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Thread: “GROW” Act: A Threat to Workers’ Pensions

  1. #1
    Taking A Stand!!!

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    Default “GROW” Act: A Threat to Workers’ Pensions

    A new threat to retirees and workers’ pensions was introduced in Congress last month: the misnamed “Give Retirement Options to Workers” Act. It does not give options to workers, but it could shift risk and uncertainty to some workers, and undermine stable pensions.

    While the proposed bill (H.R. 4997) would have almost zero direct impact on Teamster pensions, we believe an injury to one is an injury to all. The only way to defend and expand pensions is with a united fightback of all unions and retiree organizations.

    What is the “GROW” Act?

    The proposed bill would allow well-funded multiemployer plans – those in the healthy “green zone” – to adopt a “hybrid” pension plan, which cuts out employer withdrawal liability, eliminates the safety net of the Pension Benefit Guaranty Corporation, and allows fund trustees to cut pensions whenever they deem it needed!

    Who is Behind this Fake “Reform”?

    Many employers of course favor the bill, because it would relieve them of responsibility for providing guaranteed pension benefits, and put all risk onto affected workers and retirees. But some union leaders also support it -- most of the Building Trades Unions of the AFL-CIO. The National Coordinating Committee for Multiemployer Pensions (NCCMP) is pushing the bill. This is the same group which authored and pushed the disastrous Multiemployer Pension Reform Act.

    It is shameful that some unions are joining employers to sell-out pensions, when we need a united labor front to protect and expand pensions.
    “GROW” Act: A Threat to Workers’ Pensions - Teamsters for a Democratic Union
    2631 and 222lifer like this.

  2. #2
    I Am Rocking Now

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    Default Re: “GROW” Act: A Threat to Workers’ Pensions

    What am I missing here? The bill has 1 republican and 2 democrat co-sponsors. The article says the bill would have almost zero impact on Teamsters funds. Wouldn't it affect the well funded Western States Plan? Maybe Lifer might know how a "hybrid" plan might affect his pension?

  3. #3
    Scab Hating Union Thug

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    Default Re: “GROW” Act: A Threat to Workers’ Pensions

    Quote Originally Posted by 2631 View Post
    What am I missing here? The bill has 1 republican and 2 democrat co-sponsors. The article says the bill would have almost zero impact on Teamsters funds. Wouldn't it affect the well funded Western States Plan? Maybe Lifer might know how a "hybrid" plan might affect his pension?
    I haven't heard anything regarding this.

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  4. #4
    Scab Hating Union Thug

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    Default Re: “GROW” Act: A Threat to Workers’ Pensions

    Quote Originally Posted by 2631 View Post
    What am I missing here? The bill has 1 republican and 2 democrat co-sponsors. The article says the bill would have almost zero impact on Teamsters funds. Wouldn't it affect the well funded Western States Plan? Maybe Lifer might know how a "hybrid" plan might affect his pension?
    Something you might find interesting is during the contract negotiations with FedEx in Charlotte NC, bringing that bargaining unit into the WSPT was mentioned. Also, a bargaining unit of another company, not related to trucking, on the east coast, was brought into the WSPT.

    Sent from my SM-J327T using Tapatalk
    Last edited by 222lifer; 03-17-2018 at 11:08 AM.

  5. #5
    Getting In The Groove Now.

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    Default Re: “GROW” Act: A Threat to Workers’ Pensions

    A meeting was held on the topic of the G.R.O.W. Act, which is a bill that has been introduced in the United States House of Representatives.

    Chuck Mack is the union co-chairman of the largest multi-employer defined benefit pension plan in the United States, the Western Conference of Teamster Pension Trust (WCTPT). That plan's assets as of December 31st were 41.8 billion dollars.

    Mack is in the process of holding anti-GROW meetings in all joint councils in the Western Region. The most recent was Saturday at Joint Council 42's Local 952 in Orange, California.

    That meeting was broadcast on Facebook Live. It is on youtube. You can see it, while skipping a bunch of fluff, and by beginning at the point where Mack starts his talk from the stage, then his presentation on the floor using a PowerPoint shown on large monitors in the 952 meeting hall:

    crazy, 2631, ABFwife and 1 others like this.

 

 

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