The US Department of Treasury is holding one of several public sessions in Peoria Thursday. The event is for Treasury Department representatives to hear from those in the Central States Pension Plan who would be effected by a reduction to benefit payments. Treasury Department Officials say they want to talk with retirees who would be effected by the reduced payments to their promised pensions.
Central States represents an estimated 273,000 current and future retirees of 1,500 different companies. It’s largely made of Teamsters and includes truckers, construction and Disney workers.
The request to reduce benefits comes under the highly controversial Kline-Miller Multiemployer Pension Reform Act of 2014. Central States Pension Plan is making the application under the concern that it will go broke in 10 years without the reduction. Those 80 and older would reportedly not be impacted. Those 75 are expected be less impacted by such a move. But younger retirees could see reductions of up to 70 percent of their monthly pensions, forcing some to go back to work.
The US Department of Treasury Public Session starts at 6:00p.m.and is expected to conclude about 8:00p.m. at the Gateway Building in Peoria. The Treasury Department is asking people to RSVP.