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Yellow | The Rehabilitation For Multiemployer Pensions Act (H.R. 397) Is Introduced!

Freightmaster1

Freightmaster1

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Check this out! The Rehabilitation For Multiemployer Pensions Act (Butch Lewis Act) H. R. 397 was re-introduced on Wednesday, January 9, 2018. This is very good news! See the summary of the legislation prepared by Democratic staffers of the House Ways and Means Committee...

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:6799::bgroovy::clapping:
 
https://waysandmeans.house.gov/medi...san-legislation-address-multiemployer-pension

The bill establishes the Pension Rehabilitation Administration (PRA), a new agency within the Department of the Treasury, authorized to issue bonds in order to finance loans to “critical and declining” status multiemployer pension plans, plans that have suspended benefits, and some recently insolvent plans currently receiving financial assistance from the Pension Benefit Guaranty Corporation (PBGC). The PRA would be headed by a Director, who will have a term of five years and be appointed by the President.

“This is not a bailout. These plans would be required by law to pay back the loans they receive from the PRA – the federal government is simply backstopping the risk,” added Chairman Neal. “Importantly, my bill does not allow for any cuts to the benefits these workers and retirees earned through years on the job. Americans need our help, and it’s time to answer that call.” Additional original co-sponsors of the legislation are Rep. Bobby Scott (D-VA), Rep. Don Young (R-AK), Rep. Debbie Dingell (D-MI), Rep. Chris Smith (R-NJ), Rep. Donald Norcross (D-NJ), Rep. John Katko (R-NY), Rep. Marcy Kaptur (D-OH), and Rep. Jeff Fortenberry (R-NE).
:usa:
 
I hope for once the people in Washington decide to look after their own for a change. It seems they always find money for everything that goes on outside of this country, but the people who get up everyday to go to work and pay taxes and contribute to their communities always get the shaft. Help hard working Americans who did everything they were asked to do and protect the pensions that we were promised. With the state of division in this Congress, and the Presidents infatuation on building his wall I doubt this bill or any other will pass to help us. At least it is a little ray of hope, but I am use to getting the shaft from the people that represent us (government, union, companies).:6817:
 
daschits said:
I’ll believe it when I see it!! Its just another scam to get the union vote just like the Butch Lewis Act was. Let’s just see if they vote on it before the 2020 election.
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I see the sponsors of the bill seem to be bipartisan but, The article says nothing about when they expect a vote on the bill or how much support it has in Washington.
 
LEHIGH vALLEY said:
With all due respect this bill will never clear the Senate. Trump will never see it.
And that dear People is, In a nutshell, What's gonna happen in Washington for the next 2 years!
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Respectfully disagree republicans have voters at home,and the party’s ready to turn on trump, in my opinion.
 
wongway said:
Hoffa needs to call in all is political favor's and get this problem solved and Hoffa please retire before your 90th or 100th birthday .......................................
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Hoffa needs to stop attacking politicians and maybe we could get more willing to work with us.
 
Freightmaster1 said:
https://waysandmeans.house.gov/medi...san-legislation-address-multiemployer-pension

The bill establishes the Pension Rehabilitation Administration (PRA), a new agency within the Department of the Treasury, authorized to issue bonds in order to finance loans to “critical and declining” status multiemployer pension plans, plans that have suspended benefits, and some recently insolvent plans currently receiving financial assistance from the Pension Benefit Guaranty Corporation (PBGC). The PRA would be headed by a Director, who will have a term of five years and be appointed by the President.

“This is not a bailout. These plans would be required by law to pay back the loans they receive from the PRA – the federal government is simply backstopping the risk,” added Chairman Neal. “Importantly, my bill does not allow for any cuts to the benefits these workers and retirees earned through years on the job. Americans need our help, and it’s time to answer that call.” Additional original co-sponsors of the legislation are Rep. Bobby Scott (D-VA), Rep. Don Young (R-AK), Rep. Debbie Dingell (D-MI), Rep. Chris Smith (R-NJ), Rep. Donald Norcross (D-NJ), Rep. John Katko (R-NY), Rep. Marcy Kaptur (D-OH), and Rep. Jeff Fortenberry (R-NE).
:usa:
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Seriously, not a bailout? C'mon stop blowing the smoke. if these plans could qualify, for a loan in the first place, then why haven't they. They can't but here comes the smoke blowers wanting to put the burden on the tax payers, pure and simple. A thirty year loan, where the principal doesn't have to be paid back until year 30. Not a bailout, on the backs of the taxpayers, what kind of smoke are you trying to blow?
 
You want the Feds to sell bonds to finance your pension and all your plan has to do is pay back the interest for the first 30 years, if they can, and they can't even qualify for a multi billion loan to start with. The banks would laugh you out of their lobby, if you brought this proposal to them.

What assets is the plan putting up for this money? What personal assets will Freightmaster1 be putting up as collateral for this multi billion dollar loan? The answers are none and none, just give us the money but don't call it a bailout. What else should you call it, when you demand that everyone else, union and non union, be on the hook for your unsecured promise of a lifetime pension. It's a bailout.

Try to rationalize this money grab again but without the smoke, please.
 
Dracula said:
You want the Feds to sell bonds to finance your pension and all your plan has to do is pay back the interest for the first 30 years, if they can, and they can't even qualify for a multi billion loan to start with. The banks would laugh you out of their lobby, if you brought this proposal to them.

What assets is the plan putting up for this money? What personal assets will Freightmaster1 be putting up as collateral for this multi billion dollar loan? The answers are none and none, just give us the money but don't call it a bailout. What else should you call it, when you demand that everyone else, union and non union, be on the hook for your unsecured promise of a lifetime pension. It's a bailout.

Try to rationalize this money grab again but without the smoke, please.
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Call it what you like, loan, gift, bailout or handout take your pick, just get those bucks rolling in, so I can continue my lavish life style.
I don't want to cancel the order on my Tesla.
 
Dracula said:
You want the Feds to sell bonds to finance your pension and all your plan has to do is pay back the interest for the first 30 years, if they can, and they can't even qualify for a multi billion loan to start with. The banks would laugh you out of their lobby, if you brought this proposal to them.

What assets is the plan putting up for this money? What personal assets will Freightmaster1 be putting up as collateral for this multi billion dollar loan? The answers are none and none, just give us the money but don't call it a bailout. What else should you call it, when you demand that everyone else, union and non union, be on the hook for your unsecured promise of a lifetime pension. It's a bailout.

Try to rationalize this money grab again but without the smoke, please.
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I will need my full pension in order to pay the tax needed to pay for all of the under funded government pensions!
 
Dracula said:
You want the Feds to sell bonds to finance your pension and all your plan has to do is pay back the interest for the first 30 years, if they can, and they can't even qualify for a multi billion loan to start with. The banks would laugh you out of their lobby, if you brought this proposal to them.

What assets is the plan putting up for this money? What personal assets will Freightmaster1 be putting up as collateral for this multi billion dollar loan? The answers are none and none, just give us the money but don't call it a bailout. What else should you call it, when you demand that everyone else, union and non union, be on the hook for your unsecured promise of a lifetime pension. It's a bailout.

Try to rationalize this money grab again but without the smoke, please.
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https://explorer.usaid.gov/cd
 
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