Wednesday, June 01, 2016

Retirees plan next steps for Central States

As local retired Teamsters pick up the pieces from a long and arduous fight against their own pension plan administrators, retirees have begun to plan out their next steps of action.

Because despite their victory, the Central States Pension Plan is still projected to run out of money within the next 20 years, said Mike Walden, chairman of the Northeast Ohio Committee to Protect Pensions from Cuyahoga Falls.

"We need to keep contacting our congress people and representatives," Walden said to more than 100 retirees at the retiree's monthly meeting at Local 100 in Evendale last week. "This is just the beginning of a long battle for us." Walden called for the retirees to contact the U.S. Labor Department and ask Thomas Nyhan, director of the Central States Pension Fund, to resign his post.

To complicate matters, more private retirement plans locally are beginning to file critical and declining status notices to the Labor Department, regarding the soon-to-be insolvency of their plans.

Full Story............

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