The Board of Trustees of Supplemental Income Trust Fund, the sponsor of a multiemployer defined contribution plan for some Teamster members, has agreed to settle a class-action lawsuit brought by two plan participants for about $8.75 million. This is awesome news for contributing members, but unfortunately, it’s only one plan and there are currently more than 300 underfunded pension plans. Other Teamster members are supporting the Rehabilitation for Multiemployer Pensions Act. This proposal, and a similar bill in the Senate, “would allow the U.S. Treasury Department to sell bonds to financial institutions, generating cash that the government would then loan to failing pension plans.”
