General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsPlan to save truckers' and miners' pensions is running out of time
U.S. senators are gearing up for a battle over how to fix the pensions of about 1.3 million retirees and workers in trucking, mining and other industries.
These workers are covered by what are known as multiemployer pension funds, which are maintained under collective-bargaining agreements between a union and several different employers. The plans in the worst financial condition are short an estimated $100 billion to pay out retirees.
Late Wednesday, the Democratic-controlled House of Representatives approved a $48.5 billion package that offers forgivable loans to the most troubled plans. Senate Democrats introduced the same legislation Wednesday. But the Senate proposal is unlikely to gain the necessary votes from Republicans, according to analysts and government officials.
The growing need for new capital is setting the stage for a showdown in the coming months after a government plan to address the issue missed its deadline last year. Many of the retirement funds have less than a decade of benefits left. Moreover, the government insurance program that backstops these pensions has warned it expects to run out of money by 2025.
https://www.msn.com/en-us/money/markets/plan-to-save-truckers-and-miners-pensions-is-running-out-of-time/ar-AAEQA6y?li=BBnbfcN
lindysalsagal
(20,730 posts)Gotta vote dem all the way up and down the ballot!
Wellstone ruled
(34,661 posts)tells the real story. I personally know a few hundred fellow workers whom fall into this mess. Sad to say,hunch says they as a whole,probably voted for Trump. Last month our Pension Board issued a warning letter to all those brothers and sisters who presently are receiving bennies,to be prepared for a Ninety per cent cut at a moments notice if cash and other Instruments fall below our Government mandated limits.
Scary thing,we lost another Regional Trucking Firm two weeks today. Another 600 members without Paychecks and Health Insurance.