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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 ...
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]
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.
The International Brotherhood of Teamsters (IBT) is a labor union in the United States and Canada. Formed in 1903 by the merger of the Team Drivers International Union and the Teamsters National Union, [2] the union now represents a diverse membership of blue- and white-collar workers in both the public and private sectors, totalling about 1.3 million members in 2015. [1]
The fund gave Yellow “30 days to pay its bills,” notably $50 million that Yellow failed to pay the Central States Health and Welfare Fund earlier in the month. Yellow has racked up hefty bills ...
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 ...
A Teamsters spokesperson in an email directed Check Your Fact to the Teamster news page, which includes press releases such as this one. The Teamsters union made a Dec. 23 X post listing the same ...
The United Parcel Service strike of 1997, led by International Brotherhood of Teamsters (IBT) President Ron Carey, started on August 4, 1997, and involved over 185,000 Teamsters (IBT members). [1] The strike effectively shut down United Parcel Service (UPS) operations for 15 days [2] and costs UPS hundreds of millions of dollars. [3]