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 bipartisan Pension Protection for Working Americans Caucus, which serves as a hub in Congress for Members of Congress dedicated to issues of pension protection and educating colleagues on the subject. The other members include my fellow Co-Chair Congressman David McKinley (WV-01), Congresswoman Debbie Dingell (MI-12), Sean Patrick Maloney (NY-18), Vicente Gonzalez (TX-15), Donald Norcross (NJ-01), Marcy Kaptur (OH-09), Tim Walz (MN-01), and Tim Ryan (OH-13) are also members.
More on Pension Protection for Working Americans
It’s Time for Congress to Protect America’s
Teamsters rally outside the U.S. Capitol in support of our legislation to protect hard-earned worker pensions.
House and Senate Democratic leaders have personally assured me that protecting America’s hard-earned pensions will be a top priority in their negotiations with Republicans to come to a 2018 budget agreement.
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.
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.
To the editor
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.
Congressman Rick Nolan was in Duluth Saturday, responding to the latest news on pensions for thousands of retired Teamsters.
on Friday, the U.S. Treasury Department said no to a proposal that would have drastically cut the Teamsters' pension income.
Some Minnesota Lawmakers are saying this is good news, including Rep. Nolan, who calls it a huge victory for folks here and around the country.
"It means they're going to get their full pensions, and it also means there are hundreds of other pension funds in the country in similar situations," Rep. Nolan said.
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.
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.