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May 9, 2016

REPRIEVE TO CUT RETIREE TRUKERS BENEFITS * USA

* DC - Retired truck drivers and other Teamsters win big round in fight to keep pensions

--- The Treasury Department today rejected a large Teamsters' Union pension fund's request to cut retiree benefits, delivering a reprieve to hundreds of thousands of truck drivers, warehouse workers and others who feared their monthly retirement checks could be reduced by up to 70 percent... About 50,000 Ohioans would have been affected... This was exactly the news retired Teamsters had hoped for... But the Teamsters' Central States Pension Fund called the news disappointing, saying that although its plan to cut pension payments had been "gut-wrenching," it "provided the only realistic solution to insolvency" ... Today's decision does not end the dilemma. The fund says it will run out of money within 10 years if nothing is done... Democrats in Congress meantime are discussing a bill authored by Rep. Marcy Kaptur of Toledo and Sen. Bernie Sanders of Vermont to get the money to secure this and other pension funds by ending two tax benefits enjoyed by a small number of millionaires. Those supporting that effort include Sen. Brown and Rep. Tim Ryan of Niles... Republicans are likely to reject the tax-transfer approach, however... 
 (Photo by Sabrina Eaton, Cleveland.com - Retired Teamsters protested proposed pension cuts recently at a rally on Capitol Hill. The Treasury Department, charged with analyzing the proposal to make the cuts, today rejected the pension fund's application) -- Washington, DC, USA - Cleveland.com, by Stephen Koff - May 06, 2016

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