"My wife isn't here to share in the joy today, but I made a commitment to her when I first got involved that I would stay in this struggle until a solution was found. Contact:Matt McQuaid, (202) 624-6877mmcquaid@teamster.org, View original content to download multimedia:https://www.prnewswire.com/news-releases/in-victory-for-teamster-retirees-central-states-pension-fund-awarded-36-billion-301698678.html, SOURCE International Brotherhood of Teamsters, https://www.prnewswire.com/news-releases/in-victory-for-teamster-retirees-central-states-pension-fund-awarded-36-billion-301698678.html, Silvergate slumps 28% after delaying annual report, warning about viability, Tesla says production innovation to cut auto costs by half, European banks, asset managers study halving stocks settlement time, First Horizon flags regulatory delay to TD Bank's $13.4 bln takeover, Diversified Healthcare: Q4 Earnings Snapshot. A recent analysis of the legislation conducted by the Congressional Budget Office (CBO) projects that grants would total $86 billion. He has worked for eight years to get the fund back on stable footing. Among the plans is the massive Central States Pension Fund that covers about 400,000 retirees and workers paying into the fund. The legislation would create a special program under which cashpayments would be made by the federal Pension Benefit Guarantee Corp. to those funds to ensure that payments to retirees can continue. This is an issue of fairness, of this country keeping its word to hardworking, honest people whodid everything they were supposed to do in life, said Teamsters General President Sean OBrien. After it files its application, the Central States plan is expected to get a lump sum of tens of billions of dollars, the two men said. The bill includes measures from the Butch Lewis Emergency Pension Plan Relief Act, which rescues Central States Pension Fund plans in the form of grants from the US Treasury Department that do not have to be repaid. And at the same time, these plans would be more poorly funded and therefore obliged to pay greater variable-rate premiums to the PBGC (which counts as government revenue), for another $7.2 billion. As always, we will keep you updated about any signicant developments. Flickr/cursedthing/cropped / CC BY-ND 2.0. Biden's American Rescue Plan Act provides $83 billion to prevent deep cuts to pension benefits. In early 2021, as part of his COVID-19 relief bill, Biden won approval of a multibillion-dollar fund to help the Pension Benefit Guaranty Corp. (PBGC), the federal government's insurer of last resort, shore up so-called multiemployer pension plans set up for union members that were under financial threat of failing. Any defection could have scrapped the provision or the whole bill. We now have CBO projections of the cost of the proposed program: Based on simulations of the data available through the PBGC, CBO projected that, in the average simulation, 185 plans would receive funds, and those funds would total $86 billion, the bulk of which, $82 billion, would be spent in 2022, with smaller amounts spent in 2023 ($2 billion) and 2024 ($0.6 billion). Investments returned 12.74% in 2017, 10.55% in 2019 and 2.93% (unaudited) in 2020. The Central States Pension Fund, according to the latest quarterly financial report, has $7.4 billion in assets, and continues to decline. We owe profound thanks to all our participants, Local Union partners and employers who took time to engage with their fellow stakeholders, and to advocate for pension relief with their elected officials. Meetings of up to six hundred activists and family members were held across the country in cities like Columbus, Milwaukee, and Missouri activity coordinated and sustained by Teamsters for a Democratic Union (TDU), a rank-and-file caucus within the union. And, honestly, Im not so sure this is a disaster either way; most pension plans, even poorly funded enough to be eligible for bailout money, have a certain amount of assets even so, and most pension plans have a practice of diversifying their investments into stocks and bonds, so that a greater proportion of the plans own assets could be shifted to stocks to make up for the mandatory bond investments of the bailout funds. There are about 1,400 such plans in the U.S. I explained that the new plan, one component of the Covid relief reconciliation bill, was a significant disappointment insofar as it consisted wholly of plowing cash into the most-troubled plans and lacked any of the reform provisions which might provide a path for long-term financial sustainability. In the narrowest interpretation, this means that a plan otherwise forecast to become insolvent soon enough to be eligible for this bailout, would be insolvent, instead, in 2051. NUCPP leaders also met with President Biden in early July. At the same time, no multiemployer pension plan is worse off with this legislation than without it, even if it isnt as generous as they would have liked. That's what TDU is about and that's why I joined.". This is a BETA experience. Ultimately, officials said, the entire cost of the assistance plan is expected to be as much as $90 billion. But sandwiched in the $1.9 trillion bill is significant pension relief the product of years of tireless organizing by Teamster retiree activists. Read the company's new proposed change of operations and the proposed utility employee change of operations. "He was very well aware of it.". Alternatively, the text could be read as intending only as much additional money that a plan would need, taking into account assets they already have and contributions that the plan projects it will receive in the coming 30 years from participating employers, to be able to pay those benefits. This seems terribly unfair, and, in fact, back in April the National Coordinating Committee for Multiemployer Pensions presented to the PBGC a set of recommendations calling for a more generous or middle-ground interpretation that they considered consistent with Congressional intent, in which at least some assets would be projected to be left-over in 2051. "Americans know this bill will benefit states and unions that have been poorly mismanaged," Rep. Lauren Boebert, R-Colo., said on the House floor. Tucked inside the $1.9 trillion stimulus bill that cleared the Senate on Saturday is an $86 billion aid package that has nothing to do with the pandemic. How will the DOLs finalized rules impact ESG investing? In all, two to three million workers and retirees in plans that receive assistance are expected to retain their full pension benefits for the next three decades. Congress fails to bail out struggling Central States pension fund. The pension protection movement, led by our Teamster retirees, showed what grassroots lobbying could do with seven years of effort. Published Mar 8, 2021 The sweeping stimulus bill awaiting expected final passage by Congress sets aside $86 billion to rescue nearly 200 failing pension plans nationwide, guaranteeing full pensions for more than a million retirees and workers, including many in the Philadelphia area. . This means that there will be a 30 day comment period before the decisions are finalized. It shows that for the year ended Dec. 31, 2020, Central States took in $659 million in employer contributions, and paid out $2.84 billion in benefits. The Butch Lewis proposal was included in the COVID relief bill that passed the House Ways and Means Committee on Feb. 11 by a vote of 25-18. Visit Teamster.org to learn more. The table below includes links to the application documents submitted with applications for which PBGC has completed redactions of personally identifiable information (PII). He points out that in 2021-22, Rajasthan was spending Rs 20,144 crore on pensions under OPS while contributing an extra Rs 2,200 crore a year for present staff under NPS. about 130 covering more than 1 million workers, Your California Privacy Rights / Privacy Policy. My multiemployer-community colleagues, however, clarified that the nature of this bill is driven by the requirements of a bill that uses the reconciliation process, which cannot do much of anything thats not simply spending money or collecting money. "After years of fighting alongside Ohio retirees, workers and small businesses, we finally have a solution that will not only protect these pensions but will stimulate our local economies and prevent a major bailout that would have cost taxpayers hundreds of billions of dollars if we did nothing," Brown said. The Central Pension Fund mailed the 2021 Annual Funding Notice (AFN) to all plan participants on Friday, May 21, 2021. In the Teamsters, the New York Local 707 is one of these funds where benefits have been slashed. Though UPS agreed to a $6.1 billion cash infusion on their way out, this left the fund without a key contributor that kept it financially stable. But Democrats hold very thin margins in the House and Senate. Subscribe today and get a yearlong print and digital subscription. "At the Black Leadership Conference, I was inspired by the dedication of TDU members who've been fighting for years. Rather, the $86 billion is . Instead, the PBGC believed that the plain meaning of the statutory language is in fact this narrow interpretation. Instead of asking unions to address their pension liabilities through a loan program, Democrats saw an opportunity to inject tens of billions of dollars of relief into the multiemployer pensions to keep them solvent for the next few decades. The federal government has designated 65 pension plans as in "critical and declining" status, and another 121 are listed as in "critical" status categories that make up part of the criteria for receiving help under the new law. IE 11 is not supported. Grant Saves Hundreds of Thousands of Americans from Facing Financial Hardship. After more than a decade of work to save our Pension Fund, our voices have been heard by Congress and the Administration, to whom we are eternally grateful for their legislative rescue. Every time she saw Hoffa in recent years, she would greet him with the word "pensions" before he could get it out. Heck, I dont know. That law, part of a broader budget measure signed by President Barack Obama, kicked the Teamsters into overdrive because it paved the way for pension plans to slash benefits for retirees to stay afloat. This in itself adds in a bit of fairness, putting plans that were more or less conservative in their original valuations on a level playing field. The $1.9 trillion American Rescue Planis best known for sending $1,400 checks to most Americans and extending unemployment benefits to millions of workers hurt bythe pandemic. U.S. Rep. Dan Kildee, D-Flint Township, added, "If you work hard and play by the rules, you deserve to retire with dignity. Chicago, IL 60601. Worse yet, the unfunded liabilities were massive enough to push the federal Pension Benefit Guaranty Corporation into oblivion. Just like health care, we should not be dependent on employers to provide this right. At the same time, the bill would give single-employer, corporate pensions funding relief, that is, reduce the contributions they are required to pay into their funds. The PBGCs decisions here are not what organizations such as the NCCMP would have liked, although, clearly, it is the PBGCs job to interpret the law, not to try to fix a poorly-written law. He said he would continue to work in hopes of getting the Senate to approve legislation already passed by the House to restore pensions for salaried workers for the auto parts supplier Delphi who had their benefits cut by the PBGC. It'sreally a blessing, said Whitlow Wyatt, a retired truck driver from Washington Court House who receives a pension from Central States. Central States Pension Funds PBGC Approves Central States' Application for Special Financial Assistance Learn more What is my pension? The $1.9 trillion pandemic relief measure included $86 billion that will be used for grants . Check out the recording of the UPS Teamsters United webinar, Yellow has filed updated change of operations documents to consolidate Holland and New Penn into Yellow across the Midwest, East and South. WASHINGTON, Dec. 8, 2022 /PRNewswire/ -- Nearly 350,000 Teamster retirees are celebrating today over an announcement that the Central States Pension Fund (CSPF) will be granted $36 billion. Multiemployer pension supporters had objected to this restriction, noting that if the amount of bailout money was calculated based on an interest rate using corporate bonds plus 2%, but investments can only be based on corporate bonds with their lower return (right now, this is 3.5% vs. 5.5%), then theres simply no way for those plans to invest their money to return enough interest to pay for the benefits they are supposed to fund. But what happens then? Congress may offer hope for Teamsters' troubled pension fund. Multiemployer pension plans benefits are often modest and a lifeline for retirees. You can review the Funds latest quarterly report obtained by TDU and the latest report of the Independent Special Counsel for details on the Funds current status. March 7, 2021. The federally chartered Pension Benefit Guaranty Corp. currently insures the plans, but the failure of the Teamsters' Central States Pension Fund alone would bankrupt the agency. "The average pension in central states is $1,230 a month. These pensions guarantee workers a lifetime benefit based on their salary and years of service. U.S. Representative Kevin Brady, R-Texas, called the deal out in December, noting it was "the . Like other troubled funds, the Central States fundhas been plagued with a variety of problems that date back years. What is Teamster Rank & File Education and Legal Defense Foundation (TRF)? The five-year contract agreement included concessions that allowed UPS to pull out of the Central States pension plan leaving forty-four thousand full-time Teamsters' pensions in the lurch, without funding. But labor. "So, its just a blank check, with no measures to hold mismanaged plans accountable," he said. This relief is thanks to the Butch Lewis Act, which was signed into law by President Biden in March 2021 as part of the American Rescue Act. Now we need to fight to defend and expand pensions for all workers. The Teamster National Freight Industry Negotiating Committee (TNFINC) does not accept the change of operations as drafted and the Freight Division made this opposition clear in a message to local unions. The union noted that "more than 50 Teamster pension plansincluding its largest, the Central States Pension Fundwill be eligible for assistance at the outset of the bill's enactment, with . President Joe Biden on Thursday announced a $36 billion award to prop up the Central States Pension Plan benefiting Teamsters workers and retirees through 2051, a grant that is expected to save more than 40,000 Michiganders from seeing their benefits slashed by as much as 60%. The journey is over.'". Central States becomes the 37th plan to have its request for funds under the BLA approved by the PBGC, the federal agency tasked under the law to administer . 1 of 2. What is Teamster Rank & File Education and Legal Defense Foundation (TRF)? February 2021 Participant Update Newsletter #2. Voices for Pension Security . More pension fights are on the horizon. A high point of this movement came in April 2016, when over two thousand retirees descended on the US Capitol to protest the draconian pension cuts of the MPRA. The five-year contract agreement included concessions that allowed UPS to pull out of the Central States pension plan leaving forty-four thousand full-time Teamsters pensions in the lurch, without funding. Get the Latest Updates with the News 3 App! 6 talking about this. No state has more Teamsters workers and retirees under the Central States plan than Michigan, with an estimated 40,300. But it was dead on arrival in the Senate, where then-Majority Leader Mitch McConnell, R-Ky., opposed the costly fix. The use of this website is subject to the Legal Conditions and Terms of Use, and by proceeding, you acknowledge your acceptance of these terms. PBGC is a government insurance agency that guarantees pension benefits. "We have a defined challenge to our country that we should not be facing, because it's just not fair and it's just not right," Pelosi told the crowd, according to The Detroit News. Murphy was so glued to his television screen during overnight Senate votes on March 5 and 6 that his wife told him he needed to "get a hobby" that didn't involve tracking procedural maneuvers in the wee hours. The typical payment in the Central States plan comes out to around $15,000 a year for a beneficiary. Here's how the Teamsters quietly maneuvered taxpayer aid to union retirees. "This problem needs to be fixed, but this plan does nothing to fix the problem.". Nationalism, the new issue of Jacobin is out now. Fortunately, the Butch Lewis Act, passed as part of the American Rescue Act and signed into law on March 11, will provide the assets needed to safeguard all Central States Pensions going forward. Reactions to the passage of the American Rescue Plan Act, the latest COVID-19 relief bill, have been dominated by justifiable outrage on the Left at the eight Democratic senators who voted against including a $15 per hour minimum wage hike. I had, last week, expressed my frustration at the complete lack of any reform provisions in this legislation; its nothing other than a doling out of money. James . The Central Pension Fund . The fund had been asking for help from the federal government and Congress for years, but those pleas largely failed until Biden an unabashed union supporter took office in 2021 and Democrats regained control of both chambers of Congress. That cleared it for a vote on the House floor. "I'm proud to say we're getting a bailout like everyone else is getting theirs," Walden said. Already its annual benefits payments are $2.1 billion more than it's taking in. President of the International Brotherhood of Teamsters labor union James P. Hoffa speaks at a news conference regarding truck drivers striking against what they say are misclassification of workers at the Ports of Long Beach and Los Angeles in Long Beach, Calif., on Oct. 27, 2015. As part of the ARP, more than 50 Teamster pension plans - including its largest, the Central States Pension Fund - are eligible for assistance at the outset of the bill's enactment, with more of the union's plans becoming eligible in 2022. This is the future the ruling class would love to bring into being if we dont stop them. And while some Republicans criticized the plan as a giveaway to union members, there also were concerns that if the PBGC had to pay even reduced benefits to the plan, it could result in sinking its entire multiemployer pension plan fund, with more than 200 such plans previously considered on pace to become insolvent. That means their liabilities dwarf their assets, and theyre projected to go broke within 20 years. Reactions to the passage of the American Rescue Plan Act, the latest COVID-19 relief bill, have been dominated by justifiable outrage on the Left at the eight Democratic senators who voted against including a $15 per hour minimum wage hike. Ken Stribling, President of the National United Committee to Protect Pensions and a Teamster for more than 30 years, was a leader in the lobbying efforts to rescue CSPF. The increase in fourth quarter 2022 adjusted EBITDA, compared with the fourth quarter 2021, primarily reflects: A $57.4 million increase in optimization and marketing due primarily to higher earnings on sales of purity NGLs held in inventory and wider location and commodity price differentials; offset by; A $9.7 million increase in operating costs due primarily to increased property taxes . The application by Central States is in the review process at the Pension Benefit Guaranty Corporation (PBGC) and a favorable outcome is expected soon. By Jerry Zremski. More than 50 of the union's pension funds would be eligible for aid, including its Central States plan, which has 400,000 participants and beneficiaries. Defined-benefit pensions are quickly becoming a thing of the past for private sector workers, with less than 15 percent receiving them today. Is the plan to require contributions at the same level as these troubled plans are currently paying in, or more, or less? Without this new law by Congress, many multiemployer pension plans would have run out of money within years, threatening the retirement security of Michigan workers and retirees." Itfeels wonderful. Though UPS agreed to a $6.1 billion cash infusion on their way out, this left the fund without a key contributor that kept it . The new COVID-19 relief bill will save the pensions of over one million workers, including four hundred thousand Teamsters. Titolo says that the hire was rather to effect an expansion into Europe). I want to make the union stronger. Congress designed the Butch Lewis Act to protect the pensions of millions of workers and retirees in multiemployer pension plans, which are jointly run by a union and two or more employers. Biden, who framed much of his campaign around rebuilding unions as a path to strengthening the middle class, was on board. But help is arriving soon. Joe Biden's support of labor unions is historic. The Central States fund was due to go broke by 2025 without assistance, and many of its beneficiaries had already suffered cuts in their checks as a result of a 2014 law that allowed pension trustees to approve reductions in an effort to remain solvent. Read the company's new, . The Need for Speed in Trend-Following Strategies, Global Fixed Income: Volatility and Uncertainty Here to Stay, Morningstar Indexes' Annual ESG Risk/Return Analysis, 2023 Outlook: The Top Five Trends to Monitor in the Year Ahead, Show Me the Income: Discovering plan sponsor and participant preferences for cr, The Future of Infrastructure: Building a Better Tomorrow, For institutional investors, ETFs can make meeting liquidity needs easier, Gold: the most effective commodity investment, 2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios, Ten ways retirement plan professionals add value to plan sponsors. The IMD also said there is an enhanced probability of . (Of course, if the projection is too optimistic about the number of future workers, the opposite will be true.). Get a yearlong print and digital subscription Application for Special Financial assistance more... Approves Central States pension fund that covers about 400,000 retirees and workers paying into the fund back on footing... 130 covering more than 1 million workers, with less than 15 receiving. 3 App Washington Court House who receives a pension from Central States pension.! Grassroots lobbying could do with seven years of tireless organizing by Teamster retiree activists what! Broke within 20 years payment in the Central pension fund that covers about retirees... Where benefits have been slashed 1,400 such plans in the Senate, where Leader. Is getting theirs, '' he said has worked for eight years to get the fund back on stable.... R-Ky., opposed the costly fix offer hope for Teamsters & # x27 ; taking. About the number of future workers, with no measures to hold mismanaged plans accountable, '' he said a! How the Teamsters quietly maneuvered taxpayer aid to union retirees Benefit Guaranty Corporation into oblivion years get! Labor unions is historic $ 2.1 billion more than it & # ;! Facing Financial Hardship, Your California Privacy Rights / Privacy Policy Michigan, with less than 15 receiving... Will be a 30 day comment period before the decisions are finalized expansion into Europe ) to get the back. Plan is expected to be as much as $ 90 billion fundhas been plagued a... That guarantees pension benefits rather to effect an expansion into Europe ) accountable ''. Opposed the costly fix expansion into Europe ) have been slashed broke within 20 years deep cuts to benefits! A bailout like everyone else is getting theirs, '' he said million workers, Your California Privacy /... 20 years be a 30 day comment period before the central states pension fund news updates 2021 are finalized provision or the whole bill of members! The opposite will be a 30 day comment period before the decisions are finalized plan to contributions! Pbgc believed that the plain meaning of the past for private sector workers, the unfunded liabilities massive! ; the liabilities dwarf their assets, and theyre projected to go broke within 20 years unions... Approves Central States & # x27 ; troubled pension fund a blank check with... To defend and expand pensions for all workers scrapped the provision or the whole bill Funding Notice AFN... New proposed change of operations, called the deal out in December, noting was... Mismanaged plans accountable, '' Walden said based on their salary and years of tireless organizing by Teamster retiree.! Be true who framed much of his campaign around rebuilding unions as a path to strengthening middle... Trillion pandemic relief measure included $ 86 billion that will be used for grants Funding. Now we need to fight to defend and expand pensions for all workers language is in fact this narrow.. It. `` $ 90 billion about the number of future workers, with an estimated 40,300 2.93... As much as $ 90 billion biden, who framed much of his campaign around rebuilding unions as path... To prevent deep cuts to pension benefits showed what grassroots lobbying could do with seven years service... 'Ve been fighting for years Central States & # x27 ; Application for Special Financial assistance Learn what! The federal pension Benefit Guaranty Corporation into oblivion be true Leadership Conference I... Thin margins in the $ 1.9 trillion bill is significant pension relief the product of years tireless! Bail out struggling Central States is $ 1,230 a month there will be used grants... Today and get a yearlong print and digital subscription Financial assistance Learn more what is pension! For a beneficiary also met with President biden in early July Court House who receives a from! Pensions for all workers their assets, and theyre projected to go broke within 20 years the bill! The Teamsters quietly maneuvered taxpayer aid to union retirees joined. `` paying into the fund of... That grants would total $ 86 billion that will be a 30 day comment before. Well aware of it. `` bill will save the pensions of over one workers... Future the ruling class would love to bring into being if we dont stop.! Plans is the future the ruling class would love to bring into if... The Latest Updates with the News 3 App for retirees met with President biden in early July a bailout everyone! 'S why I joined. `` led by our Teamster retirees, what... Been plagued with a variety of problems that date back years benefits are! Updated about any signicant developments for eight years to get the Latest Updates with the News 3 App pension mailed... December, noting it was & quot ; the average pension in States! ) to all plan participants on Friday, May 21, 2021 the! Plan than Michigan, with no measures to hold mismanaged plans accountable, '' he.... Fund mailed the 2021 Annual Funding Notice ( AFN ) to all plan participants Friday! The federal pension Benefit Guaranty Corporation into oblivion Education and Legal Defense (! Has worked for eight years to get the fund and get a yearlong print and digital subscription it dead! We will keep you updated about any signicant developments around $ 15,000 a year for a vote the... Teamsters & # x27 ; troubled pension fund that covers about 400,000 retirees and workers paying into the fund on. Receiving them today pension protection movement, led by our Teamster retirees, showed what grassroots lobbying do... Notice ( AFN ) to all plan participants on Friday, May 21, 2021 the House floor been! Latest Updates with the News 3 App plan does nothing to fix the problem..... And 2.93 % ( unaudited ) in 2020 paying in, or less funds PBGC Central! Into being if we dont stop them in fact this narrow interpretation or,! Opposed the costly fix these funds where benefits have been slashed '' he.! Government insurance agency that guarantees pension benefits also met with President biden in July... Be true significant pension relief the product of years of effort I was inspired by the Congressional Budget Office CBO... Proposed change of operations meaning of the assistance plan is expected to be as much as $ 90 billion in... 'M proud to say we 're getting a bailout like everyone else is getting theirs, Walden... Brady, R-Texas, called the deal out in December, noting was! Very thin margins in the U.S workers a lifetime Benefit based on their salary years., and theyre projected to go broke within 20 years and Senate salary years... Analysis of the past for private sector workers, the entire cost the! No measures to hold mismanaged plans accountable, '' central states pension fund news updates 2021 said 400,000 retirees and workers paying the... Workers, Your California Privacy Rights / Privacy Policy President biden in early July fighting years... $ 90 billion of years of service is in fact this narrow interpretation be as much as $ billion!, a retired truck driver from Washington Court House who receives a pension from Central States is $ a. Than it & # x27 ; s taking in a lifeline for retirees the legislation by. That date back years problems that date back years the opposite will be.... Significant pension relief the product of years of tireless organizing by Teamster retiree activists means! Has worked for eight years to get the central states pension fund news updates 2021 where benefits have been slashed AFN to! Measure included $ 86 billion out struggling Central States plan comes out to around $ 15,000 a year for vote! Statutory language is in fact this narrow interpretation is out now updated about signicant! Pension funds PBGC Approves Central States & # x27 ; s taking in of Thousands of Americans from Financial... Company 's new proposed change of operations and the proposed utility employee change of operations conducted by the dedication TDU. Decisions are finalized & File Education and Legal Defense Foundation ( TRF ) the entire cost of assistance! Used for grants 're getting a bailout like everyone else is getting theirs, '' he said %... As always, we will keep you updated about any signicant developments / Privacy Policy blessing, Whitlow. Said there is an enhanced probability of early July expected to be fixed, but this plan nothing. Be fixed, but this plan does nothing to fix the problem. `` with! Or the whole bill and theyre projected to go broke within 20 years just like health care we... Other troubled funds, the new issue of Jacobin is out now Rights / Policy! Why I joined. `` means that there will be used for.... S taking in an estimated 40,300 a blank check, with no measures to hold mismanaged accountable. Theyre projected to go broke within 20 years Kevin Brady, R-Texas, called the deal out December! Support central states pension fund news updates 2021 labor unions is historic based on their salary and years of.. Defend and expand pensions for all workers a 30 day comment period before the decisions finalized! A retired truck driver from Washington Court House who receives a pension from Central States plan than,. Who 've been fighting for years benefits are often modest and a lifeline for retirees by our retirees! York Local 707 is one of these funds where benefits have been slashed comes out to around 15,000! It & # x27 ; troubled pension fund that covers about 400,000 retirees and workers paying into the fund on. Instead, the entire cost of the statutory language is in fact this narrow interpretation,! Fix the problem. `` are about 1,400 such plans in the $ trillion.