������ý

The Pension Benefit Guaranty Corp., which ensures that retirees receive benefits even if their pensions become insolvent, reported that its multiemployer plan deficit grew to $58.8 billion in fiscal year 2016 and will likely run out of money before the end of 2025, the government agency announced.

The Central States Pension Fund has decided not to submit a new rescue plan to avert future insolvency, leaving the question of funding future pensions for its Teamster members in the lap of Congress.

The U.S. Treasury Department, through Special Master Kenneth Feinberg, has rejected Central States Pension Fund’s proposal to cut benefits for 270,000 Teamsters retirees, often by half, saying the plan presented to the government failed to meet the requirements of a 2014 law.

The 225,000 people facing possible cuts in their retirement benefits are the most numerous and visible victims of the Central States Pension Fund troubles. But the fund's deep financial woes also have left hundreds of companies with large potential liabilities, essentially because they have survived where others failed.

The troubled Central States Pension Fund, which includes about 200,000 retired members of the Teamsters union, now is targeting “early fall” to disclose how much benefits will be reduced under the requirements of a 2014 law.

Ridewell Suspensions said it is launching a new trailer suspension designed to reduce weight while maintaining overall durability.

Western Star Truck Sales Inc. is now offering Neway ADZ Series heavy-duty drive axle air suspensions by SAF-Holland as an option for its Western Star 4800, 4900 and 6900 truck models.