Category: Pension

Mid-America Pension Rights Project, Money and Finances, Pension, Retirement

(Mid-America Pension Rights Project:) Sweet Taste of Victory for Peeps Union Workers as Judges Rule Against Candymaker

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 (Mid-America Pension Rights Project:) Sweet Taste of Victory for Peeps Union Workers as Judges Rule Against Candymaker

elderlawofmi
Elder Law of Michigan, Legal, Legal Hotline, Legal Hotline for Michigan Seniors, Mid-America Pension Rights Project, Pension, Planning for the Future

(Mid-America Pension Rights Project:) City, unions agree to cut pension costs

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 (Mid-America Pension Rights Project:) City, unions agree to cut pension costs

elderlawofmi
a jar of pennies tipped over
FYI, Legal Hotline for Michigan Seniors, Mid-America Pension Rights Project, Pension, Retirement, Tips

(Mid-America Pension Rights Project:) Four Pension Funds Apply for Benefits Reductions

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 (Mid-America Pension Rights Project:) Four Pension Funds Apply for Benefits Reductions

elderlawofmi
10-key pad calculator
Legal Hotline, Legal Hotline for Michigan Seniors, Mid-America Pension Rights Project, Pension

States have a $1.4 trillion pension problem

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

elderlawofmi
Stacks of coins.
FYI, Legal, Legal Hotline, Legal Hotline for Michigan Seniors, Legal Hotlines, Mid-America Pension Rights Project, Pension, Tips

Trouble in candy land: How Peeps, pensions and a lawsuit threaten to upend the American retirement system

Via The Washington Post By Damian Paletta, Andrew Braford On April 1, hundreds of millions of marshmallow chicks and bunnies called Peeps will peer out from Easter baskets at American children. They are a pastel symbol of Easter joy, but behind the wax-eyed candy is a company at war with its union workforce over rising pension costs — an escalating legal tangle that could soon upend … Continue reading Trouble in candy land: How Peeps, pensions and a lawsuit threaten to upend the American retirement system

elderlawofmi
A calculator
FYI, Legal Hotline, Legal Hotline for Michigan Seniors, Legal Hotlines, Mid-America Pension Rights Project, Pension

Congress looking at pension issue

Via Cantonrep.com By Edd Pritchard, GateHouse Media Ohio AKRON U.S. Sen. Sherrod Brown hopes Congress will resolve the crisis involving multiemployer pension plans before the year ends. On Thursday morning, Brown and Mike Walden, president of the National United Committee to Protect Pensions, reviewed Congressional efforts to resolve pension problems during a meeting at United Steelworkers Local 2 offices. More than 100 retirees representing a half-dozen … Continue reading Congress looking at pension issue

elderlawofmi
Mid-America Pension Rights Project, Money and Finances, Pension, Planning for the Future, Retirement

(Mid-America Pension Rights Project): Court rejects challenge to TVA pension changes

Via Times Free Press By Dave Flessner A federal appellate court has affirmed the legality of cost-of-living cuts and other changes made in 2009 by the Tennessee Valley Authority and its retirement system board to one of the South’s biggest pension plans. The Sixth Circuit Court of Appeals last week rejected a legal challenge to the pension reductions by beneficiaries of the TVA retirement plan. … Continue reading (Mid-America Pension Rights Project): Court rejects challenge to TVA pension changes

elderlawofmi
Money and Finances, Pension, Retirement

(Mid-America Pension Rights Project): 7th Circuit orders closer scrutiny in union pension fund suit

Via The Indiana Lawyer By Dave Stafford A federal judge in Indianapolis has been ordered to take a closer look at whether a successor company can be held liable for money allegedly taken from a union pension benefit fund. The 7th Circuit Court of Appeals remanded for a second time a ruling in favor of Indianapolis-based ManWeb Services, Inc., the defendant in a suit brought by … Continue reading (Mid-America Pension Rights Project): 7th Circuit orders closer scrutiny in union pension fund suit

elderlawofmiLeave a comment
FYI, Health, Legal, medical, Michigan, Money and Finances, Pension, Planning for the Future, Retirement

(Mid-America Pension Rights Project): State hones in on ‘underfunded’ pension and health care plans, including 7 in mid-Michigan

Via Lansing State Journal By Beth LeBlanc March 7, 2018 Seven Lansing-area public employee retirement plans have come under scrutiny from the state for their unfunded liabilities. The Michigan Department of Treasury contacted pension plan administrators last week to inform them that reports they submitted to the state in January had triggered a preliminary review of the policies’ “underfunded status.” Read the full article. Continue reading (Mid-America Pension Rights Project): State hones in on ‘underfunded’ pension and health care plans, including 7 in mid-Michigan

elderlawofmiLeave a comment
Exterior view of the Michigan Capitol Building illuminated at night.
Elder Law of Michigan, FYI, Legal, Legal Hotline, Legal Hotline for Michigan Seniors, Legal Hotlines, Mid-America Pension Rights Project, Money and Finances, Pension, Tips

401(k) plans never meant to be a complete retirement plan. Where does that leave future retirees?

Via Michigan Radio By Stateside Staff Retirement accounts, specifically 401(k) plans, were never intended to be a substitute for a pension. But, the reality is, most people, if they have a retirement account at all, it’s a 401(k). Last year, the Wall Street Journal ran a piece in which the creators of the 401(k) worry about what they started. The 401(k) was designed to supplement income from Social Security and a pension. Frank Stafford, a professor … Continue reading 401(k) plans never meant to be a complete retirement plan. Where does that leave future retirees?

elderlawofmiLeave a comment