Teamsters pension plan warns thousands of beneficiaries that the checks may get smaller
What is Bill Lickert’s reward for a lifetime of looking out for truck drivers, municipal employees, hospital workers and thousands of others covered by the beleaguered Western Pennsylvania Teamsters and Employers Pension Fund?
It’s being the person whom thousands of workers and retirees covered by the severely underfunded pension plan call to vent their anger and frustration as they wrap their heads around the idea that their monthly pension checks could be significantly cut.
The Western Pennsylvania Teamsters fund — which has about 48 cents for every $1 in benefits it owes to retirees and workers — notified participants in April that it is considering cutting benefits in order to insure that the fund doesn’t become insolvent. The plan is expected to pay out nearly $129 million in benefits this year but will collect only about $54 million in contributions.
If the current level of benefits is maintained, the fund is projected to run out of money in 2028.
Read more: http://www.post-gazette.com/business/career-workplace/2017/10/23/Local-Teamster-pension-plan-warning-of-benefit-cuts/stories/201710220064
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