Senator Joe Donnelly reply

Discussion in 'Central States Pension Fund Discussion' started by hemorrhoid, Feb 16, 2016.

  1. hemorrhoid

    hemorrhoid Active Member

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    February 16, 2016
    Dear Friend,
    Thank you for taking the time to contact me about the severe benefit cuts proposed by the Board of Trustees of the Central States, Southeast and Southwest Areas Pension Plan (Central States Plan). Like you, I support efforts that help families plan and save for retirement.
    As you may know, the Pension Benefit Guaranty Corporation (PBGC)—which finances pension plans that lack sufficient money to pay all benefits—estimated in 2014 that its multiemployer program will run out of money by 2022. In response, Congress passed the Multiemployer Pension Reform Act of 2014 ("MEPRA," P.L. 113-235), which allows multiemployer plans that are expected to become insolvent to modify benefits if a plan is deemed "critical and declining." The Treasury Department may prohibit a plan from reducing benefits if it finds the plan's findings clearly erroneous, butparticipants in most plans may vote to reject such a reduction.
    On September 25, 2015, the Central States Plan submitted a proposal to the Treasury Department that would result in cuts of up to 70% for some beneficiaries. In response, I recently sent a bipartisan letterurging the Treasury Department to utilize their existing authority granted under MEPRA to protect the beneficiaries of the Central States Plan from the proposed cuts. I am concerned that such dramatic reductions will harm families who have planned for and rely on the full amount of benefits they were promised.
    As your Senator, I will continue working with my colleagues on both sides of the aisle to ensure that efforts are made to protect the retirement of all Hoosiers. Currently, is considering several proposals to protect all multiemployer plan beneficiaries. Should any relevant legislation come to the floor of the Senate for a vote, I will be sure to keep your thoughts in mind.
    It is a privilege to represent you and all Hoosiers in the Senate. Your continued correspondence is welcome and helps me to better represent our state. I encourage you to write, call, or email if my office can ever be of assistance. You can also check out my Facebook page and follow me on Twitter by visiting my website.
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  2. jimmy g

    jimmy g Kook

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    It's like all the letters Joe sends me. An aide says Joe is concerned and will remember you 'if relevant legislation comes to the floor'

    Move along.... Nothing to see here.
     
  3. ABFer

    ABFer Super Moderator Staff Member

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    He forgot to thank you for all the benefits he will receive for having served us so well. i e lifetime salary, secure pension and health insurance.
     
  4. Trucker18

    Trucker18 Member

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    I have received a couple of those letters also. The government doesn't care about working stiffs. They only care about votes and sounding like they care. Nothing new here. The money is gone. Our pensions are gone with it. The people in the government will get their full pensions and the Teamster/Central States Officials will get theirs. We the people with continue to get the shaft as we work hard to pay for it all.
     
  5. hemorrhoid

    hemorrhoid Active Member

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    You all may be right government does not care pension gone same letters ect but at the end of the day we can just sit back and let this happen or at least put up some kind of a fight I opt for some kind of a fight and even if I lose I can say I tried....
     
  6. jimmy g

    jimmy g Kook

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    If it was only the cspf, they might actually do something to help. Unfortunately, there are 1400 multi employer funds in trouble. At over 5-20 Billion with a B behind (each), they simply can't do it....

    Now, having said that- Thanks, hemmy. Tho we seem at odds, I appreciate all you and ESP do!
     
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  7. Crystal

    Crystal Well-Known Member

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    I hate to question your post but that's an awful lot of Bs. Are you sure about 1400 funds being in trouble? I thought it was only 150-200
     
  8. jimmy g

    jimmy g Kook

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    Ok, I'll take being corrected. There are 1400 funds Eligible for cuts Eventually. At present there are approx 150 already in trouble. I apologize for getting the numbers mistaken.
    http://www.pensionrights.org/publications/fact-sheet/facts-about-multiemployer-pension-plan-funding

    No one knows just how many will really go if it starts, IMO.
     
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  9. ESP

    ESP Well-Known Member

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    It will be a landslide for filing. We are just paving the way for others to follow. I choose to fight as well and I do feel better however the money spent may have been better in my bank account. It is just "THE RIGHT THING TO DO". Think about this, every since I have been sending letters and writing to hundreds of people. I have always put in the letter about the impact on each local economy around the nation and the impact it has on the Tax amount paid out of our pensions. Freight Master just today posted in detail what the Pension Rights center has been able to do about putting that in writing for all of us to send to our Elected officials. If that does not get attention than we are going to see massive cuts. Thanks for all you do and continue to do. ( by the way I am not taking credit for what the PRC has done, I just hope that like minds run in the same track, plus I had a long face to face chat with PRC on one of my trips to D,C.) EACH AND EVERY ONE OF US CAN MAKE A DIFFERENCE IF WE JUST DO SOMETHING. Who knows you may just feel better as well. GOD BLESS.
     
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