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

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

GAO to Investigate Central States’ Investments

via pionline.com, by Hazel Bradford, Pensions&Investments, June 29, 2016, The Government Accountability Office will investigate the investment decisions made by the $17.8 billion Teamsters Central States, Southeast & Southwest Areas Pension Fund, Rosemont, Ill., an agency official confirmed Wednesday. The investigation was requested June 21 by 10 senators and 41 congressmen, who asked GAO officials to consider several issues, including how the pension fund’s fiduciaries … Continue reading GAO to Investigate Central States’ Investments

Methodist LeBonheur Pension Draws Lawsuit

via commercialappeal.com, by Kevin McKenzie, The Commercial Appeal, July 13, 2016 Mary L. Brace has had no problem collecting her monthly $670 pension checks from Methodist Le Bonheur Healthcare since she retired as a registered nurse in 2009. Still, a newspaper advertisement and an attorney from a Pennsylvania law firm have led Brace to be the lead name on a federal lawsuit claiming the Memphis … Continue reading Methodist LeBonheur Pension Draws Lawsuit

Treasury Rejects a Plan to Cut Pensions for Teamsters

via freep.com, by Susan Tompor, Detroit Free Press, May 6, 2016, Retired truck drivers and other members of the Teamsters union scored a victory and avoided drastic cuts to their pensions, as the U.S. Treasury rejected a bailout plan proposed by the Central States Pension Fund. Central States Pension Fund trustees submitted a proposed rescue plan in late September as a way to avoid an even more … Continue reading Treasury Rejects a Plan to Cut Pensions for Teamsters

Can an Annuity Act as Your Pension Plan?

via usatoday.com, by Jeff Reeves, USA Today, April 21, 2016, Retirement planning has changed a lot over the last few decades. And perhaps one of the most dramatic changes is the slow and steady death of employer-provided pensions. According to Bureau of Labor Statistics data, only 10% of private employers offered defined benefit retirement plans in 2011 to cover just 18% of America’s private-sector workers. Just … Continue reading Can an Annuity Act as Your Pension Plan?

Teamsters Protest Looming Pension Cuts at D.C. Rally

via Transport Topics News, by Rip Watson, ttnews.com, April 14, 2016, WASHINGTON — Thousands of Teamsters retirees, angered by looming pension cuts of 50% or more, descended on Washington April 14 to protest the reductions ahead of a May 7 deadline for a Treasury Department decision on the proposed cutbacks. Treasury is considering a proposal from the Central States Pension Fund, the largest Teamsters pension … Continue reading Teamsters Protest Looming Pension Cuts at D.C. Rally