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Hatch says country at 'sobering moment' over union pension plight

These are desperate times for some union pensions, a Senate committee heard in testimony this week.

By Nick Thornton | Updated on March 04, 2016
Photo: AP

The approximately 270,000 members of the Teamsters Central States pension plan facing cuts to promised retirement benefits “put too much faith in the people that we’re supposed to be looking out for us,” according to one witness’s testimony before a Senate Finance Committee hearing this week.

Rita Lewis, the widow of Central States member Butch Lewis, a decorated Vietnam veteran and 40-year teamsters member that recently died from a massive stroke, told lawmakers that members were given no indication their pensions were at risk prior to the passing of the Multiemployer Pension Reform Act of 2014.

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Nick Thornton

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.

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