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The inclusion of an estimated $74 to $91 billion to shore up troubled multiemployer pension funds was a small legislative miracle for the Teamsters and other unions – and it never would have ...
This list of largest pension funds in the United States involves two main groups: government pension funds for public employees and collectively bargained pension funds, jointly managed between employer and employee representatives after the Taft-Hartley Act of 1947.
Legislation aimed at saving the Teamsters' Central States Pension Fund from bankruptcy has a much better chance of making it through the new Congress, the union tells FreightWaves. The ...
The way in which the union was structured meant that all Teamsters would receive synonymous benefits, regardless of what company they actually worked for. These benefits were controlled by the Teamsters multi-employer pension fund. UPS wanted to back out of the plan, and offer their workers a new pension plan that UPS would control. [6]
Allen Dorfman rose to prominence following World War II and by the late 1950s was a close cohort of IBT President Jimmy Hoffa.Dorfman's rise coincided with enormous expansion in Teamsters' ranks, along with spectacular growth in the union's pension funds, which eventually came largely under Dorfman's administration.
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The current Butch Lewis Act provides a bailout to fund multi-employer pension plans for 30 years. [4] The bill restores pensions to their full amount and increases the national pension insurance cap. [4] Finally, it requires regular reports to Congress on the status of these pension plans as a preventative measure against future collapse. [4]
During the 1970s, Shenker borrowed more than $200 million from the pension funds of labor unions that he influenced. He borrowed more than $160 million from the Teamsters pension fund, $43 million from the Culinary Workers pension fund, and $23.5 million from Pipefitters Local 562. [ 4 ]