Reportedly 9% of Multi-employer pension plans in the United States are in the declining / critical status.
The New York Teamsters Conference Benefit Fund is in this category of distressed plans.
As of February 6, 2017, eleven (11 ) plans have filed with the treasury. See the status of their applications below.
Pension Rights Center, Norman Stein Comments to Treasury
Pension Rights Center, Norman Stein Comments To Treasury (2nd Letter)
James Hoffa, Ken Hall & John Murphy Comments to Treasury
The comment period was originally to conclude by November 14th, 2016. The Department of Treasury has extended comment period to December 21st, 2016.
The NY Plan sponsors took the simple approach and submitted cuts across the board, for all employer groups, irregardless of employer contribution level or previous and future cuts under the Pension Protection Act – rehabilitation plan.
20% Active. (assumed 11% cuts to date)
What about recent retirees who took 11% in the last 5 years, but just retired? They will receive a 42% equivalent cut.
Future UPS employees or those under schedule E who work for an additional 5 years will also receive a 42% equivalent cut.
Make your voice heard by commenting at the following online location. Comments should also be sent via mail to the posted address at 1500 Pennsylvania ave.