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Thread: Teamster Pension issues

  1. #101
    Taking A Stand!!!

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    Default Re: Teamster Pension issues

    Teamsters Applaud Ways and Means Vote to Approve Pension Reform Bill

    Let's hope........

    (WASHINGTON) – The Teamsters Union applauds the U.S. House of Representatives Committee on Ways and Means for today’s vote to approve H.R. 397, the Rehabilitation for Multiemployer Pensions Act, more commonly referred to as The Butch Lewis Act.

    The Rehabilitation for Multiemployer Pensions Act, offered by Rep. Richard Neal (D-Mass.), was first introduced in Congress in November 2017 by Rep. Neal. The measure has 193 co-sponsors, including nine Republicans. Rep. Peter King (R-N.Y.) has again joined Rep. Neal in introducing the bill in the 116th Congress.

    “I’d like to thank Chairman Neal, Rep. Peter King and every member of the House Ways & Means Committee that voted to advance H.R. 397 to the House for a vote,” said Teamsters General President Jim Hoffa. “We cannot delay any longer – this legislation must be passed in Congress so that millions of American workers retain their hard-earned retirement security.”
    https://teamster.org/news/2019/07/te...on-reform-bill
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  2. #102
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    Default Re: Teamster Pension issues

    As I watch it my blood pressure boiled as my republican congressman Tom Rice tried to sink the bill.
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  3. #103
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    Default Re: Teamster Pension issues

    Quote Originally Posted by 2631 View Post
    As I watch it my blood pressure boiled as my republican congressman Tom Rice tried to sink the bill.
    Republicans seem to have no concept of what it means to need a pension, need a good paying job, need a union. I can never vote republican again as these politicians are in complete disconnect.
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  4. #104
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    Default Re: Teamster Pension issues

    Another opinion about the bill that passed the ways & means committee.

    Congress Moves to Put Pension Benefit Guaranty Corporation On Taxpayer Dole
    The Ways and Means Committee of the House just approved a bill for a big taxpayer bailout of private multi-employer/union-sponsored pension plans. Many of these plans are hopelessly insolvent. In other words, they have committed to pay employee pensions far greater than they have any hope of actually paying. In the aggregate, the assets of multi-employer plans are hundreds of billions of dollars less than what they have solemnly promised to pay.

    There is an inescapable deficit resulting from past failures to fund the obligations of these plans. This means somebody is going to lose; somebody is going to pay the price of the deficit. Who? Those who created the deficits? Or instead: How about the taxpayers? The latter is the view of the Democratic majority which passed the bill out of committee in a 25-17 straight partyline vote on July 10.
    Now for the PBGC, when we read all the way to the very last paragraph on the last page of the bill, page 40, we find that the PBGC’s multi-employer program, which was supposed never to need any appropriated funds, is to get generous taxpayer funds forever. “There is appropriated to the Director of the Pension Benefit Guarantee Corporation,” says this paragraph, “such sums as may be necessary for each fiscal year.” The multi-employer pensions would thus become an entitlement, on the taxpayer dole. There is no limiting number or time. Nor in the previous 39 pages is there any reform of the governance, operations, or ability of these pension plans to finance themselves on a sustainable basis.

    In short, the bill passed by the Ways and Means Committee is a bailout with no reform. But the governing principle for all financial bailouts should be instead: If no reform, then no bailout.
    https://www.realclearmarkets.com/art...le_103819.html
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  5. #105
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    Default Re: Teamster Pension issues

    The article makes sense. But the way I read it the blame lays squarely on congress. It made the regulations that the pension fund trustees had to follow. It set the premium rates for the funds contributions to the PBGC.
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  6. #106
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    Default Re: Teamster Pension issues

    Retired former speaker John Boehner joins in on the pension fight.
    This was in the news yesterday and hopefully others saw this.
    Not sure what to think of Boehner, but lately he has done a full about face from his political days, in some respects.

    Former Speaker Boehner joins fight to save pensions for 1.3 million retirees
    Boehner, a former local congressman who retired in 2015, said Wednesday that he and former House Democratic Caucus Chair Joe Crowley will lead the Retirement Security Coalition, which is billed as “a diverse group of employers, labor unions and policy experts dedicated to finding a common ground solution to the crisis.” The coalition includes UPS, the United Association of Plumber and Fitters and the U.S. Chamber of Commerce.
    The plan is straightforward: Boehner and Crowley plan to make as much noise as possible to raise awareness of the plight of retirees in endangered multiemployer benefit plans.
    The two are introducing their coalition a week before the House is expected to take up a $64 billion plan that aims to help troubled pensions. The proposal would provide low-interest, 30-year loans to troubled multiemployer pension plans. The prospects for that plan passing the Senate, however, appear grim.
    Guess who will block this from going any further ? Yes, the republicans controlled senate and Mitch.

    https://www.daytondailynews.com/news...0LrCcHE5fVPLJ/
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  7. #107
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    Default Re: Teamster Pension issues

    This seems straight forward to me. They are not endorsing any bill. They are pushing congress to come up with a solution to the pension crisis. Maybe if enough house republican have the guts to cross party lines and vote for this bill it just might be a wake up call for McConnell in the senate...............
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