Is hard work, sacrifice and delayed gratification rewarded anymore in America? Don't ask a Teamster. In cities across the country recently, they've filled auditoriums to air their grievances over a pending federal pension agreement that would spell hardship — and in many cases financial disaster — for an estimated two-thirds of the 407,000 Teamsters whose pensions are managed by the Central States Pension Fund.
Like several other so-called multiemployer pension funds, commonly set up by unions and employers with whom they have collective bargaining agreements, Central States is in deep trouble. It's paying out $3.46 for every dollar taken in through employee contributions. If it fails, it could wipe out the multiemployer fund of the federal Pension Benefit Guaranty Corporation , which insures pensions against bankruptcy.…
Central States Pension Fund - Proposed Pension Rescue Plan (via Youtube)
Overview: The Multiemployer Pension Reform Act of 2014 and the Status of Central States Pension Fund