(Mid-America Pension Rights Project): AK Steel transfers $280 million in pension liabilities with group annuity purchase

Via Pensions&Investments By Rob Kozlowski AK Steel Corp., West Chester, Ohio, purchased a group annuity contract from Massachusetts Mutual Life Insurance Co. to transfer about $280 million in pension liabilities, spokeswoman Lisa H. Jester said in an email. The transaction took place this month, according to a 10-Q filing with the SEC on Friday. AK Steel transferred the liabilities of about 5,400 retirees and beneficiaries to the … Continue reading (Mid-America Pension Rights Project): AK Steel transfers $280 million in pension liabilities with group annuity purchase

(Mid-America Pension Rights Project:) Prosecutor: Montgomery County Employees Short-changed by Ohio Pension Fund

Via mydaytondailynews.com By Chris Stewart, My Dayton Daily News The Ohio Public Retirement System has failed to fully account for the income of 194 Montgomery County employees when calculating pension benefits, according to complaints filed Tuesday with the Supreme Court of Ohio. Separate filings by the Montgomery County Prosecutor’s Office and the Montgomery County Clerk of Courts each allege the Ohio Public Retirement Board made … Continue reading (Mid-America Pension Rights Project:) Prosecutor: Montgomery County Employees Short-changed by Ohio Pension Fund

5 Tips for Boosting Your Retirement Savings

Via Dayton Daily News By Kara Driscoll The concept of retirement is quickly evolving for Americans, who are no longer ending their work lives in their late 50s and early 60s. Now, workers are extending their careers for a multitude of reasons: financial hardship, Social Security and pension changes, household dynamics and a need for a purpose. By 2022, more than 27 percent of Ohio’s … Continue reading 5 Tips for Boosting Your Retirement Savings

Bricklayers’ Pension Plan Latest to Seek Benefit Cuts

via bna.com, by Kristen Ricaurte Knebel, Bloomberg BNA, July 22, 2016, An Ohio-based multiemployer bricklayers’ pension fund has become the latest fund to seek Treasury Department approval to reduce benefits. The Bricklayers & Allied Craftsmen Local No. 7 Pension Plan, based in Austintown, filed an application on June 28 for benefit cuts under the 2014 law that opened the door to such moves, the Multiemployer … Continue reading Bricklayers’ Pension Plan Latest to Seek Benefit Cuts

Akron-area Teamsters Headed to Washington to Protest Pension Cuts

via ohio.com, by Jim Mackinnon, Beacon Journal, April 12, 2016, Thousands of retired Teamsters — including two busloads from the Akron area — will pressure federal lawmakers Thursday at a rally in Washington, D.C., to ward off deep pension cuts expected to start this summer. “The rally is going to be on the west front lawn of the U.S. Capitol,” said Mike Walden, a retired … Continue reading Akron-area Teamsters Headed to Washington to Protest Pension Cuts

West Chester Widow to Testify on Pension Cuts

via Cincinnati.com, by Fatima Hussein, cincinnati.com, February 26, 2016, Rita Lewis lost her husband on New Year’s Day. Now she may be about to lose much of his retirement money. The West Chester widow is headed to Washington D.C., next month, to speak about the ongoing pension crisis involving the Central States Pension Fund affecting hundreds of thousands of retired Teamsters nationwide. Lewis will testify at a hearing of the Senate … Continue reading West Chester Widow to Testify on Pension Cuts

Teamsters Meet in Youngstown Over Pension Cuts

Update regarding the Ohio Teamster’s Pension, via WFMJ, by Danielle Cotterman, wfmj.com, January 31, 2016, Sunday afternoon, Teamsters from around the state packed a local union hall to discuss proposed pension cuts for thousands of workers who participate in the Central States Pension Fund. The meeting was held at Teamsters Local 377 in Youngstown. “Our dollars have gone away, I probably put $410-thousand plus in … Continue reading Teamsters Meet in Youngstown Over Pension Cuts