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.
According to publicly available 5500 filings for the plan these were the reported annual payouts:
to Thomas C. Nyhan.
According to the hundreds of pages of forms Schedule C, investment advisers make the most money followed by lawyers, the actuary (Segal Co.), and then scores of employees. Were PBGC to take over this plan retirees and other participants would lose a large portion of their promised pensions (since PBGC limits the amount they cover) but these Schedule C people would lose it all.