My Honorable Senator Sherrod Brown, read the bill HR 83, and the amendment concerning ERISA, changes and pension cuts. He said as you will see in his reply to me that the bill is flawed and only will help PBGC to survive for two extra years. He will continue to fight for all pensions.
Also note: Other senators now know they made a mistake so read Hemorrhoid's Letter from his Senator as well which I will find and post here next.
Sherrod Brown <[email protected]>
5:21 PM (16 hours ago)
to me
Dear Mr. and Mrs. LAMMERS:
Thank you for getting in touch with me about pension plan benefits.
Pensions are critical to helping our nation’s retirees support themselves after they leave the workforce. Workers spend their entire career earning their pensions, and for many Americans, defined benefit pensions combine with Social Security to form the foundation of worker’s retirement security. It is essential that retirees receive the benefits they earned and have been promised.
In December 2014, Congress passed and President Obama signed legislation funding government programs through September 30, 2015. The bill included legislation restructuring our nation’s multiemployer pensions system. Specifically, the bill amends the Employee Retirement Income Security Act (ERISA) giving trustees the ability to petition the Treasury Department for the right to reduce retiree benefits in order to save troubled pension plans. As a result, nearly 1.5 million current and future retirees could see their pension benefits cut. The legislation also doubled the premiums employers must pay into the Pension Benefit Guarantee Corporation (PBGC), the government sponsored entity that insures defined benefit pension plans. The combination of these premium increases and potential cuts, however, have been estimated to improve the long-term solvency of the PBGC by only two years.
Please know that I will continue to fight to ensure that current and future retirees receive the benefits they have earned. This issue is extremely important to me, and I appreciate any additional input you may have. Thank you again for being in touch with me.
Sincerely,
Sherrod Brown
United States Senator
Also note: Other senators now know they made a mistake so read Hemorrhoid's Letter from his Senator as well which I will find and post here next.
Sherrod Brown <[email protected]>
5:21 PM (16 hours ago)
to me
Dear Mr. and Mrs. LAMMERS:
Thank you for getting in touch with me about pension plan benefits.
Pensions are critical to helping our nation’s retirees support themselves after they leave the workforce. Workers spend their entire career earning their pensions, and for many Americans, defined benefit pensions combine with Social Security to form the foundation of worker’s retirement security. It is essential that retirees receive the benefits they earned and have been promised.
In December 2014, Congress passed and President Obama signed legislation funding government programs through September 30, 2015. The bill included legislation restructuring our nation’s multiemployer pensions system. Specifically, the bill amends the Employee Retirement Income Security Act (ERISA) giving trustees the ability to petition the Treasury Department for the right to reduce retiree benefits in order to save troubled pension plans. As a result, nearly 1.5 million current and future retirees could see their pension benefits cut. The legislation also doubled the premiums employers must pay into the Pension Benefit Guarantee Corporation (PBGC), the government sponsored entity that insures defined benefit pension plans. The combination of these premium increases and potential cuts, however, have been estimated to improve the long-term solvency of the PBGC by only two years.
Please know that I will continue to fight to ensure that current and future retirees receive the benefits they have earned. This issue is extremely important to me, and I appreciate any additional input you may have. Thank you again for being in touch with me.
Sincerely,
Sherrod Brown
United States Senator