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The Treasury Department reopened the comment period for the benefit reduction application by the Teamsters Central States, Southeast & Southwest Areas Pension Fund, Rosemont, Ill.
Originally scheduled to end Dec. 7, the new deadline to submit comments is Feb. 1, 2016. Treasury officials have already received 1,549 comments.
The pension fund had assets of $17.8 billion as of Dec. 31, and is projected to become insolvent in 2026.
The notice of the new deadline is scheduled to be printed in the Federal Register on Thursday.
Hazel Bradford writes for Pensions & Investments, a sister publication of Business Insurance.
The Treasury Department should reject a request by a huge financially distressed multiemployer pension plan — the Central States, Southeast and Southwest Areas Pension Plan — to cut benefits, a group of 18 members, all Democrats, of the House of Representatives — says.