Treasury Department Rejects Proposal to Cut Retiree Benefits

 NCCMP RATS LOSE.NEXT STOP FEDERAL COURT

Treasury Department Rejects Teamsters’ Central States Proposal to Cut Retiree Benefits

Proposed cuts would have slashed members’ income by 50% or more

By

Timothy W. Martin

May 6, 2016 2:07 p.m. ET

 

The Treasury Department on Friday rejected a proposal by the Teamsters’ Central States Pension Fund to cut pension checks for 200,000 retirees, according to people familiar with the matter.

It is extremely rare for retirees to ever see reductions in their pension benefit. The proposed cuts would have slashed some members’ income by 50% or more.

Central States represents about 400,000 truckers, construction and other types of service workers. Central States only has about half of the money it needs to meet future obligations, with $17.8 billion in assets versus liabilities of $35 billion.

The decision was made by Kenneth Feinberg, the star mediator, who judged whether Central States’ application to avoid insolvency followed the law and made reasonable assumptions about investment returns and membership contributions. Write to Timothy W. Martin at timothy.martin@wsj.com

THE RATS LOSE!!!! THE RATS LOSE!!!

Treasury Denies Central States Benefit Cuts!

Kenneth Feinberg, Special Master for the U.S. Treasury Department has recommended they deny the application of the Central States Pension Fund to implement its planned pension cuts. 

Retired and active Teamsters who have built a movement in our union to protect pensions deserve a big congratulations for winning this battle. The tireless work by many Teamsters is starting to pay off.

The grassroots campaign won this phase of the war, but more battles are on the horizon and we will need to plan our fight to maintain our earned secure retirements. The pension protection movement needs to continue to grow and play a role in finding real alternatives insuring our retirement security. 

HEY DOUGY STICK THE NCCMP IN YOUR ASS.GOT ANY MORE LETTERS