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However, these pension programs owe approximately $66 billion to retired workers and only have about $3 billion in revenue, giving the insurance fund until 2026 before it is drained completely. [6] The current Butch Lewis Act provides a bailout to fund multi-employer pension plans for 30 years. [4]
Legislation aimed at saving the Teamsters' Central States Pension Fund from bankruptcy has a much better chance of making it through the new Congress, the union tells FreightWaves. The ...
Senator Jacob K. Javits (R) of New York also introduced bills in 1965 and 1967 increasing regulation on welfare and pension funds to limit the control of plan trustees and administrators. [71] [72] Provisions from all three bills ultimately evolved into the guidelines enacted in the Employee Retirement Income Security Act of 1974 (ERISA). [73] [74]
The Kline–Miller Multiemployer Pension Reform Act of 2014 (Division O of Pub. L. 113–235 (text)) is a federal law that was enacted in the United States on December 16, 2014, with the goal of allowing certain American pension plans that have insufficient funds, and thus are at risk of insolvency, to reduce the benefits they owe to participants.
Although the Internal Revenue Service revoked the fund's non-profit status, the penalty was suspended after Fitzsimmons agreed to remove several trustees, which he did in September 1976. [55] Fitzsimmons and Roy Lee Williams, the director of the Central Conference of Teamsters, attempted to remain on the board, but were forced out in March 1977 ...
WASHINGTON — The Teamsters’ political action committee broke decades of precedent last month when the union leadership voted to approve a $45,000 donation to the Republican National Committee ...
The Pension Benefit Guaranty Corporation (PBGC) is a United States federally chartered corporation created by the Employee Retirement Income Security Act of 1974 (ERISA) to encourage the continuation and maintenance of voluntary private defined benefit pension plans, provide timely and uninterrupted payment of pension benefits, and keep pension insurance premiums at the lowest level necessary ...
Glacier Northwest, Inc. v. International Brotherhood of Teamsters Local Union No. 174, 598 U.S. 771 (2023) was a decision of the Supreme Court of the United States related to federal labor law, concerning the power of employers to sue labor unions regarding destruction of employer property following a strike.