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78 Matching News Items

1.  Central States Pension Fund Letter Requesting DOL, Treasury Guidance on Voluntary Repayment of SFA Payments for Deceased Participants (PDF)
Central States, Southeast and Southwest Areas Pension Fund Link to more items from this source
Feb. 29, 2024
"Although PBGC's regulations provide the agency authority to reclaim SFA payments in certain circumstances, PBGC has stated that it lacks the authority to recoup the $127 million at issue. Consequently, the Fund has considered whether it can voluntarily return a portion of the SFA but has concerns that doing so could potentially have severe consequences, including personal liability for the Fund's fiduciaries and the loss of the Fund's tax-exempt status. Therefore, we request formal guidance answering two key questions. [1] Would the Fund violate the exclusive benefit rule under ERISA Section 403 and Code Section 401(a)(2) by returning a portion of the SFA?.... [2] Would the fiduciaries of the Fund violate their duties of prudence and loyalty under ERISA Section 404 by returning a portion of the SFA?"
2.  Statement of Pension Rights Center at Treasury Department Public Session on Central States Pension Fund Benefit Reduction Application
Pension Rights Center Link to more items from this source
Feb. 8, 2016
"Here's how the Central States application flunks every condition set by MPRA: First, the application fails to demonstrate that the Central States Pension Fund took all reasonable steps to avoid insolvency ... Second, the plan did not equitably distribute the benefit cuts.... Third, even with the steep and unjust proposed cuts, the ability of the Central States Pension Fund to survive for the long term is extremely uncertain -- a key factor that the law says must be considered before the Treasury Department can approve any application to cut retiree pension benefits.... Mr. Feinberg, please reject the application.... There are better solutions."
3.  Statement by Central States Pension Fund Regarding Treasury Department's Denial of Proposed Rescue Plan
Central States Pension Fund Link to more items from this source
May 8, 2016
"Although the decision by our Trustees to file this application under provisions of the Multiemployer Pension Reform Act of 2014 (MPRA) was gut wrenching, we are disappointed with Treasury's decision, as we believe the rescue plan provided the only realistic solution to avoiding insolvency. The Central States Pension Fund Trustees will carefully consider the most appropriate next steps, based on this denial and the final guidance issued by Treasury on April 26."
4.  Resources for Central States Pension Fund Retirees
Pension Rights Center Link to more items from this source
Nov. 2, 2015
"The Pension Rights Center has posted this page to serve as a retiree resource hub for materials related to the Central States Pension Fund's application to the U.S. Department of the Treasury to reduce retiree benefits under the Multiemployer Pension Reform Act of 2014. This page will be updated on an ongoing basis."
5.  Central States Pension Fund to Receive $36 Billion in Special Financial Assistance
Executive Office of the President Link to more items from this source
Dec. 8, 2022
"President Biden announced $36 billion for the Central States Pension Fund, preventing drastic cuts to the hard-earned pensions of over 350,000 union workers and retirees.... Today’s Announcement Protects the Earned Pensions of more than 350,000 Union Workers and Retirees from 60% cuts[.]"
6.  Website Now Online: Central States Pension Fund Rescue Plan
Central States Pension Fund Link to more items from this source
Oct. 8, 2015
"This site is an easy-to-navigate clearinghouse of comprehensive, important and up-to-date information regarding the status of Central States Pension Fund's proposed pension rescue plan, submitted under the Multiemployer Reform Act of 2014 (MPRA).... A detailed description of each of [the] proposed pension rescue plan components is available ... [1] Timing; [2] Re-employment phase-out; [3] Future accruals for active participants; [4] Early retirement; [5] Terminated status participants; [6] Orphans; [7] UPS transfer group; [8] All other participants; [9] Age protections; [10] Disability protections; [11] Spousal/survivor benefits."
7.  Failing Central States Pension Fund Is Out of Options
CNNMoney.com Link to more items from this source
May 21, 2016
" 'The fact that the ... PBGC is also running out of money means our participants may see their pension benefits ultimately reduced to virtually nothing when the fund runs out of money,' [fund director Thomas Nyhan said in a letter to workers and retirees]. Only government funding, either to the Central States Fund directly or through the PBGC, can fix the problem, he said."
8.  Sen. Grassley Seeks GAO Review of DOL Oversight of Central States Pension Fund
Sen. Chuck Grassley, R-IA Link to more items from this source
Feb. 4, 2016
"In his letter to the GAO, Grassley said that for more than three decades, Central States has operated under a federal court-ordered consent decree obtained by the Labor Department following its investigation that found gross mismanagement and self-dealing by fund managers. Among other things, the consent decree granted the Labor Department considerable oversight authority on the selection of independent fund managers, as well as to changes in investment strategies, among other oversight powers. Grassley wrote that he is unaware of any GAO review of the Labor Department's role in overseeing the pension fund since 1985."
9.  Butch Lewis Act Saves Central States Pension Fund
Pension Rights Center Link to more items from this source
Dec. 8, 2022
"Central States becomes the 40th plan to have its request for funds under the BLA approved by the PBGC, the federal agency tasked under the law to administer BLA funds.... The substantial amount of funds that Central States will soon receive is expected to keep pension checks flowing to members, retirees and spouses for at least 30 years. "
10.  Central States Pension Fund Announces Proposed Pension Cuts
Pension Rights Center Link to more items from this source
Oct. 7, 2015
"Retirees have questions about these proposed cuts and what the letter means.... [H]ere is what we can tell you right now. [1] Check the calculation.... [2] If you are a Central States' retiree, participate in the plan's town hall meeting.... [3] Ask your members of Congress to support the Keep Our Pension Promises Act.... [4] Contact local media.... [5] Spread the word ... [6] Add your voice to our story bank.... [7] Timeline."
11.  Central States Pension Fund Continues to Bleed as Congress Debates Aid
The Columbus Dispatch Link to more items from this source
Aug. 1, 2019
"The Central States fund had just $13.1 billion in assets as of June 30 and is on track to go broke in 2025, ... spending $2.1 billion more than it takes in every year. The fund ... is among the biggest in the country, covering about 400,000 retirees, active workers and people hoping to collect a pension from the fund someday."
12.  Text of Treasury Department Notice: Reopening of Comment Period on Central States Pension Fund Application to Reduce Benefits
U.S. Department of the Treasury Link to more items from this source
Feb. 9, 2016
"On October 23, 2015, the Department published a notice of availability and request for comments regarding an application to Treasury to reduce benefits under the Central States, Southeast and Southwest Areas Pension Plan in accordance with the Multiemployer Pension Reform Act of 2014 (MPRA). The purpose of this notice is to reopen the comment period and provide more time for interested parties to provide comments. Comments must be received on or before March 1, 2016."
13.  Central States Pension Fund Prepares to Slash Hundreds of Thousands of Workers' Pensions
In These Times Link to more items from this source
Oct. 6, 2015
"The cuts in monthly payments to workers covered by Central States will vary from nothing (for about one-third of the group) to more than 60 percent (the highest losses will be suffered by many in a group of about 28,400 Teamsters whose employers had abandoned their employees, usually via bankruptcy and closure). The average loss for all participants will be 22.6 percent of retirement pay on which they had counted, according to the summary prepared by the fund trustees."
14.  Central States Pension Fund Says It Will Be Insolvent by 2025
Kansas City Star Link to more items from this source
May 7, 2018
"[Executive Director Thomas Nyhan] said the fund held $15 billion at the end of March, but annually pays out $2 billion more than it takes in.... Central States is selling off much of its stock investments and other holdings that could generate higher returns and delay the insolvency but also carry the risk of losses that would push the fund into insolvency sooner. It is investing the proceeds from those sales in low-risk bonds and cash-like holdings."
15.  Central States Pension Fund Submits Plan for Reducing Benefits
McGuireWoods Link to more items from this source
Oct. 8, 2015
"Within 30 days of receiving an application to suspend benefits, Treasury will publish the Rescue Plan and request comments from contributing employers, unions, participants and other parties.... Treasury must approve or deny Central States' application within 225 days of the submission.... Within 30 days of an application's approval, the IRS must administer a vote for participants and beneficiaries to approve or reject the proposed benefit suspensions.... If a majority of participants and beneficiaries vote to reject the suspension, the plan sponsor may again apply for benefit suspensions.... [B]ased on the filing date for the Rescue Plan, if it is approved, it would be implemented on or around July 1, 2016."
16.  Proposed Retiree Benefit Cuts by the Central States Pension Fund Are a 'Pension Demolition Plan'
Pension Rights Center Link to more items from this source
Oct. 9, 2015
"The Pension Rights Center has said from the beginning that the Fund could have taken other steps to truly rescue the Fund. But rather than do the work needed to find better solutions, the Fund took the easy way out: cutting the benefits of the most vulnerable -- the very people Congress intended to protect when it passed ... ERISA in 1974.... We are getting calls and letters from desperate retirees, who have been told that their benefits will be cut by between 50 to 70 percent. While many of them knew they would be getting letters about proposed pension cuts, they have been completely blindsided by how deep these cuts are."
17.  GAO Report: Investment Policy Decisions and Challenges Facing the Central States Pension Fund
U.S. Government Accountability Office [GAO] Link to more items from this source
June 4, 2018
"GAO found that CSPF's investment returns and expenses were generally in line with similarly sized institutional investors and with demographically similar multiemployer pension plans.... In addition, GAO found that CSPF's investment fees and other administrative expenses have also been in line with other large multiemployer plans." [GAO-18-106, Jun. 4, 2018]
18.  GAO Report: DOL Activities Under the Central States Pension Fund's Consent Decree and Federal Law
U.S. Government Accountability Office [GAO] Link to more items from this source
June 4, 2018
"Since 1982, the plan has operated under a court-enforceable consent decree which, among other things, requires that the plan's assets be managed by independent parties. Within 7 years, CSPF estimates that the plan's financial condition will require severe benefit cuts. GAO was asked to review the events and factors that led to the plan's critical financial status and the oversight DOL provides under the consent decree and under other federal laws." [GAO-18-105, Jun. 4, 2018]
19.  Central States Pension Fund Drops Efforts to Create Second Bailout Plan
The Wall Street Journal; subscription may be required Link to more items from this source
May 19, 2016
"The decision ... to drop efforts of a second rescue-package submission means the fate of the cash-strapped $16.8 billion multiemployer plan sits with federal lawmakers. Absent a congressional bailout, ... [the plan] will run out of cash by the end of 2025, said Thomas Nyhan, the group's executive director. Mr. Nyhan said ... that there wasn't enough time to resubmit a plan without cutting retiree benefits deeper than is legally allowed."
20.  Actually, the Central States Pension Plan Is Fully Funded
Elizabeth Bauer, via Forbes; subscription may be required Link to more items from this source
Dec. 12, 2018
"There is another 'Central States' -- the Midwest Pension Plan sponsored by the Central States Joint Board ... [and] it's fully funded.... [U]nlike the Central States/Teamsters mob connections which ... resulted in such a corrupt management of their funds that the union was stripped of its ability to control those funds in 1982, the Central States Joint Board seems to have suffered no ill effects and may even have seen unexpected benefits: because pension funds were (partially) kept at the bank ($16 out of $93 million), its assumed asset return was 6% per year in 1999 and for six years thereafter, considerably lower than the average rate used that year, 7.2% (or, at median, 7%)."
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