pension
Business, TCA

New York Teamsters Pension Cuts to Take Effect Despite 2-1 Opposing Vote

Olivier Douliery/Abaca Press/TNS

The U.S. Treasury Department on Sept. 13 announced that active and retired Teamsters across upstate New York had voted against big pension reductions by better than a 2-1 ratio.

John Cropley | The Daily Gazette (Schenectady, N.Y.)
September 13, 2017
Business

UPS to Freeze Pension Plans for Nonunion Employees

John Sommers/Transport Topics

UPS Inc. will freeze its pension program for 70,000 nonunion employees in five years and replace it with 401(k) accounts, the nation’s largest package delivery company announced June 27. UPS, which said the move is a reaction to rising pension deficit, joins other large corporations that have phased out traditional retirement plans.

Roger Yu | USA Today
June 29, 2017
Government

Trump Budget Would Raise $16 Billion to Protect Pensions

Companies contributing to multiemployer pensions would pay significantly more in premiums under a budget proposal from President Donald Trump released in May.

Ari Ashe | Staff Reporter
June 5, 2017
Business

Sen. Bernie Sanders Revives Pension Bill to Shield Retirees From Cuts

Bernie Sanders via YouTube

Lawmakers on Capitol Hill again introduced legislation to address problems plaguing the multiemployer pension system, including truck drivers in the Central States and New York State Teamster funds.

Ari Ashe | Staff Reporter
May 22, 2017
TCA

New York Teamsters Get Reprieve From Pension Cuts, For Now

Susan Melkisethian/Flickr

Thousands of upstate New York retired Teamsters have dodged a potential pension cut, at least for now, thanks to a recent decision by the federal government.

Rick Karlin | Times Union (Albany, N.Y.)
April 18, 2017
Business

New York’s Road Carriers Local 707 Pension Fund Goes Insolvent

Jagz Mario/Flickr

The Road Carriers Local 707 Pension Fund in Hempstead, New York, has gone insolvent and received protection by the Pension Benefit Guaranty Corp. to issue benefits to retirees.

Transport Topics
March 15, 2017
Government, Business

Deficit for Federal Agency Ensuring Pensions Grows to $58.8 Billion

Pension Benefit Guaranty Corporation

The Pension Benefit Guaranty Corp., which ensures that retirees receive benefits even if their pensions become insolvent, reported that its multiemployer plan deficit grew to $58.8 billion in fiscal year 2016 and will likely run out of money before the end of 2025, the government agency announced.

Transport Topics
November 17, 2016
Business, Government, Autonomous

N.Y. Teamsters Fund to Seek US Approval to Slash Retiree Pension Benefits By 31%

John Sommers II for TT

The New York State Teamsters Conference Pension and Retirement Fund later this month plans to seek federal approval to cut retiree pension benefits by 31%, becoming the second trucking union planning to announce that step as a way of preserving future benefits.

Rip Watson | Senior Reporter
August 22, 2016
Business

Federal Officials, Union Seek Fix For Central States Pension Fund

John Sommers II for TT

Legislative and regulatory efforts to address financial troubles with union pension funds are continuing in the aftermath of the Central States Pension Fund’s unsuccessful effort to rescue its plan by slashing most retirees’ benefits by 50% or more.

Rip Watson | Senior Reporter
June 20, 2016
Government, Business

Central States Won’t Create New Pension Rescue Plan, Appeals to Congress for Help

Drew Angerer/Bloomberg News

The Central States Pension Fund has decided not to submit a new rescue plan to avert future insolvency, leaving the question of funding future pensions for its Teamster members in the lap of Congress.

Rip Watson | Senior Reporter
May 20, 2016

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