Workers’ pensions are being endangered by both Congress and those charged with overseeing them. The Teamsters and our members are standing united to say “No!” to cuts and “Yes!” to greater retirement security!
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(WASHINGTON) – The Treasury Department announced the details today for two public sessions in December for Central States Pension Plan retirees and participants to offer feedback on the proposed rescue plan. The sessions will be hosted by Treasury appointee Kenneth R. Feinberg who is overseeing the rescue plan review process as outlined by the Kline-Miller Multiemployer Pension Reform Act of 2014.
(WASHINGTON) – The Teamsters Union expressed its support today of the introduction of the House companion bill for Sen. Rob Portman’s (R-Ohio) Pension Accountability Act. The bill (HR 4029), which was introduced in the House by Reps. David Joyce (R-Ohio) and Tim Ryan (D-Ohio), would guarantee that the votes of thousands of retirees and participants would not be nullified as part of the process included in the Multi-employer Pension Reform Act (MPRA).
Cutting beneficiaries' retirement to the bone is not the way to solve this crisis.
(WASHINGTON) – In a letter sent today, Teamsters General President Jim Hoffa called on the trustees of the Central States Pension Fund to recall the proposal made to the Department of Treasury that calls for deep cuts for thousands of participants.
(WASHINGTON) – The Teamsters Union applauds the efforts of Sen. Rob Portman (R-Ohio) to pass legislation that would guarantee thousands of retirees and workers threatened by deep cuts to their pensions a meaningful voice in deciding their own future, without the threat of the Treasury Department nullifying their decision if it judges that the insolvency of the fund would be "systemically important" by causing a liability of more than $1 billion to the Pension Benefit Guaranty Corporation (PBGC).
On Labor Day 1974, President Gerald Ford signed the Employee Retirement Income Security Act (ERISA) into law. That law, more than a decade in the making, protected trillions of dollars in earned retirement pension benefits and enacted minimum protection standards on retirement pension plans for American workers.
I am writing to urge that the Central States Pension Fund Trustees not vote to file a petition with the United States Department of Treasury seeking to cut the pensions of thousands of Teamster members and retirees who earned them.