U.S. Treasury Department rejects plan to cut Teamsters' pensions
The U.S. Treasury Department on Friday rejected a plan that would have slashed pensions promised to more than 200,000 Teamsters, including about 15,000 in Wisconsin.
The decision deals a victory to retired truck drivers, dock workers and others who furiously battled against the cuts, which in many cases would have sliced promised pensions by more than 50%.
But the reprieve may be fleeting. Left unresolved, and still looming, is the financially precarious position of the Central States Pension Fund, which is unsustainable in its current form and is headed for insolvency.
All the same, the rejection of Central States' request to make cuts – reductions that would be unprecedented in a plan that still has money — buys time for the retirees and their allies. That offers them at least some hope of rallying support in Congress for a political fix to Central States' dire problems.
Nearly 400,000 people either draw pensions from Central States or are eligible for them upon retirement. Of those, more than 200,000 faced benefit cuts under the Central States proposal.
more:
http://www.jsonline.com/business/us-treasury-department-rejects-plan-to-cut-teamsters-pension-plan-b99720624z1-378441831.html
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