(WASHINGTON) – Today, the Department of Treasury announced its decision to deny the Central States, Southeast and Southwest Areas Pension Fund (CSPF) application to cut the pensions of thousands of Teamsters Union retirees. The union applauds this decision, and will continue to work with members of Congress to find a solution to the pension crisis.
CSPF filed the application for cuts with the Treasury Department in September 2015 as allowed under the Kline-Miller Multiemployer Pension Reform Act of 2014 (MPRA). Treasury appointed Kenneth Feinberg as a Special Master in June 2015 to review all applications submitted by funds under the MPRA. Feinberg determined that the CSPF application did not meet all the requirements set by Congress in the MPRA.
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