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P. Mousel

Your EFCA coverage is excellent
C. Wolf

Had an opportunity to meet and listen to Phil in this week's CUE Conf. His presentation was an absolute home run - which is very appropriate for the host city - home of the Louisville Slugger. This information clearly focuses on "preventive medicine" which should eliminate or greatly minimize the risk of any serious "illness" - Left of The Boom is a great way to show importance of being pro active and what happens when we wait to react. Great job !
S. Bloom

Union Pension Turmoil

A new report released by Cherion, a Virginia consulting company, estimates 114 multi-employer pension plans are underfunded by $36 billion and are expected to go insolvent within two decades. In addition, the Pension Benefit Guaranty Corporation has announced that its program to backstop such plans will run out of money in 2025.

Source: Cheiron Study

The Multiemployer Pension Reform Act of 2014 was designed to prevent the PBGC from running out of money by allowing businesses to negotiate pension benefit cuts in an effort to mitigate the underfunding problem. Using this mechanism, a group of New York Teamsters voted to reduce benefits by 30% beginning next month.

Kroger announced it would follow UPS  in extracting itself from the Teamsters Central States, Southeast & Southwest Areas Pension Fund. The withdrawal will leave Kroger with a withdrawal liability, payable at $60 million per year for 20 years. Currently, the Teamsters Central States fund spends $2 billion more per year in benefits than it receives in contributions.

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