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Today the IRS is holding a hearing in D.C. on plan participant voting for multi-employer pension plans preparing to make cuts to pension benefits. As you may recall, last year, Congress slipped language into the CRomnibus that overturned forty year old legislation preventing cuts to promised pension benefits. Within that legislation were provisions giving plan participants a vote in the process, but Congress made the procedure inherently unfair.
Any ballot that goes unreturned is counted as in favor of benefit cuts, and even if majority of the beneficiaries vote against the suspension of benefits, the Treasury still has the right to approve the pension cuts. Because of the law, the IRS is tasked with implementing this voting procedure and will be focusing on that topic for the hearing, but right now there is legislation in Congress that could help bring fairness to the voting process. Take action now.
Legislation sponsored by Senator Rob Portman and Representatives David Joyce and Tim Ryan, the Pension Accountability Act (S. 2147/H.R. 4029), will give plan participants a meaningful voice when plans are considering making cuts. The legislation requires a majority, binding vote from plan participants before any cuts may be made and only returned ballots will be counted in the vote total.
Our nation’s retirees earned these pension benefits and should have a voice when it comes to benefit cuts. We urge you to email your Senators and Representative to ask them to sign onto S. 2147/ H.R. 4029, the Pension Accountability Act. Click here to take action
Any ballot that goes unreturned is counted as in favor of benefit cuts, and even if majority of the beneficiaries vote against the suspension of benefits, the Treasury still has the right to approve the pension cuts. Because of the law, the IRS is tasked with implementing this voting procedure and will be focusing on that topic for the hearing, but right now there is legislation in Congress that could help bring fairness to the voting process. Take action now.
Legislation sponsored by Senator Rob Portman and Representatives David Joyce and Tim Ryan, the Pension Accountability Act (S. 2147/H.R. 4029), will give plan participants a meaningful voice when plans are considering making cuts. The legislation requires a majority, binding vote from plan participants before any cuts may be made and only returned ballots will be counted in the vote total.
Our nation’s retirees earned these pension benefits and should have a voice when it comes to benefit cuts. We urge you to email your Senators and Representative to ask them to sign onto S. 2147/ H.R. 4029, the Pension Accountability Act. Click here to take action