ECM Post Review: Nolan protecting pensions
To the editor
Congressman Nolan just spoke to thousands of Teamsters at a rally in Washington on outrageous cuts the Teamster Central States Pension had proposed. That they earned their pension and companies who bailed out on their obligations is what’s causing underfunding of the pension. He’s calling on the General Accounting Office to investigate how the Central States Pension got into such trouble in the first place, which they are now going to do.
U.S. Treasury Special Master Ken Feinberg (he did the 911 settlements) was assigned to see if the proposed pension cuts were viable. After many meetings, he rejected the proposed cuts that 400,00 Teamsters were facing. With Nolan’s support, GAO will determine what went wrong.
Part of the problem is 13,000 companies used bankruptsy to walk away from their pension obligations. If they had paid their fair share, the fund would still be solid. It’s projected to be solid for 10 more years, giving Congress time to work on a fix. Congressman Nolan will be there fighting for us.
You’re not a Teamster, so why should you care? There’s 1,400 similar pension plans in the U.S., with around $432 billion in combined assets and 532 of those plans are in trouble. A total of 10 million people could lose all or part of their pension.
Powerful forces once again are after middle class working men and women, and Nolan will fight to assure these pensions are saved and every dollar people have earned goes to them. That’s the kind of Congressman we have in Rick Nolan.