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Butch Lewis Act Said to Fail to Address Multiemployer Pension Deficits

Discussion in 'Central States Pension Fund Discussion' started by Freightmaster1, Dec 3, 2018.

  1. Freightmaster1

    Freightmaster1 Well-Known Member

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    The Pension Analytics Group says the act would only temporarily mask the deficits, as opposed to reducing them and that the only solution is to reduce benefits across the board.



    In conclusion, The Pension Analytics Group says that the only option to prevent insolvency of multiemployer pension plans is to implement deep benefit cuts across both young and old plan participants alike. The group estimates that only 10% of the weakest 231 plans are legally permitted to cut benefits. Thus, the organization suggests that the Multiemployer Pension Reform Act of 2014 be amended to permit a greater number of the plans to reduce benefits—and possibly make the cuts a requirement.
    “Benefit cuts are painful, but for many weak plans, they are already inevitable,” The Pension Analytics Group says. “It is a merely a question of the timing and size of the cuts. Either an across-the-board benefit cut of between 10% and 30% needs to be implemented right now, or the plans will eventually become insolvent, at which point beneficiaries may receive only cents on the dollar of their accrued benefits.”

    https://www.planadviser.com/butch-lewis-act-said-fail-address-multiemployer-pension-deficits/

    :hissyfit::wtflol::ranting2:
     
  2. jimmy g

    jimmy g Kook

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    1st- it’s called Math. There simply isn’t enough money, so either it’s cuts for all, or it runs out and half get zero.

    2nd- The votes for it to pass don’t exist, so keeping bringing it up is fruitless....
     
    Puff Driver likes this.
  3. jimmy g

    jimmy g Kook

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    It's a New Congress. The Butch Lewis Act expired. Gone.
     
    yellow11 likes this.
  4. 52FARMER

    52FARMER Active Member

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    IMO ,This plan never seemed to have any real substance, or power to make real positive results for members.I believe it was conjured up by the sponsors as a way to get VOTES from the working class, who really thought something good would come out of it.
    Unless your a illegal,BLM,LGBTQ,or any other wacko fringe group the politicians[swamp] aren't interested in helping you.
     
    buffalobill and jimmy g like this.
  5. Bubba Gump

    Bubba Gump Banned

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    Freightmaster1, you are doing a fantastic job of lowering the expectations of MEPF participants. During my spirited debate, with NO UNION FOOL and PAPA JOHN, I always asked them, when the MPRA cuts are made, are you going to stick around for the fight for a National Pension and a single employer health care plan?
     

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