Angry teamsters are expected in Detroit on Monday afternoon. The Central States Pension Fund filed for reorganization in September and sent letters to the members warning that their benefits must be cut at least 50%. Executive Director and general counsel for the CSPF Thomas Nyhan insists there isn’t another viable option to sustain the pension fund. Although the fund currently has assets close to $18-billion, it’s expected to become insolvent by 2026. Attorney and U.S. Department of Treasury Special Master Kenneth Feinberg, stated public hearings are not mandatory is such cases but he believed it was important to hear from the teamster members. A public meeting will be held at 4:30 on Monday at Wayne State University’s General Lecture Building to allow active and retired teamsters to voice their concerns.
