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Teamsters’ pension fund warns 400,000 of cuts

OCTOBER 8, 2015 | by Mary Walsh | THE NEW YORK TIMES

By Mary Williams Walsh, includes “A prominent Teamsters pension fund, one of the largest, has filed for reorganization under a new federal law and has sent letters to more than 400,000 members warning that their benefits must be cut… Even if a majority votes no, however, the law requires the Treasury Department to impose the changes, once it approves them, because the Central States fund is so large that it qualifies as “systemically important.” That means that if it collapsed, it could take down the multiemployer wing of the Pension Benefit Guaranty Corporation, jeopardizing the retirees who currently get their pensions through the program. ”

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