Pension Protection for Working Americans
Make no mistake, there are powerful forces trying to do away with people’s pensions, and we will continue to fight them on every front.
The fact is, working men and women contributed every nickel and penny they had contracted for, but as many as 13,000 companies did NOT make their owed payment into the Central States Pension Fund -- and had those companies fulfilled their obligations, those pension funds would be fine. It is simply preposterous to suggest that the working Americans who honored their contracts should be the ones to suffer for this corporate irresponsibility and be punished with the severe reduction of their pensions.
There are hundreds of pension funds around the country that are in similar situations because of the failure of companies and local governments to pay in the money for which they had contracted. We cannot permit laws that allow for this reckless irresponsibility to exist.
I am an original Co-Chair of the Pension Protection for Working Americans, which serves as a hub in Congress for Members of Congress dedicated to issues of pension protection and educating colleagues on the subject. Congresswoman Debbie Dingell (MI-12) and Sean Patrick Maloney (D-NY-18) are also members.
More on Pension Protection for Working Americans
U.S. Rep. Rick Nolan will be joined by constituent Sherman Liimatainen, Vice President & Treasurer of the National United Committee to Protect Pensions, for President Donald Trump’s first address before a Joint Session of Congress. Liimatainen played a lead role in persuading U.S. Treasury to reject a plan that would have gutted the pensions of 400,000 working Americans.
Today, U.S. Reps. Marcy Kaptur, Rick Nolan and Cheri Bustos were joined by 38 of their colleagues in urging House Leadership to reject any proposal attacking the hard-earned pension benefits of retirees and workers added as a rider to any end-of-year legislation.
To the editor
Last fall, retired Teamsters like me learned our pensions were going to be cut by as much as 70 percent. My fellow Teamsters and I thought these cuts were grossly unfair. As workers, we paid into our pension every paycheck, sacrificing raises in our negotiations so we could be safe and healthy in later life.
U.S. Rep. Rick Nolan today lauded the U.S. Government Accountability Office’s (GAO) recent decision to heed his call for a comprehensive review of the investment decisions of the Central States, Southeast and Southwest Areas Pension Fund. In June, Minnesota Democratic Reps. Nolan, Peterson and McCollum joined more than 40 colleagues in a letter to GAO Comptroller General Gene Dodaro requesting the investigation following news reports of the apparent mishandling of the Central States Pension Fund investments.
The U.S. Treasury Department has rejected a plan that would have drastically cut the pensions of more than a quarter million retirees around the country, including 15,000 here in Minnesota.
The announcement means that retired workers who paid into the Central States Pension Fund will not be forced to face pension cuts of up to 50 percent.
U.S. Repesentative Rick Nolan issued a statement regarding Friday's announcement saying the following:
The U-S Treasury Department today rejected a plan to cut retirement and pension funds for around 400-thousand teamsters–including more than 15,000 Minnesotans.
The Treasury Department on Friday rejected a proposal by a pension fund to cut the payout for hundreds of thousands of truck drivers, construction workers and other service personnel, though the retirement plan’s financial headaches are far from over.
It is extremely rare for retirees to ever see reductions in their pension benefit. In most cases, such action is illegal. But a 2014 federal law made it possible for cuts to certain cash-strapped multiemployer plans. The Teamsters’ Central States’ proposed cuts would have slashed some members’ income by 50 percent or more.
A U.S. Treasury Department pension ruling will block a reduction in pension payments to hundreds of thousands of retirees, including roughly 15,000 in Minnesota. Friday’s decision drew praise from the state congressional delegation’s Democrats who said anything less would be a broken promise.
The decision involving the Central States Pension Fund headed off potential cuts of up to 50 percent.