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A MESSAGE FROM YOUR PENSION FUND
Posted On: Dec 18, 2014

On December 13, 2014, as part of the Consolidated and Further Continuing Appropriations Act, 2015, Congress passed the Multiemployer Pension Reform Act of 2014 (“MPRA”). The MPRA is a bipartisan solution to address funding shortfalls in both multiemployer pension plans and the Pension Benefit Guaranty Corporation (“PBGC”).  We understand that this pension legislation is important to our active and retired participants and that many of you have questions regarding the effect of the MPRA on your pension benefit.

The MPRA is a complex piece of legislation. The Pension Fund will need time to analyze the legislation, consult with our independent actuaries, and discuss any potential action with the Board of Trustees.

It is important to understand that benefit modifications, if any, cannot take place until the Pension Fund provides our plan participants advance written notice. Any benefit modifications under the MPRA require the approval of the Secretary of the Treasury. Until that process is complete, pension benefits will remain unchanged. Given the complexity of the process, it is likely that it would take up to a year before modifications, if any, take effect. And, to emphasize again, participants will be given advance written notice of any proposal to modify benefits under the MPRA.


 
 
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