Last December a lame duck congress jeopardized the livelihoods of hundreds of thousands of retirees by rolling back a decades old provision preventing cuts to promised retiree benefits. Our nation’s retirees deserve to have the benefits they earned and were promised for years of loyalty and service to their employers. Right now some of these retirees are facing enormous cuts, but we can help them by convincing Congress to pass legislation protecting hard earned pension benefits.
The Teamsters Union has been working with several members of Congress to develop legislation that would prevent massive cuts to some pension beneficiaries. We applaud Senators Sanders and Portman and Representative Kaptur for sponsoring legislation that will protect the financial stability of hundreds of thousands of society’s most vulnerable individuals, retirees. We need your help to convince other members of Congress to add their support to this crucial legislation. Take Action Now!
- 1631/ H.R. 2844, the Keep Our Pension Promises Act, sponsored by Senator Sanders in the Senate and Representative Kaptur in the House of Representatives not only would restore the anti-cutback rule but it also helps prevent multi-employer pension plans from failing by making pension obligations a higher priority in bankruptcy proceedings which will reduce the number of plans that become “orphaned.” The bill also creates a legacy fund within the Pension Benefit Guarantee Corporation by closing two tax loopholes that only benefit the wealthiest members of society.
Additionally, legislation sponsored by Senator Portman, S. 2147, the Pension Accountability Act, will give plan participants a meaningful voice when plans are considering making cuts. A majority, binding vote from plan participants will be required before any cuts may be made. This process will be made fair by only counting returned ballots where previously all unreturned ballots were counted as a yes vote.
These bills will help ensure that our nation’s retirees will continue to have financial stability and a voice when it comes to cuts in benefits that were earned over a lifetime of service. We urge you to email your Senators and Representative to ask them to sign onto S. 1631/ H.R. 2844, the Keep Our Pension Promises Act and S. 2147, the Pension Accountability Act. Click here to Send emails to your members of Congress.