Union Pensions just aren’t what they once were. The New Jersey Teamsters Local Pension Fund has applied for permission from the U.S. Treasury Department to reduce members vested interest by 40 percent. The Iron Workers have also applied to the Treasury Department for permission to suspend benefits. This fund is projected to be insolvent by 2025. What about funds that aren’t going insolvent? Are there any of those left? Yes, there is. However, one such fund, the International Association of Machinists fund, has just been sued by the Labor Department. Click here for more details.
