According to an online report:
A pension fund serving Teamsters members said Thursday it will not issue a new plan to rescue the fund, following the Treasury Department’s rejection of proposed reductions. Thomas Nyhan, executive director of the Central States Pension Fund, said it remains in “critical and declining status” and called for legislation to protect participants’ retirement benefits. Earlier this month, Nyhan predicted insolvency for the fund without legislation, absent another plan.
A condition of that plan for Thomas C. Nyhan may be to keep the highest amount of payouts in place – and not only for retirees.
More incisive excerpts from James L. Buckley’s ‘Saving Congress from Itself‘:
In local budgeting having a surplus is often a good thing providing a cushion against unexpected downturns. For example in the 2016 Union County budget it was reported:
Faella said the county’s surplus increased from $31 million last year to $55 million this year, which has maintained the county’s bond rating.
New Jersey also has developed a surplus account (though they define it as ‘pension contribution’) and it looks like they may need to tap it again.