Yellow | Teamster Retirees’ Campaign Against Pension Cuts Draws Support from Bernie Sanders

Recognizing the political sensitivity of the issue, the Obama administration took steps in June to deflect any potential criticism. Treasury Secretary Jack Lew announced June 17 that he is appointing New York lawyer Kenneth Feinberg to oversee any pension cuts to ensure there is a “balanced process” in determining which retirees suffer. Feinberg became prominent a decade ago as administrator for claims by the victims of the 9/11 terrorist attacks, and more recently played a prominent role in awarding compensation claims in the Deepwater Horizon oil spill disaster and the General Motors ignition switch scandal.

Feinberg may well become the lightning rod for criticism as the process move forward. Amsden tells In These Times that his group is agitating for a Congressional hearing, or a Congressional investigation, into the Central States Fund. Congress should look especially at lavish compensation to fund administrators and extravagant fees to financial advisers, he says, so that improper payments can be retrieved to benefit pensioners. Meetings with Sen. Ron Johnson (R-Wisc.) give him hope that the Senate will hold hearings, Amsden says.

Meanwhile, the potential pension cuts are emerging as an issue in the internal Teamsters presidential election set for next year, Amsden continues.

http://inthesetimes.com/working/entry/18141/teamsters-pension-cuts-bernie-sanders