Sanders Plan Restores Retirement Security to 10 Million Retirees

Discussion in 'UPS Union Issues' started by crazyeyes, Jul 17, 2015.

  1. crazyeyes

    crazyeyes New Member

    Thursday, June 18, 2015

    WASHINGTON, June 18 – Sen. Bernie Sanders (I-Vt.) said today he’s working to win passage of a bill that reverses a proposal passed last year that could result in deep pension cuts for retirees and workers in multi-employer pension plans.

    Sanders said his plan will protect the pensions of up to 10 million Americans.

    “Hard-working retirees should not ever have to doubt their retirement security,” Sanders said. “We made a commitment 40 years ago to workers in this country that companies will never renege on a pension promise. We need to restore that commitment.”

    The issue centers on multi-employer pensions in which hundreds of companies have banded together to manage and provide pension benefits for their workers. Those retirement plans are different and less well known than single employer plans, where one company sets up a pension plan for their workers only.

    Last December, Congress approved and the president signed a spending bill that included provisions that allow for dramatic cuts to financially troubled multi-employer pensions – which currently affects 1.5 million retirees. Under this provision, the pension benefits of retirees could be cut by 30 percent or more. Before the law was changed, it was illegal for an employer to cut the pension benefits retirees have earned.

    “If we do not repeal this disastrous law, retirees all over this country could see their pensions cut by 30 percent or more. We cannot let that happen. Instead of asking retirees to take a massive cut in their pension benefits, we can make these plans solvent by closing egregious loopholes that allow the wealthiest Americans in this country to avoid paying their fair share of taxes,” Sanders said.

    Sanders’ bill establishes a legacy fund within the Pension Benefit Guaranty Corporation to make sure that multi-employer pension plans can continue to provide pension benefits to every eligible American for decades to come. This legislation is paid for by eliminating a loophole in the estate tax and a tax break on sales of expensive art and other collectibles.

    Sanders announced his plan this morning at a news conference outside the Capitol where he was joined by representatives of International Association of Machinists and Aerospace Workers and the Teamsters.

    One of those workers was by Frank Bryant, 74, who worked 31 years as a truck driver for UPS and said he’s worried that his hard-earned pension may be cut.

    The same version of the bill was also introduced yesterday in the House by Reps. Marcy Kaptur (D-Ohio) and Tim Ryan (D-Ohio), who also joined Sanders at the Capitol. Sanders bill is co-sponsored in the Senate by Sens. Sherrod Brown (D-Ohio) and Tammy Baldwin (D-Wis).


     
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  2. rod

    rod retired and happy

    e
    It sure sounds nice but I gave up believing a candidate will live up to his campaign promises years ago. Just look at what happened with the yeh-who in office now.
     
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  3. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    One of those workers was by Frank Bryant, 74, who worked 31 years as a truck driver for UPS and said he’s worried that his hard-earned pension may be cut.

    Frank needs to relax----his pension will not be cut.
     
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  4. FrigidFTSup

    FrigidFTSup Resident Suit

    Bernie Sanders is a loony.
     
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  5. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Perhaps but he is one of the few candidates who actually cares about the voters.
     
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  6. FrigidFTSup

    FrigidFTSup Resident Suit

    He's a politican. They're all the same.
     
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  7. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Trump and Bernie are one in the same?
     
  8. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    That's his message and beliefs but can he deliver.
    Obama failed except healthcare.
     
  9. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    If elected president, they could be closer than we would like.
     
  10. FrigidFTSup

    FrigidFTSup Resident Suit

    Trump is in it for the publicity. Bernie is in it to make other politicians talk about subjects they normally would have ignored.

    Reminds me of Howard Stackhouse in The West Wing. I honestly think they based the character off of Bernie.
    Even then, Obama didn't get the healthcare program he wanted.
     
  11. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    I used to look forward to The West Wing.
     
  12. 728ups

    728ups offending people on the internet since 1995

    and killing Osama Bin Laden
     
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  13. FrigidFTSup

    FrigidFTSup Resident Suit

    It was a good show. Actually watched a couple episodes on Netflix last night.
     
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  14. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    Yep, that too!

    I'm not sure how that helped anyone feel better but it was a goal and accomplished.
    Took some guts to make that call on the evidence.
     
    Last edited: Jul 17, 2015
  15. FrigidFTSup

    FrigidFTSup Resident Suit

    I think it just provided closure. It was like we could finally put it in the past.
     
  16. bbsam

    bbsam Moderator Staff Member

    That's not exactly a small achievement.
     
  17. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    True but an ugly compromise ... first baby steps to cradle to grave government dependency.
    Not to mention that the Repubs will not forget how it got passed.
    Next time the Repubs have President and control of both Houses, it could be uglier.

    My point is that it was just one of many promises and goals.
     
  18. 728ups

    728ups offending people on the internet since 1995

    gay rights, booming stock market,disarming Iran, Bailing out the Auto Industry and reducing the deficit while the ENTIRE time fighting the Republicans tooth and nail as they have done the utmost to oppose him at every turn. Really not bad at all
     
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  19. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    None which were goals.
    I know you are not dumb enough to think the deficit was reduced.
    The rest seems reasonable if one wanted those things.
     
  20. Mike hunt

    Mike hunt Guest

    It made me feel better