Pensions On The Ropes

by | Jun 22, 2017 | News

The New York State Teamsters Conference Pension and Retirement Fund submitted a proposal earlier in the year to cut benefits to active and retired Teamsters, but withdrew it in April when it became evident the Treasury Department would reject it. It has now submitted a revised proposal that would cut benefits by slightly lesser amounts than originally proposed – by 18% for active members and 29% for retirees. In Michigan, state legislators are planning to funnel new teachers into 401(k)-type plans instead of the costlier pensions as a solution for underfunding concerns.

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