Government, Business, TCA

Failing Pension Fund Threatens Thousands of Retired Truckers

Members of the International Brotherhood of Teamsters attend a rally in Washington, D.C., in 2016. The demonstrators are protesting a plan by the Central States Pension Fund to reduce payments to retirees. (Drew Angerer/Bloomberg News)

Jim Onley logged more than a million miles behind the wheel during his more than three-decade career as a truck driver, but a letter delivered to his New Milford, Ill., home in April stopped him in his tracks.

Isaac Guerrero | Rockford (Ill.) Register Star
June 11, 2018
Government, Business

New York Republican Peter King Supports Pension Bill

Rep. Peter King King by Albin Lohr-Jones/Bloomberg

Sen. Chuck Schumer (D) and Rep. Peter King (R) of New York announced their support for the Butch Lewis Act as an effort to save troubled multiemployer pensions such as the Central States Pension Fund and the New York State Teamsters Conference and Retirement Fund.

Ari Ashe | Staff Reporter
January 8, 2018
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

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

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

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

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

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 | Special to Transport Topics
August 22, 2016