New England Teamsters’ Pension Fund $5.1B Underfunded

The New England Teamsters’ pension fund is $5.1 billion dollars underfunded, according to the Boston Globe. The New England Teamsters’ pension plan covers more than 72,000 truck drivers and warehouse workers represented by the New England Teamsters Union across many employers. Only one other United States multi-employer pension plan is more underfunded than the New England…
Read More

Eleven Pension Plans Seek to Cut Retiree Benefits

Eleven pension plans seek to cut retiree benefits because the plans are underfunded. If all eleven cut requests are approved, about 27,000 active workers and retirees could see a dip in their pension benefits by as much as 50%. The pending requests are from: Ironworkers Local 16 Pension Fund Ironworkers Local 805 Pension & Retirement Plan; Local 807…
Read More

Two Ohio Union Pensions Asked to Reduce Members’ Benefits

Four union pension funds covering various industries recently asked the U.S. Department of Treasury for permission to reduce the amount of benefits they pay to retirees. Two out of those four union pension funds are from Ohio.  The Ohio unions are the Southwest Ohio Regional Council of Carpenters Pension Plan and the Toledo Roofers Local No.…
Read More

Ohio Statehouse Rally to Save Pensions

Ten thousand union workers and retirees assembled on the grounds of the Ohio State Capitol today to protest potential cuts to the underfunded pensions of some 1.5 million people. They hoped to tell how cuts to their multiemployer pension plan benefits would devastate their lives and make it difficult to pay for their homes and medical costs. Members of…
Read More

Another Pension Plan Frozen, Benefits Dramatically Cut

Faced with insolvency or major benefit cuts, retirees and employee-members of the Alaska Ironworkers Pension Plan chose benefit cuts. Well, at least 175 of the 824 eligible voters did and that’s enough to effectuate the cuts. Majority of votes submitted wins, and since 507 people did not vote, the 175 who voted in favor of…
Read More

Facebook Cafeteria Employees “Win” a Pension Plan

Cafeteria workers (who are not Facebook employees) at Facebook’s Menlo Park, California headquarters just ratified their first collective bargaining agreement. In a strange U-turn from current trends, the workers replaced their 401(k) plan with the union’s defined benefit pension plan. Defined benefit pension plans, once the crux of generous union benefit packages, have been decreasing…
Read More