Via Woodtv.com By Susan Samples Elder Law of Michigan’s Director of Client Assistance, Sandra Wisnewski, was interviewed to help assist with a pension overpayment matter. HOLLAND, Mich. (WOOD) — When Adeline Reed received a letter from her pension fund telling her she’d been overpaid for nearly a decade, she was shocked. “I didn’t believe it,” said Reed, 74, of Holland. According to the letter from the Kraft … Continue reading Elder Law of Michigan/Mid-America Pension Rights Project – in the News!
Via American Journal of Transportation, By Mary Schlangenstein and Katherine Chiglinsky FedEx Corp. is transferring $6 billion in U.S. pension obligations to MetLife Inc. to reduce administrative costs. The deal covers the pension benefits of 41,000 retirees and beneficiaries who currently receive a monthly payout and meet certain conditions, the courier said in a statement Tuesday. FedEx, which said it would take a non-cash charge related … Continue reading FedEx to Shift $6 Billion in Pension Obligations to MetLife
Via Pensions&Investments, By Rob Kozlowski Chattanooga (Tenn.) Fire and Police Pension Fund has filed a lawsuit in Tennessee court against Wells Fargo, its custodian and trustee, alleging potential fraud and overcharging in its role as trustee, The suit, filed Tuesday in the Chancery Court of Hamilton County, alleges that Wells Fargo has not provided any disclosures regarding “significant compensation from third-party mutual funds and potentially … Continue reading Chattanooga Pension Fund Sues Wells Fargo for Alleged Fraud Over Revenue Sharing
Via SFGATE By Damian Paletta, The Washington Post When they went on strike in 2016, members in the union for marshmallow makers chanted, “No justice, no Peeps!” And on Thursday, a federal appeals court said the Peeps workers had a point. The U.S. Court of Appeals for the Fourth Circuit ruled that Just Born Quality Confections, the firm in Bethlehem, Pennsylvania, that makes the candy … Continue reading Sweet Taste of Victory for Peeps Union Workers as Judges Rule Against Candymaker
Via Times Herald By Jackie Smith New contracts with several Port Huron unions are expected to save the city $1.1 million in retirement costs a year. Port Huron City Council members approved new three-year collective bargaining agreements with four unions and potential adjustments for non-union employees during Monday’s regular meeting. After, City Manager James Freed said the changes affect about 220 employees and will help reduce … Continue reading City, unions agree to cut pension costs
Via http://www.ai-cio.com Requests for benefits reductions have picked up this spring, as Treasury Department filings show four pension funds recently applied for benefits cuts under the Kline-Miller Multiemployer Pension Reform Act of 2014. They are the Sheet Metal Workers Local Pension Fund, the Plasterers Local #82 Pension Plan, the Pressroom Unions Pension Trust Fund, and the Plasterers & Cement Masons Local 94 and Pension Fund. … Continue reading Four Pension Funds Apply for Benefits Reductions
Via CNN Money By Katie Lobosco In most states, public pension funds don’t have enough money to pay for benefits they’ve promised to government workers. The problem is getting worse. Overall, the shortfall across states grew by $295 billion between 2015 and 2016, according to a new report from The Pew Charitable Trusts. All together, state pension plans had just $2.6 trillion to cover a cumulative … Continue reading States have a $1.4 trillion pension problem