Dear Member of Congress:
Two years ago, Congress passed a funding bill that included a last-minute attachment of the Multiemployer Pension Reform Act which allowed for cuts to retirees pension benefits. The Teamsters opposed passage of the MPRA and have also worked to oppose the massive cuts to plans like Central States that the MPRA permitted. Once again, some members of Congress are trying to sneak bill language into the Continuing Resolution that harms retirees.*
The so called “Composite Plan” would allow funds to be siphoned from well-funded multiemployer plans into new plans that would provide inferior benefits for active employees. The proposed Composite Plan could have the dual effect of turning well-funded plans into poorly-funded plans while, at the same time, cutting retiree and active worker benefits. That’s why the Teamsters have long fought to kill the composite plan proposal here in DC.
Enacting a proposal with such significant and consequential changes to pensions without adequate public input, analysis, debate, and an amendment process would be a disservice to the millions of retired and actively working Americans like myself who will be negatively impacted by the Composite Plan proposal. Congress should be working on thoughtfully crafted legislation to safeguard my pension benefits and shore up the Pension Benefit Guaranty Corporation. The Composite plan could, in fact, make my pension worse off.
Please protect the earned pension benefits of your constituents and reject any legislative deal that includes the Composite Plan.