10/8/15 Pension checks to be cut in half for Teamsters retirees
Retired truck driver Jerry Deaton, 69, says every time he received his monthly Teamsters pension check, he would get the chills and worry how much money he could lose in the future given all the rumors.
On Monday, he got the answer he dreaded: His pension could be slashed by roughly half.
His $2,700 a month pension is targeted to be cut to around $1,317 a month as of July 1, 2016, as part of a massive proposed rescue of the troubled Teamsters Central States Pension Fund.
"It doesn't leave you with much options," said Deaton, who lives in Osseo in Hillsdale County. "I'll be 70 years old in December. Who's going to hire a 70-year-old truck driver?"
The giant Central States Pension Fund — which has $17.3 billion in net assets — covers more than 250 union locals with more than 400,000 participants who live in 37 states. Currently, the fund said it pays a pension benefit to more than 220,000 retirees nationwide and about 115,500 retirees across the U.S. face reductions now.
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http://www.freep.com/story/money/personal-finance/susan-tompor/2015/10/07/teamsters-pension-cuts-central-states/73515432/
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