The United Food and Commercial Workers International Union (“UFCW”) National Pension Fund (which, according to its website has over 500 contributing employers and over 100,000 active participants) has adopted a new rule effective as of the plan year ending on June 30, 2014 which increases the risk that a participating employer will unknowingly create a
Multiemployer Pension Reform Act
Teamsters Local Pension Fund Latest to Request Reduction in Vested Member Benefits
Citing the threat of future insolvency, a New Jersey Teamsters Local Pension Fund has applied to the U.S. Treasury Department for permission to reduce by 40 percent the vested member benefits in the Fund.
The Fund’s application is the third pension fund reduction application filed by unions in recent months. The Teamsters Local 469 Pension…