allows multi-employer pension plans to cut benefits in order to sustain the long-term health of the plan. The applications from United Furniture Workers Pension Fund, Alaska Ironworkers Pension Fund, Southwest Ohio Regional Council of Carpenters, International Association of Machinists of Motor City Pension Fund, and Teamsters Local 805 Pension & Retirement Plan are all being reviewed by the department, according to the Pension Rights Center. If the cuts are approved on all four applications, as many as 20,309 union members could see their retirement money drastically reduced.

Read the full article.

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