KBJR: Rep. Nolan says action needs to be taken to ensure pensions
Duluth, MN (NNCNOW.com) -- Congressmen Rick Nolan spoke out in support of the Department of Treasury's decision to reject cuts of nearly 15,000 retirees in Minnesota.
The decision happened on Friday.
The announcement means that retired workers who paid into the Central States Pension Fund will not face pension cuts of up to 50 percent.
In 2014, the Multi-employer Pension Reform Act removed pension protections that had been in place for 40 years, and allowed pension plans to request to cut retiree benefits.
Nolan says he voted against the measure.
He said the reason those retirees were facing a possible cut is because about 13,000 employers did not put in their share to the pension fund for those retirees.
Nolan says there needs to be action taken to fix this problem.
"First of all, the companies should put their money into the pension fund at the same time workers put their money in going forward. Secondly, we need to do whatever is necessary to make sure there is enough money in the pension guarantee corporation to secure people's pensions."
Leaders with the committee to protect pensions say they plan to call for a congressional investigation into the department of labor, treasury and justice and to remove all trustees and the administrator.