UPDATED October 29, 2013: Opposition to the proposal to amend pension law to allow retirees' pensions to be cut is growing and gaining force to slow down this train wreck and allow consideration of other options.
As reported in Pension and Investments, the growing opposition was in evidence at a Congressional hearing held on the proposal today. Click here to watch a video of the testimonies.
Click here to tell your Senators and Congressional Representatives to vote NO on any plan to allow earned pensions to be cut. This site, sponsored by the Machinists Union, will allow you to send an email message right away to your Senators and Reps.
Click here for a list of Congressional Reps on the Education and Workforce Committee who will take up the bill, and for how to send them a note urging a NO vote.
We expect a bill to hit Congress very soon which would allow "deeply troubled" pension funds—such as the Central States Fund—to cut the pension benefits of retirees and those soon to retire.
We're out to stop this bill to protect Teamsters and other workers who worked long and hard to earn their pensions. If they revoke the ERISA anti-cutback rule and could then cut some pensions, the door will be open to slash more pensions.
This bill has the support of employers and the Central States Pension Fund. Central States Director Thomas Nyhan was the number one advocate at the Congressional hearing yesterday; he testified that Central States could become insolvent in 10-15 years.
You can read TDU's statement on the issue; we support more positive options, including public funding of the PBGC, before considering drastic pension cuts.
Less than 24 hours prior to the hearing, the Hoffa administration turned around 180 degrees and come out against changing the anti-cutback rule. Hoffa issued a three page letter which cites the same positive AARP proposals described in TDU's testimony.
Hoffa refers in his letter to the need to "fight for changes that will ensure that the right to a dignified retirement is sacrosanct." It's time to put the IBT muscle and funding into building a movement to do just that. Let's do it!
The Machinists, Boilermakers, Steelworkers and other unions announced opposition.
We join with others in opposition to changing the anti-cutback rule. You read the proposals put forward by the Pension Rights Center and AARP.
If you want to oppose this bill, the time is now to take action.
Tell Congress to keep the ERISA anti-cutback rule to protect the pension you earned. Ask your representatives to support the AARP proposals. And pass on info from the TDU website to other active and retired Teamsters.
Read what Teamsters have to say in "We Earned Our Pensions."
Join the growing movement of retirees and active Teamsters who are working with the TDU Pension Action Network to protect our pensions.