The Central States Pension Fund, one of the largest in the country, could slash benefits for nearly 300,000 former truckers under a proposal that its officials say is meant to save the plan.
The pension fund administers retirement funds for former and current Teamster truckers, noted the
Washington Post. The disabled will not see reductions and older retirees will see smaller cuts, according to the newspaper.
Truckers who were hired at companies that are now out of business or did not meet pension funding obligations would see steeper cuts.
The website
In These Times said about one-third of its pension holders will have no changes at all in their payments. Some, though, including about 28,400 Teamsters, could receive cuts as deep at 60 percent of their current payments.
Overall, pension participants will see a 22.6 percent cut in their retirement pay, according to In These Times.
"The hardest hit appear to be workers who have less than 20 years employment under the Central States fund, are not yet retired, or left their Central States employer (by quitting or being terminated)."
Fund officials told the Washington Post that the pension plan was hurt first by deregulation in the 1980s that cost them a significant drop in membership. The fund also never recovered from the stock market crash that accompanied the Great Recession.
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