If you've been following MPS news, you're aware that MPRA is a law that would permit our plan trustees to apply to the Department of Treasury to slash our pension benefits (read more here). Since it was enacted in 2014, eighteen pension funds have applied to the United States Treasury under MPRA. But through the end of 2016, not a single one of those applications had been approved—five had been denied outright, and five had withdrawn. Notably, the application of the Central States Teamsters, which involved over $20 billion of unfunded pension liability, was denied.
Unfortunately, things have changed in 2017. Three applications for MPRA have recently been approved by the United States Treasury, including those from the NY Teamsters and United Furniture Workers Unions in the last three weeks alone. It is of concern that the Department has not denied an application since the inauguration of President Trump.