Pensions Targeted

Discussion in 'Central States Pension Fund Discussion' started by Kennesaw Kid, Dec 26, 2015.

  1. Kennesaw Kid

    Kennesaw Kid Super Moderator Staff Member

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    Pensions targeted
    As the sun set on Dec. 16, 2014, Americans went to bed with the assurance that their retirement income was protected by the Employee Retirement Income Security Act. At the dawn of the following day, they were no longer guaranteed the promised pensions they had worked so hard to earn.

    Few knew that at the stroke of midnight the Multiemployer Pension Reform Act of 2014 attached to the Omnibus Spending Bill became the law of the land. Fewer still understood that this 11th-hour attachment will affect no fewer than 1.5 million workers, possibly reducing monthly benefits by as much as 65 percent.

    It sets the stage for future attacks on benefits for millions of others. Who will be next in the never-ending attempt to take us back to a pre-Roosevelt era?

    This rush to grab retirement income of troubled multiemployer plans is just the beginning of what may be the newest craze on Wall Street. The fast-track nature of this pension heist hopes to get the Treasury Department and the Internal Revenue Service approval while Americans sleep.

    After this initial group is fleeced, hedge-fund managers and the derivative traders will not stop there. Their resounding cry will be, “Next?”

    Michael A Savwoir

    Kansas City


    Read more here: http://www.kansascity.com/opinion/letters-to-the-editor/article51159105.html#storylink=cpy
     
    vabeachdriver, pilot87, ESP and 2 others like this.
  2. ESP

    ESP Well-Known Member

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    That is a fact. Yet many do not believe this will happen. They have their heads in the sand.
     
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  3. jimmy g

    jimmy g Kook

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    And, yeah, sure. Underfunding/ over promising twice as much as could deliver had nothing at all to do with it.

    I'll make a note....
     
  4. vabeachdriver

    vabeachdriver New Member

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    Kennesaw Kid, I thank you, as I'm sure others do-the information you provide
    is valuable to all who wish to make use of it. It is now, and always has been, up to
    the membership, to effect changes. If changes are to be made, attention must be paid to
    ALL House and Senate campaigns, as these are the power-ask your candidates
    whether or not he/she will support repeal of MEPRA-something we never had a chance
    to debate.
    No matter what, wishing everyone a SAFE, HAPPY and PROSPEROUS NEW YEAR.
     
    Kennesaw Kid likes this.

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