The pension fund representing hundreds of thousands of truck drivers and warehouse workers wont make a second bid at overhauling one of the nations largest multiemployer retirement plans, according to the groups executive director, following a Treasury Department rejection of its original turnaround plan.
The decision by the Teamsters Central States Pension Fund to drop efforts of a second rescue-package submission means the fate of the cash-strapped $16.8 billion multiemployer plan sits with federal lawmakers. Absent a congressional bailout, Central States, representing more than 400,000 workers at 1,500 companies, will run out …
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