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Thread: Future pension Cuts..

  1. #11
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    Default Re: Future pension Cuts..

    For those not on their mailing list I just got this email from the Pension Rights Center

    Great news! We just learned that Senator Bernie Sanders will introduce the Keep Our Pension Promises Act next Thursday, June 18, 2015. The bill would strengthen multiemployer plans and stop cutbacks of retirees’ hard-earned pension benefits. These cutbacks, authorized by the Multiemployer Pension Reform Act of 2014, could reduce the pensions of more than one million retirees in financially-troubled multiemployer plans.

    If you can come to Washington, DC, we hope you will join us at the U.S. Capitol for the introduction of the Keep Our Pension Promises Act.

    What: Press event announcing the introduction of the Keep Our Pension Promises Act
    When: Thursday, June 18 at 11 AM in Washington, DC
    Where: U.S. Capitol
    Who: You, your spouse, your friends, and members of retiree and other organizations.


    We need your support! If you are a retiree, spouse or widow who would be affected by the cuts allowed by the Multiemployer Pension Reform Act of 2014, your presence at this event is very important. If you can attend an event in Washington, DC on June 18 at 11 AM, let us know by completing this form. We’ll keep you updated about the event as details are finalized.



    Sincerely,
    Karen Friedman
    Executive Vice President, Pension Rights Center
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  2. #12
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    Default Re: Future pension Cuts..

    We don't know yet exactly what is in the Keep Our Pension Promise Act. But if it will strengthen the MEPFs without having to cut retiree pensions or moving the so called "orphans" into the PBGC then I'm all for it. I certainly hope that General President Hoffa will throw the full support of the IBT and it's membership behind Senator Sander's plan.

  3. #13
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    Default Re: Future pension Cuts..

    Bernie Sanders made good on his promise by introducing legislation to repeal the MPRA of 2014

    The bill is a product of efforts by the Teamster pension movement and our allies like the Pension Rights Center, that have been working tirelessly for the past year to head off pension cuts in the Central States Fund and a number of smaller Teamster funds in the northeast.

    The proposed law would repeal the pension cut law passed as a sneaky amendment to the budget bill last December, and would provide a “legacy fund” within the Pension Benefit Guaranty Corporation (PBGC) to help participants in pension funds where companies have left the pension system because of bankruptcy, deregulation, or moving offshore.

    The International Union, which helped fund the lobbying group which wrote the pension-cut law, issued a statement today supporting the Keep our Pension Promises Act. The trustees of the Central States Pension Fund – Teamster officials and management alike – supported the pension-cut bill and continues on its website to attack the movement to protect pensions.
    https://www.tdu.org/news/teamster-pe...s-act%E2%80%9D
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  4. #14
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    Default Re: Future pension Cuts..

    It's great to see that the IBT is behind the Keep our Pension Promises Act. But were the hell have Hoffa and Murphy been since December when the MPFR Act of 2014 was enacted? IBT VP Murphy even sat on the NCCMP committee that lobbied congress to pass the bill..................Nothing like jumping on the bandwagon to try and save face.

    (WASHINGTON) – The International Brotherhood of Teamsters issued its support today for new legislation that will protect earned pension benefits for retirees and boost multi-employer pension plans for workers and participating employers.

    The “Keep our Pension Promises Act,” sponsored by Sen. Bernie Sanders (I-Vt.) and Rep. Marcy Kaptur (D-Ohio), will roll back provisions slipped into the fiscal 2015 spending bill approved by Congress last year that made earned pensions benefits vulnerable to cuts. The measure would restore anti-cutback rules so that recipients in financially troubled multi-employer pension plans will be protected from having their benefits cut.

    In addition, the legislation creates a legacy fund within the federal pension insurance program, the Pension Benefit Guaranty Corporation (PBGC), to help insure that participants from companies that have abandoned the pension system will continue to receive the benefits they have earned and depend upon. The cost to cover these retirees and workers will be covered by closing tax loopholes used by the very wealthy.

    “Retirees and workers who have played by the rules should receive the benefits they were promised,” Teamsters General President Jim Hoffa said. “The Teamsters thank Sen. Sanders and Rep. Kaptur for taking steps to ensure the government repairs some of the damage done by big banks to these retirement plans.”

    Speaking in support of the bill at a Capitol Hill press conference Thursday, John Murphy, Eastern Region Vice President for the IBT, said it’s about time elected officials came to the aide of working people instead of just corporations.

    “Government actions like deregulation, bad trade deals and bailing out the big banks have all played a role in the pension crisis,” Murphy said. “The solutions to the problem should not rest on workers who have worked hard for their pensions
    Teamsters Endorse Bill to Protect Pensions, Strengthen Multi-Employer Plans | Teamsters

  5. #15
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    Default Re: Future pension Cuts..

    Our country made a commitment to hardworking Americans and that commitment needs to be met. We can't allow Wall Street to plunder workers' retirements security and government to renege on its promises to the men and women who make our economy run.

    It's about time Congress shows the same level of concern for workers' lives - on the job and in retirement - as it shows for corporate welfare.
    America needs to keep its pension promise to workers! |Teamster Nation
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  6. #16
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    Default Re: Future pension Cuts..

    Quote Originally Posted by 2631 View Post
    I'm on a roll now. Here is the email I just sent to the White House
    I finally got a reply to the email I sent to the White House a month ago. But unfortunately it doesn't even mention Kline-Miller or the MPRA of 2014. The president may be listening but the email doesn't even address my specific questions.

    Thank you for writing. I have heard from many Americans who are concerned about their financial security in retirement, and I want you to know I am listening.


    As President, one of my top priorities is keeping Social Security a rock-solid, guaranteed progressive benefit that every American can rely on. However, a Social Security check often is not enough on its own. After a lifetime of hard work, too many Americans reach their golden years unable to supplement their Social Security and enjoy a secure retirement. At a time when Americans are largely responsible for making their own choices about how much to save and how to invest their savings, my Administration is making it easier to prepare for retirement. In every budget I’ve put forward since taking Office, I’ve proposed legislation that would give 30 million additional workers access to a workplace savings opportunity. And last year, the Treasury Department launched "myRA," a simple, safe, and no-fee savings program that stays with you even if you switch jobs.

    At the same time, families who act responsibly by building up their savings should be able to trust that the retirement advice they receive is in their best interest. But right now, outdated regulations allow brokers to put their own financial gain ahead of their clients’ retirement security—costing savers approximately $17 billion each year. That is why my Administration is updating the rules and requirements for retirement investment advice. The bottom line is that what you earn on the nest egg you’ve worked a lifetime to build should work for you, not anybody else.

    Again, thank you for sharing your thoughts. A critical test of the strength of our economy is whether hardworking Americans feel confident in their retirement security. As long as I hold this Office, I’ll keep fighting to preserve the basic bargain that anyone who works hard all their life can enjoy a stable and secure retirement.

    Sincerely,

    Barack Obama

  7. #17
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    Default Re: Future pension Cuts..

    Quote Originally Posted by 2631 View Post
    While this was fresh on my mind here is the email I just sent to my Senator
    I missed a call from Senator Scott's office yesterday. His staffer left a nice message and her number if I want to discuss it further with her. His office also sent me an email advising me of the missed call. She said that Senator Scott shares my concerns on the way the MPRA of 2014 was passed and he agrees it deserves the full attention of the Congress. He serves on the Senate Health, Education, Labor and Pension Committee

    I did try and return her call around 4:30 and got her voice mail. I didn't leave a message but I'll try her again today. I am curious to know Scott's opinion on Bernie Sanders bill. It will need a lot of republican support in order to repeal the MPRA of 2014 and save our pensions.

    I have been on Scott's mailing list and gotten a few generic emails in the past month. But the phone call was a surprise. So far I'm impressed by the response I've gotten from his staff.
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  8. #18
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    Default Re: Future pension Cuts..

    My senator here in PA [Toomey] replied to my concerns also and said there wasn't enough time to look into the MPRA of 2014.. But he voted for it anyway... Too bad.. he had to keep the government open or maybe he wouldn't have gotten his Christmas vacation check..
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  9. #19
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    Default Re: Future pension Cuts..

    I did receive a call back from Senator Scott's aide. She listened quietly while I rehashed some of my objections to the MEPF of 2014 being used to bailout the PBGC at the retiree's expense. She said that the Senator was in agreement with much of what I had said. That the Senator had received letters from many other retirees with the same objections. And that the Senator would use his position on the Senate Committee on Health, Education, Labor and Pensions to research the matter in hopes that a better solution could be found. I asked what the Senator thought about the Sander's Protect our Pension Promises Act. She basically said that it was a new bill and he hadn't researched it yet. But she did assured me that they would keep me updated on any progress that was made. I really couldn't ask for more than that.

    I strongly urge everyone to call, write, or email their elected representatives and ask them to support Sander's bill and to help repeal the MPRA of 2014. I would also urge all active Teamsters to demand that Hoffa use the full resources of his office as General President including DRIVE, our PAC, to pressure Congress to repeal the MPRA. If Hoffa listened to retirees I'd urge him to tell Nyhan and the NCCMP to stick their Solutions not Bailouts and support the Sanders Bill
    crazy, fxstc07, ABFwife and 1 others like this.

  10. #20
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    Default Re: Future pension Cuts..

    I wonder if Nyhan from the CSPF has made any comments on the new Protect our Pension Promises bill? I'd be very surprised if he supported that bill since he was one of the driving forces behind the Solutions not Bailouts that cuts our pensions. I wonder if he is willing to take the same percentage cut in his $660,000 a year salary as the CSPF retirees may have to take?
    wildcat2 and ABFwife like this.

 

 
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