Pension Cuts Could Hit South Dakota Truck Drivers Hard
SIOUX FALLS, S.D. (AP) — A proposed cut to a multistate pension fund could affect nearly 1,000 South Dakotans.
The Argus Leader reports cuts to the Central States Pension Fund could trim retirement payments by up to half for about 400,000 people nationwide, most of whom are truckers.
The plan managed by the Teamsters pays out $2 billion more annually than it takes in. Officials are taking steps under the 2014 Multiemployer Pension Reform Act to make it sustainable. The Treasury Department must approve.
There are 1,317 members in South Dakota who receive $9.4 million in benefits annually. Nearly 1,000 would see reduced benefits under the proposal.
Seventy-four-year-old Sioux Falls retiree Cal Plienis says his income would be cut in half under the plan. He worries what that will mean for his lifestyle.
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