Milton Acosta, 73, of West Babylon, worked for companies that paid into the Road Carriers Local 707 Welfare & Pension Funds, on May 20, 2016, in West Babylon. (Credit: Heather Walsh)
A federal agency has declared a Hempstead-based union pension fund insolvent, a move that has resulted in additional benefit cuts for the plans nearly 4,000 retirees.
The retirees of Road Carriers Local 707 Welfare and Pension Funds are receiving less than half of their promised benefits when they retired.
The Pension Benefit Guaranty Corp., an agency of the Labor Department that insures…
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Read the full article at: http://www.newsday.com/business/federal-agency-says-li-based-union-pension-fund-is-insolvent-1.13201550