Teamsters Fund Must Repay Millions in Bailout Cash, DOL Says (1)

The Central States Pension Plan needs to return $127 million in extra bailout cash it received due to improper counting of dead participants and will not face negative legal outcomes for doing so, the US Department of Labor said Thursday.

Any pension plans that received extra payments from the Pension Benefit Guaranty Corporation should return those funds to the US government, the DOL said in a statement of enforcement policy. Central States sent the DOL and Treasury Department a letter last month asking for guidance on whether the massive Teamsters’ pension can return the extra money it was allocated ...