Central States Pension Plan Proposes Reductions | WGLT

Central States Pension Plan Proposes Reductions

Jan 13, 2016

The US Department of Treasury is holding a public sessions in Peoria Thursday to hear from retirees in the Central States Pension Plan facing a proposed reduction in benefits. Central States represents and estimated 273-thousand current and future retirees. It’s largely made of Teamsters.

Central States Pension Plan is making the request under the controversial Kline-Miller Pension Reform Act of 2014, saying it will go broke in 10 years without the reduction. Those 80 and older would reportedly not be impacted. But younger retirees could see reductions of up to 70 percent of their monthly pensions.

The US Department of Treasury Public Session starts at six and is expected to conclude about eight at the Gateway Building in Peoria. The Treasury Department is asking people to RSVP on its website.

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