"Hundreds of former truck drivers gathered at Holy Family Catholic Church in Duluth Thursday hoping to hear good news about their retirement pensions.
A special appointee of the federal government must decide by May 7 whether to accept or deny a plan by the Central States pension fund to cut monthly benefits for Teamster retirees by up to 70 percent to keep the pension fund solvent.The decision will impact some 400,000 current and retired Teamsters in 38 states, including thousands in Minnesota and Wisconsin.
...In Minnesota, the Central States fund pays benefits of about $143 million a year, with the proposed cuts wiping out two-thirds of those payments affecting some 15,000 workers and retirees.
The proposed cuts average about 34 percent but range to 50 percent or more.
Anyone over 79 or who is disabled is exempt from the cuts..."
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