• Home
  • Illinois News
  • Illinois Politics
  • US Politics
  • US NEWS
  • America First
  • Opinion
  • World News
  • Second Amendment
Wednesday, July 9, 2025
Illinois Review
  • Login
  • Register
  • Home
  • Illinois News
  • Illinois Politics
  • US Politics
  • US NEWS
  • America First
  • Opinion
  • World News
  • Second Amendment
No Result
View All Result
  • Home
  • Illinois News
  • Illinois Politics
  • US Politics
  • US NEWS
  • America First
  • Opinion
  • World News
  • Second Amendment
No Result
View All Result
Illinois Review
No Result
View All Result
Home Illinois News

Teamster Central States Pension Fund to cut retiree benefit checks in half

Illinois Review by Illinois Review
February 22, 2016
in Illinois News
Reading Time: 3 mins read
A A
8
26
SHARES
436
VIEWS
Share on FacebookShare on Twitter

April 2015 rally TDU
Pensioner protests cuts in Peoria – Labor Notes photo

You might also like

Chicago AM560 Axes Local Morning Radio Personality Amy Jacobson, Keeps Florida-based Host in Cost-Cutting Move

JB Pritzker Receives 2% in Presidential Poll, Ranks Lowest in Minority Support Among Democrats

Trump’s Jobs Boom Skips Illinois—Thanks to Pritzker’s Tax Hikes

PEORIA – Who in Illinois hasn't heard the threats of state lawmakers, the governor and even the state comptroller that Illinois' mounting unpaid pension obligations could someday collapse and bring the entire state's budget and retired employees down in a financial avalanche?

For the 180,000 retired Teamsters and 30,000 surviving spouses in the Central State Pension Fund, the day of reckoning is scheduled to begin July 1st of this year. Their pension checks, they were told via letter from the union last fall, will be cut 50 to 60 percent.

Last Tuesday, retirees – many of whom worked over 30 years for their benefits – shared at a town hall meeting in Kansas City the financial ruin they would suffer if their pension payments were slashed so drastically.

The Teamsters' Central States Pension Fund told members last fall that for every $3.46 they pay out, they take in $1.00. At that rate, the badly underfunded plan would go broke in 10 years.

But a little known law that passed Congress in 2014 is now allowing pensions to propose cuts, many of them by half or more, as a way to save the fund, the Kansas City Star wrote. 

A similar hearing of those affected by the Central State Pension Fund proposed cuts was held in January in Peoria, Illinois. That meeting was also overseen by U.S. Treasury official Kenneth Feinberg – the attorney who supervised the Troubled Asset Relief Program (TARP) and the program compensating families of 9/11 victims.

Feinberg told the downstate Illinois meeting that he’s heard three main responses from the public: Kill the proposal, the planned cuts are inequitable, and the procedure to permit participants to vote on the measure are unfair, the Canton Daily Ledger reported. 

Under the Kline-Miller Multiemployer Pension Reform Act of 2014, a multiemployer pension plan sponsor that believes benefit reductions are needed must submit an application to the Treasury Department showing that reductions are necessary to keep the plan from running out of money. The law requires the Treasury Department to approve an application if it meets the conditions established by Kline-Miller.

“What’s happening to us is a microcosm of what’s going to happen to the rest of the pensions in the United States,” Jay Perry, a longtime Teamsters member, told the Star.

Among the unions that lobbied for the Kline-Miller reform were the two million-member Service Employees International Union and the 1.3 million-member United Food and Commercial Workers.

However, the Teamsters are the first to attempt to slash its members' pension funds. The Treasury Department has until May to determine whether the cuts will be allowed.

 

Related

Tags: Illinois Reviewpension fundTeamsters
Share10Tweet7
Previous Post

Israeli Consul Gilad outlines Mideast challenges during Wheaton College visit

Next Post

Trump, Clinton lead in Illinois presidential primary polling

Illinois Review

Illinois Review

Founded in 2005, Illinois Review is the leading perspective and source of conservative news, opinion and information in Illinois. Follow Illinois Review on X at @IllinoisReview.

Recommended For You

Economos: Illinois’ Pension Crisis – A Tale of Mismanagement

by James P. Economos, DDS
July 8, 2025
0
Economos: Illinois’ Pension Crisis – A Tale of Mismanagement

By James P. Economos, DDS, Opinion Contributor There’s been constant debate over Illinois' pension system – and for good reason. It remains chronically underfunded and plagued with issues...

Read moreDetails

Mayor Johnson: Chicago ‘Police Dept. Will Not Ever Cooperate with ICE’

by Illinois Review
July 8, 2025
0
Mayor Johnson: Chicago ‘Police Dept. Will Not Ever Cooperate with ICE’

By Illinois ReviewAt a Tuesday morning press conference at Chicago City Hall, Mayor Brandon Johnson — whose approval rating hovers around six percent — reiterated that local law...

Read moreDetails

Chicago AM560 Axes Local Morning Radio Personality Amy Jacobson, Keeps Florida-based Host in Cost-Cutting Move

by Illinois Review
July 1, 2025
0
Chicago AM560 Axes Local Morning Radio Personality Amy Jacobson, Keeps Florida-based Host in Cost-Cutting Move

By Illinois ReviewIn a shocking cost-cutting move Tuesday, Chicago’s AM560 The Answer terminated longtime morning host Amy Jacobson, as the struggling conservative station grapples with declining relevance –...

Read moreDetails

JB Pritzker Receives 2% in Presidential Poll, Ranks Lowest in Minority Support Among Democrats

by Illinois Review
June 30, 2025
0
JB Pritzker Receives 2% in Presidential Poll, Ranks Lowest in Minority Support Among Democrats

By Illinois ReviewIn one of the first nationwide hypothetical polls for the 2028 Democratic presidential primary, Illinois Governor and billionaire JB Pritzker ranks at the bottom, receiving the...

Read moreDetails

Trump’s Jobs Boom Skips Illinois—Thanks to Pritzker’s Tax Hikes

by Thomas Mccullagh
June 26, 2025
0
Trump’s Jobs Boom Skips Illinois—Thanks to Pritzker’s Tax Hikes

Illinois is missing out on Trump’s U.S. manufacturing boom. While other states welcome new factories, Pritzker’s tax hikes and regulations keep businesses out—and force longtime employers to leave.

Read moreDetails
Next Post

Trump, Clinton lead in Illinois presidential primary polling

Please login to join discussion

Best Dental Group

Related News

IL Freedom Caucus calls on Lurie Children’s Hospital to cease gender services for kids

October 27, 2022

Beckman: Is the Brigham Young University racial slur controversy another hoax?

October 27, 2022

Salvi polling shows closer race

October 27, 2022

Browse by Category

  • America First
  • Education
  • Faith & Family
  • Foreign Policy
  • Health Care
  • Illinois News
  • Illinois Politics
  • Opinion
  • Science
  • Second Amendment
  • TRENDING
  • US NEWS
  • US Politics
  • World News
Illinois Review

© 2024 llinois Review LLC Editor in Chief Mark Vargas Publisher Thomas McCullagh Chief Counsel Scott Kaspar

Navigate Site

  • Checkout
  • Home
  • Home – mobile
  • Login/Register
  • Login/Register
  • My account
  • My Account-
  • My Account- – mobile

Follow Us

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Illinois News
  • Illinois Politics
  • US Politics
  • Health Care
  • US NEWS
  • America First
  • Opinion
  • TRENDING
  • Education
  • Foreign Policy
  • Second Amendment
  • Faith & Family
  • Science
  • World News

© 2024 llinois Review LLC Editor in Chief Mark Vargas Publisher Thomas McCullagh Chief Counsel Scott Kaspar

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?