Pension Benefit Guaranty Corporation Under Fire for $127 Million in Misspent Funds

Washington, D.C. – The Biden administration is now facing a congressional investigation after the Pension Benefit Guaranty Corporation (PBGC) distributed $127 million to deceased participants in a Teamsters’ pension fund, failing to stop the payments. The House Education and Workforce Committee sent a letter demanding records related to the agency’s “mismanagement” and “overpayment” to the union pension plan. Chairwoman Virginia Foxx and Subcommittee on Health, Employment, Labor and Pensions Chairman Bob Good wrote in the …

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Pension Benefit Guaranty Corporation Approves $279.3M Financial Assistance for UFCW Local 152 Retail Meat Plan

Mount Laurel, New Jersey – The Pension Benefit Guaranty Corporation has granted approval for special financial assistance to the United Food and Commercial Workers Union Local 152 Retail Meat Pension Plan, benefitting over 10,000 participants in the service industry across New Jersey, Pennsylvania, and Delaware. Facing a projected insolvency by 2029, the plan will receive approximately $279.3 million to ensure the stability and longevity of the fund. Established under the American Rescue Plan Act of …

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Withdrawal Liability Ruling in Favor of Employers in Central States Pension Fund Case

Chicago, Illinois – In a groundbreaking ruling, the U.S. District Court for the Northern District of Illinois made a significant decision regarding the calculation of withdrawal liability payments for employers. The court found that a pension fund cannot include post-2014 contribution rate increases, made as part of a rehabilitation plan, when determining an employer’s withdrawal liability payment amount. This ruling is a major win for employers facing inflated withdrawal liability demands. The case, Central States, …

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State Pension Soars by 8.5%: Biggest Increase Ever in UK History

London, United Kingdom – Retirees in the UK are set to benefit from an 8.5 percent increase in state pension rates starting on Monday, April 8. This boost, in line with the government’s triple lock commitment, will provide seniors aged 65 and above with a significant increase in their government-funded pension payments. It marks one of the largest rises in state pension rates ever recorded. Under the new state pension rates for 2024/25, individuals who …

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Pension Funds Advised to Oppose Woodside Energy Group’s Climate Strategy

Sydney, Australia – Some of Australia’s largest pension funds are being advised to push back against Woodside Energy Group Ltd.’s climate strategy, raising concerns about the energy producer’s approach to emissions. The Australian Council of Superannuation Investors, representing funds managing about A$1.9 trillion ($1.2 trillion), has cautioned its members that Woodside’s plans are not sufficiently developed, as reported in a document obtained by sources. The move by the Australian Council of Superannuation Investors could potentially …

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Pension Fund Repays $127 Million in Overpayments Amid Investigation: Teamsters Scandal Uncovered

Washington D.C. – The Teamsters pension fund has made headlines this week after returning $127 million in overpayments to the US Treasury. This action follows an internal investigation that uncovered nearly 3,500 deceased members still on the fund’s records. Central States Pension Fund executive director, Thomas Nyhan, revealed the repayment as part of a civil settlement with the Department of Justice. The fund, responsible for handling retirement benefits for the International Brotherhood of Teamsters, has …

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State Pension Soars by 8.5% in Historic Rise: What You Need to Know

London, UK – The state pension in the UK is set to increase by 8.5 percent starting on Monday, April 8th, following the government’s triple lock commitment. This substantial rise will provide a welcome boost to individuals aged 65 and above who rely on government-funded pension payments for their income. In addition to the increase in state pension rates, recipients can expect to see their weekly payouts rise to £221.20 for the new state pension …

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Stealthy Pension Tax Raid Threatens 1.6m Retirees

Boston, MA – As retirement approaches, many pensioners are facing the challenge of navigating state pension taxes that could significantly impact their income. With a stealth tax raid looming over 1.6 million pensioners, finding ways to minimize the impact of these taxes has become crucial for many individuals. One pensioner shared their shock upon receiving a letter from HMRC detailing how their state pension rise was eroded by stealth taxes. This serves as a stark …

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Pensioners Face Uncertainty: Will State Pension Be Means-Tested and How Will it Impact Existing Claimants?

London, UK – Discussions surrounding the potential means testing of state pensions for individuals with private pensions and homeowners have raised concerns among many. Questions loom regarding the likelihood of implementation, the threshold for triggering such a test, and its impact on existing pensioners. Former pensions minister Steve Webb addressed the historical context of means testing with the introduction of an ‘Old Age Pension’ in the UK in 1909 linked to income levels, contrasting it …

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Pension Funds: Ready for Mass Private Asset Sale Amid UK Gilt Crisis

LONDON – UK pension funds are at the center of a crisis as they prepare for a large-scale private asset sale to alleviate the pressure caused by a surge in government bond yields. In response to the recent increase in bond yields, pension funds in the UK are faced with the challenge of needing to sell off a significant amount of private assets, such as real estate and infrastructure, to cover the shortfall in their …

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