I read that under the section of partition it talks about orphans. Now the way i read it is the pbgc will take over "LESS GENEROUS PAYING PLANS" by receiving higher premiums from employers. Pbgc pays a little over 1000 per month so the way i read it they would only take over orphans that are receiving just a little more than that. So if say your receiving 3000/month you'll be subject to a cut but not pbgc take over of your pension.
First off, let me say Thank you for going to the site and reading it. It shows you are interested in saving your retirement as well as pointing out of the ORPHANS issue. That is why I gave you a LIKE. I do not like pbgc, taking me at all. You are right they want to take in only the ORPHANS. If that is the case they would have to take all ORPHANS in my opinion. The reading is really hard to understand, I will go over it again. The Central States would like to get rid of all ORPHANS, as they have stated in the past. ( I believe Zollars was the first to bring this up.) I am troubled with the wording, Lets say I am making 2500 per month, they take me in, now I make a 1070 per month. I still take a 1400 dollars per month, as is pointed out in the bill, 2500 times 60% equals 1500 dollars cut leaving me with 1000 dollars, allowing for the 110% promise of that fund leaves me with 1100, still a 1400 cut. Lets be honest I do not have a crystal ball and we have to wait for the real figures to come out. I really thank you for being interested. Merry Christmas to you and your Family. Lets hope it is a Happy new year also. God Bless.
Merry xmas to you and your family as well. Like you said its probably going to be a pretty good while before we no how all this plays out. The way i read it i dont believe they will subject people to a 60% cut thats really extreme. I know there are a lot of people drawing 1500/month or less and i believe theres a good chance they'll get swept into the pbgc. I think thats what they have in mind. Remember the members are going to have to vote on it and yes we can be overrode but i dont think they would want to draw that much heat. I'm hopefull the cuts wont be as bad as we fear.
Like alot of you I have been closely following the multiemployer pension issue for a long time. I AM myself, like the term or not a "Orphan". I retired 8 years ago after 28 years of service from a company that folded 2 years after I left. My pension was paid in at the full rate. My present pension is $2814.00. This bill will cut it to $1100.00. Here's how it works. The MAXIMUM PBGC insured rate is $429.00 for each year of service to a maximum of $12870.00 for 30 years. So......429.00 X my 28 years equals $12012.00. Now since the bill gives be 10 percent more, multiplying that by 1.10 gives me $13213.00 per year.
You read it exactly the way I read it, However we are not any different then, others who worked 30 years to get out, we were funded, Period, This is discrimination. Period. I will be waiting to see what happens and then call for a 10 million retirees, march on Washington, to get all under funded plans to take the cut including the government retirees. ( yea right, I will let you know how that works for me). OPPS! this is Christmas.
Hi ESP I read your profile. 414 brings back some memories, Walt Lytle, Duff and OK. I'm north of you in the "mitten".
Wolf, this scam of a bill and the way it was done, is full of surprises. There is no equality in it anywhere. What really hurts is, it is left up to the direction of the trustee, who has been calling for cuts, but is exempt himself. God bless you, when the wife finds out.Throw a big % cut out there and then back off to a more reasonable figure and everybody is happy? What I'm bumming about is I took a monthly hit for 5 years now so wife would get a survivor benefit , money I'm sure is lost forever. Once she finds out the figure is 60% less of what I told her I'm in deep DoDo.
COOPER, I am going to send you a private message. I hope you are going to join the fight, sending letters to the president and senators as you can. You can feel free to copy Senator Browns reply to me and attach it to your email or letter. Thanks for being a great American. The UPS deal is flat out corruption in my opinion.
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
They are great Americans, the last name just made me giggle.I read his colume in the Post Tribune
Senator Coats worked for the banking lobby between times he was in and out of office. The guy will only talk to a select few people in Indiana.
I just took the time to look up and see how Republican Senator Dan Coats from Indiana voted on the Omnibus bill, Coats voted YEA! I can only hope he will do every thing he can to see we are treated fairly. I am going to send a letter to him with a attachment of Senator Brown, that tells that this bill is flawed. I hope to get a reply to this. Thanks for all you do Hemmy. ( You have a new nickname), Maybe if this bill gets to the floor in the new Senate, then maybe he will be on our side then. Anyone can find out how the Senators voted by google Omnibus spending bill house vote dec.11. All senators are listed for every state and how they voted.Thank you for contacting me about the Fiscal Year 2015 omnibus appropriations bill to fund the federal government. I appreciate hearing from you.
The House of Representatives approved the Consolidated and Further Continuing Appropriations Act for Fiscal Year 2015 (H.R.83) on December 11, 2014, by a vote of 219-206. Following House passage, the Senate approved the bill on December 13, 2014, by a vote of 56-40, sending it to President Obama for his signature. This legislation funds all agencies of the federal government through September 30, 2015 with the exception of the Department of Homeland Security (DHS), which the legislation funds only through February 27, 2015.
I understand your concerns regarding possible changes to multi-employer pension plans. Recent reports show that the Pension Benefit Guaranty Corporation (PBGC) could be bankrupt as soon as 2022. Not only do these changes included in H.R.83 avoid the PBGC's immediate bankruptcy, but any cuts to current pension plans can only be made after all other actions fail to achieve solvency.
The American people deserve a Congress that returns the federal government to working order and I look forward to the opportunity to tackle real issues – such as PBGC reform – in the next Congress when both chambers are controlled by Republican majorities. I look forward to joining my colleagues in focusing debate in the Senate on measures that will grow the economy, rein in federal spending and address the national debt.
I value knowing your views on this issue. Thank you again for contacting me, and please do not hesitate to do so again in the future on other matters of importance to you.
Sincerely,
Dan Coats
United States Senator
This is a perfect letter to copy and send to anyone, who may have some pull anywhere. As for that matter to the President of the United States .
