by Dave Gonigam
Daily Reckoning
Wow. If you’re a retired Teamster, we’re glad we’re not you today. And even if you’re not a retired Teamster, you’ll want to pay heed.
“More than a quarter of a million active and retired truckers and their families could soon see their pension benefits severely cut,” says The Washington Post — “even though their pension fund is still years away from running out of money.”
The move would amount to “the first cuts in earned pension benefits to current retirees in over 40 years,” writes David Dayen at The Intercept. Not all Teamster retirees would be affected, only those covered by the Central States Pension Fund. But they face an average cut of 23% come July 1.
The decision isn’t final. And the decision rests with the Treasury Department.