by Jonnelle Marte
One of the nation’s largest multi-employer pension funds said that it is out of ideas for ways to save itself from an impending failure.
After the Treasury Department rejected its Hail Mary proposal, which would have substantially cut benefits for some retirees, the Central States Pension Fund has little choice but to turn to a federal insurance program that is supposed to offer a lifeline to troubled pension funds.
But there’s one major problem — that program is expected to run out of money, too.
The Pension Benefit Guaranty Corp., which insures private pensions, is dealing with long-standing financial woes with the fund that protects multi-employer pension plans.