Senate Majority Leader replies to my contact with him

Discussion in 'Central States Pension Fund Discussion' started by codebreaker, Oct 28, 2015.

  1. codebreaker

    codebreaker Active Member

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    Here is the response email from my (our) majority leader of the Senate, Sen. Mitch McConnell. He is also my state senator. You can render your own judgement from this letter. I know what my judgement was. You can read my judgement at the end of this thread.

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    Thank you for contacting me regarding multi-employer pension plans. Hearing your views helps me to better represent Kentucky in the U.S. Senate.

    American employers, workers, and retirees are understandably worried about the financial health and stability of their retirement plans, especially since many employers that offer defined benefit pensions are now facing a double impact of investment losses in their pensions, even as the economy places greater demands on limited resources.

    As you may know, on December 13, 2014, Congress passed, and I voted for, the Consolidated and Further Continuing Appropriations Act, 2015. This bill included a bipartisan proposal designed to help increase the solvency of endangered multi-employer pension plans by giving trustees the tools they need to strengthen these plans. Nearly two-thirds of multi-employer pension plans face funding issues, and several are at serious risk of insolvency. Further, the liabilities of these plans far exceed the reserve funds managed by the Pension Benefit Guaranty Corporation (PBGC). The nonpartisan Congressional Budget Office (CBO) estimates that the PBGC fund that insures multi-employer pension plans is running at a $42.4 billion deficit and will be fully exhausted by 2021. As the financial instability of these plans could leave millions of Americans without their promised benefits, it was imperative for Congress to act.

    The provision included in the omnibus bill is a bipartisan proposal, formulated with the input of unions, employers, and outside advocacy groups, that seeks to help multi-employer pension plans reach a more solvent state by giving plans that are in danger of insolvency the authority to reduce benefits if a majority of participants agree to the proposed adjustment. While benefits adjustments are never ideal, hard choices must be faced to ensure millions of Americans are not left without any retirement benefits at all. These reforms offer plans at risk of insolvency, and their participants, a better alternative to the painful benefit cuts that would be required if beneficiaries were forced to receive payouts from the PBGC instead. This measure does not completely solve the financial difficulties many multi-employer plans continue to face, but I believe it is a step in the right direction to help these plans work towards solvency.

    In your correspondence, you shared your thoughts regarding the Keep Our Pension Promises Act (S.1631), which was introduced by Senator Bernard Sanders on June 18, 2015. As you may know, this legislation would repeal the multi-employer pension plan reforms included in the omnibus bill, and would instead establish a "legacy fund" within the PBGC to ensure that participants in financially-troubled pension plans continue to receive benefits. After its introduction, S. 1631 was referred to the Senate Committee on Finance for further consideration. Moving forward, please know that I will continue to monitor the solvency challenges facing many of our nation's multi-employer pension plans, and I will examine closely any proposed legislation to reform these plans with your thoughts and concerns in mind.

    Thank you for contacting me about this important pension plan matter. If you would like to receive periodic updates from my office, please sign up for my eNewsletter at www.mcconnell.senate.gov , become a fan of my page on Facebook by visiting www.facebook.com/mitchmcconnell or follow my office on Twitter @McConnellPress.
    Sincerely,
    [​IMG]
    MITCH McCONNELL
    UNITED STATES SENATOR
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    This is some of the same old bullsh*t that comes out of Washington everyday. I have mentioned to this senator that his vote of this and other issues will be closely watched by me and every other Teamster Brother in the state of Kentucky. His vote on this issue will influence my vote for his re-election in any further elections that he may decide to run in.

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  2. Crystal

    Crystal Well-Known Member

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    I have to give him an "A" for effort on covering his butt. I can't see any way a leading republican like him would ever support the Sanders KOPPA. It's partisan politics as usual.
     
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  3. jimmy g

    jimmy g Kook

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    And you don't see KOPPA as partisan? Unbelievable!

    No, I'm not for McConnell. I actually supported Bevin against him. But I can't believe anyone would think that taxing high art sales is or should or can bail out OUR pension. It's a gimmick by Bernie for votes. Nothing more...
     
  4. deadeyetwo

    deadeyetwo Member

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    Wondering what the Senate Finance Committee is up to today? Having a hearing on Sanders' bill? No..............
    Senate Committee on Finance
    Hearings to examine welfare and poverty in America.
    Location: Dirksen Senate Office Building, Room 215
    10:00 AM
    How about the schedule for the committee Portman's bill is in?
    Senate Committee on Health, Education, Labor, and Pensions
    Hearings to examine mental health and substance use disorders in America, focusing on priorities, challenges, and opportunities.
    Location: Dirksen Senate Office Building, Room 430
    10:00 AM
     
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