Post by Logan on May 6, 2016 21:52:25 GMT -6
Treasury rejects plan to cut benefits for some Teamster retirees
WASHINGTON • The Treasury Department rejected a plan that would have substantially cut pension benefits for more than 400,000 former and current truckers and their family members.
The proposal from the Central States Pension Fund, one of the largest multi-employer plans in the country, was the first test of a 2014 law that allows financially distressed multi-employer plans to shrink benefits for retirees even if the fund had not yet run out of money.
The rejection was good news for retiree Ron Bommarito of St. Peters, who spent 32 years driving a truck. The cut would have reduced his $3,200 monthly pension to $1,600, according to a notice he received last October.
“I’ve been cutting back for the last eight months, not spending anything I didn’t have to spend. Now I can relax,” he said. “This means I can do everything I had been doing — pay off my car and live.”
Read more: www.stltoday.com/business/local/treasury-rejects-plan-to-cut-benefits-for-some-teamster-retirees/article_9cbb8718-67c2-5656-bb76-95660600c05d.html
WASHINGTON • The Treasury Department rejected a plan that would have substantially cut pension benefits for more than 400,000 former and current truckers and their family members.
The proposal from the Central States Pension Fund, one of the largest multi-employer plans in the country, was the first test of a 2014 law that allows financially distressed multi-employer plans to shrink benefits for retirees even if the fund had not yet run out of money.
The rejection was good news for retiree Ron Bommarito of St. Peters, who spent 32 years driving a truck. The cut would have reduced his $3,200 monthly pension to $1,600, according to a notice he received last October.
“I’ve been cutting back for the last eight months, not spending anything I didn’t have to spend. Now I can relax,” he said. “This means I can do everything I had been doing — pay off my car and live.”
Read more: www.stltoday.com/business/local/treasury-rejects-plan-to-cut-benefits-for-some-teamster-retirees/article_9cbb8718-67c2-5656-bb76-95660600c05d.html