Portman's Pension Accountability Act

Discussion in 'UPS Retirement Topics' started by UPSmechanicinblue, Oct 8, 2015.

  1. UPSmechanicinblue

    UPSmechanicinblue Active Member


    U.S. Sen. Rob Portman on Wednesday will offer the latest proposal to help retired union members avoid deep pension cuts, possibly averting a fate that Congress itself is partly responsible for.

    If the Ohio Republican succeeds, thousands of retired truck drivers, freight handlers and warehouse workers -- 48,000 in Ohio -- could be grateful. But they won't be in the clear entirely; their pension plans are still underfunded and at risk of running out of money eventually.

    Nevertheless, Portman's Pension Accountability Act, if passed by Congress, would make it harder for those pension plans to simply slash current retiree pensions and walk away. It could force the plan trustees to negotiate with retirees and, Portman says, "let the democratic process work."

    It also would partly right what retired union members said was a wrong committed by Congress last December. That's when lawmakers quietly changed the law and made it possible for some troubled pension plans to cut monthly payments not only for future retirees but also for those already drawing their pensions.
    Lasted edited by : Oct 9, 2015
  2. UPSmechanicinblue

    UPSmechanicinblue Active Member


    The Teamsters Union applauds the efforts of Sen. Rob Portman (R-Ohio) to pass legislation that would guarantee thousands of retirees and workers threatened by deep cuts to their pensions a meaningful voice in deciding their own future, without the threat of the Treasury Department nullifying their decision if it judges that the insolvency of the fund would be "systemically important" by causing a liability of more than $1 billion to the Pension Benefit Guaranty Corporation (PBGC).

    Lasted edited by : Oct 9, 2015
  3. realbrown1

    realbrown1 Annoy a liberal today. Hit them with facts.

  4. bbsam

    bbsam Moderator Staff Member

    Hold that thought.
    Last edited: Oct 9, 2015
  5. UPSmechanicinblue

    UPSmechanicinblue Active Member

    Your point? All he will do is talk about it-nothing will happen- both Dems and Repub's have done nothing for the middle class for years- Another free trade agreement possibly going through http://www.commondreams.org/news/20...ecy-public-will-finally-get-see-full-tpp-text I can't see where one can really argue one is better than the other.
  6. Sportello

    Sportello Well-Known Member

    Sen Portman voted for the last big free trade act, NAFTA, so this is not a surprise. He likely has a lot of Union people he is representing, so good on him. He also takes a lot of corporate $$, so don't expect much.

    As far as RB1's point... well, you decide.

    It would be nice if this becomes an issue, doubt it will. The law was written with CSPF in mind. Who would do a thing like that?