THURSDAY, JANUARY 14, 2016
Teamster Local 722 Retired Member Speaks at US Treasury Meeting
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The US Treasury held a public session in Peoria, IL on January 14, 2016 for Central States, Southeast and Southwest Areas Pension Fund retirees and participants to offer feedback on the proposed rescue plan. The session was hosted by Treasury appointee Kenneth R. Feinberg who is overseeing the rescue plan review process as outlined by the Kline-Miller Multiemployer Pension Reform Act of 2014.
Approximately 250 people were in attendance at this meeting and about 25 people spoke out in opposition and requested that Mr. Feinberg rejects Central States proposal in entirety. Teamster Local #722 Retiree member, Danny Ferrari, was one of the people that spoke.
Feinberg has stated he will take all comments from retirees and participants into account for his review of the proposed rescue plan however, the comments made at these sessions will not be submitted as official public comments. To submit official public comments, retirees and participants need to visit and follow the instructions outlined there.
The Treasury Department extended the deadline for all official public comments to February 1, 2016.
Teamsters Local Union #722 is not supporting cuts to the current and future Central States Pension Fund participants. We believe that you need to contact the US Department of the Treasury and demand that they stop the reductions proposed by Central States of both current and future benefits.
Mr. Feinberg stated at the session in Peoria that a decision to reject or approve will not be announced until sometime in May or later.