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Central States: Rescue Petition Denial Faulty, Avoidable

"Thomas C. Nyhan, executive director and general counsel of the [Central States Pension Fund], challenged the [Treasury] department's conclusions that the multiemployer pension plan's proposal wasn't based on 'reasonable investment assumptions' and that its notices to participants weren't 'understandable to the average plan participant.'... The fund surveyed its participants and found that 73 percent of those responding said the information in the notices was 'clear and easy to understand,' he said. Nyhan said if 'Treasury had told us that they considered the notice to be unsatisfactory, we would have gladly mailed out a revised notice. It clearly didn't take Treasury 224 days to come to that conclusion.' "

The Gut-Wrenching Truth About Pensions

"U.S. Sen. Bernie Sanders' and U.S. Rep. Marcy Kaptur's bill to provide federal funding to plans like Central States is well-intentioned, and we would love to see it pass. But in the current political climate, it is difficult to understand where the votes would come from.... Nobody wants to reduce pension benefits. It is a gut-wrenching course of action that we must take, having exhausted every other reasonable alternative solution. As fiduciaries of the Central States Pension Fund, we have an obligation to safeguard our participants' retirement security and the financial well-being of the fund -- now and in the future."

Central States Rescue Plan: Gut-Wrenching Decisions for All

"[Thomas C. Nyhan, executive director and general counsel of the fund,] said it was 'impossible for me to see a path' for legislation with Republicans in control of Congress 'to appropriate taxpayer dollars to support union pension plans,' but that 'should something like this ever materialize, I guarantee you that we will be the first' in line 'to try to take advantage of it.'... Even if legislative action was realistic, it would likely be too late when viewed from the retirees' perspective. There is speculation that at least one suicide can be attributed to the impending benefit cuts."