Trustees of the financially-strapped Teamsters Central States multiemployer pension fund have told union leaders they plan to rely on the Multiemployer Pension Reform Act of 2014 to make cuts to existing retiree pensions.
It is the first such formal action by a multiemployer plan since the law was adopted by Congress.
The Central States Pension Fund covers the retirement benefits of about 410,000 current and retired union members.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
