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Expert Analysis

Pension Fund Rescue Plans Pose Employer Predicaments

Law360, New York (September 7, 2016, 12:11 PM EDT) -- The New York State Teamsters Conference Pension & Retirement Fund is the latest distressed multiemployer pension fund to propose substantial benefit cuts to rescue the fund from insolvency. On Aug. 31, 2015, the fund filed with the U.S. Treasury Department its proposed "pension preservation plan," calling for 31 percent cuts in accrued benefits for retirees, and 20 percent benefit cuts for active employees. For the scores of participating employers, the fund's proposal significantly complicates the financial and labor relations quagmire they have been struggling through since before the 2008 recession....

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