Teamsters’ Pension Fund Warns 400,000 of Cuts

Discussion in 'The Latest UPS Headlines' started by cheryl, Oct 7, 2015.

  1. cheryl

    cheryl I started this. Staff Member

    Teamsters’ Pension Fund Warns 400,000 of Cuts - New York Times

    A prominent Teamsters pension fund, one of the largest, has filed for reorganization under a new federal law and has sent letters to more than 400,000 members warning that their benefits must be cut.

    Any reorganization of the decades-old Central States Pension Fund would take months and would probably be a brutal battle as workers, retirees, union leaders and employers all seek to protect competing interests. It is a multiemployer plan, the type led jointly by a union and a number of companies, that has caused consternation for many years, because if it failed, it could wipe out a federal insurance program that now pays the benefits of a million retirees.

    Discussed here: http://www.browncafe.com/community/...oposed-cuts-have-been-announced.366603/unread

    and here: http://www.browncafe.com/community/...uction-plan-letter-october-2015.366625/unread