Senate Bill Fails to Protect Pensions: Battle Continues Now
The $2 trillion stimulus package which passed the Senate and will likely soon be passed by the House, called the “Phase 3” plan to revive the economy, did not include protection for earned pensions. But that fight is alive right now, because a new “Phase 4” bill will be considered in late April.
Read moreCall Congress Now: Don’t Bail Out The Corporations and Leave Working America in Dire Straits
Both Central States and the National United Committee to Protect Pensions are strongly encouraging active and retired Teamsters to call Congress now and ask them to support the protection of pensions in any legislation that will provide tax dollars to address the pending economic crisis caused by Covid-19.
Read moreCentral States Fund Falls to $12.3 Billion -- Senate Action Needed
The 2019 Financial Report of the Central States Pension Fund shows that fund assets dropped to $12.3 billion, as retirement payouts far outstrip the income from employers remaining in the fund. The net loss on the year was $857 million, and the Fund continues to predict insolvency in 2025, unless action comes soon.
Read morePension Fix Needs Congressional Action Now
Continued erosion of the assets of the Central States Pension Fund and the pension back-stop, the Pension Benefit Guaranty Corporation, demand immediate Congressional solutions as reported here.
Read moreCentral States Pension Fund: $12.7 Billion in Asset
The third quarter financial and analytical report shows that the Central States Pension Fund is down to $12.7 billion in assets, a drop of $460 million since the beginning of 2019.
Read moreRepublican Senators Introduce New Pension Bill
Senators Chuck Grassley (R-Iowa) and Lamar Alexander (R-Tenn) have introduced a pension bill, the “Multi-employer Pension Recapitalization and Reform Plan,” to deal with the crisis affecting millions of retirees, surviving spouse, and active workers in some 125 pension plans.
Read moreCentral States Pension Fund: $12.9 Billion
The second quarter financial report of the Central States Pension Fund shows $12.9 billion in assets, compared to $13.2 billion at the end of 2018. The funds assets have declined $289 million in six months.
Read moreU.S. House Passes Pension Protection Bill – Moves on to Senate
Yesterday, the U.S. House of Representatives passed HR 397 – the Butch Lewis Pension Act. The vote comes following five years of intensive organizing by hundreds of retired and active Teamsters who worked to protect the pensions they earned. This grassroots effort was spearheaded by the National United Committee to Protect Pensions. The committee eventually garnered the support of the IBT, Central States, and a range of elected representatives. TDU helped initiate this effort in 2014.
Read moreHouse to Vote This Week on Butch Lewis Act – Call Your Congressperson
HR 397 – The Butch Lewis Act is expected to be voted on in the House of Representatives on Wednesday, July 24. Teamsters and allies are asked to call their House representative and ask them to vote YES on the bill. Click here for The House switchboard directory. The National United Committee to Protect Pensions will have Teamster activists present in the House Chamber when votes are cast.
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