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Union Workers Warn Nancy Pelosi’s Coronavirus Plan Guts Pensions
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<blockquote data-quote="Babagounj" data-source="post: 4496741" data-attributes="member: 12952"><p><a href="https://www.scribd.com/document/461867380/Union-Coalition-Letter-to-Congress#from_embed" target="_blank">Union Coalition Letter to Congress | Pension | Retirement</a></p><p></p><p></p><p>“Composite legislation is deeply flawed because it allows multiemployer plan trustees to ‘refinance’ their obligations to workers and retirees in the existing plan over 25 years instead of 15 years, so they can divert money to start a new composite plan,” the letter stated. “This weakens the existing plan and leaves neither plan — the existing plan nor the composite plan — with enough money to pay promised benefits.”</p><p></p><p>The letter was signed by the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union (BCTGM), the Directors Guild of America (DGA), the International Brotherhood of Boilermakers, the International Alliance of Theatrical Stage Employees (IATSE), the International Assoc. of Machinists & Aerospace Workers, the International Longshore and Warehouse Union (ILWU), the International Union of Painters and Allied Trades (IUPAT), the Musicians for Pension Security, the Pension Rights Center, the SEIU, the United Food and Commercial Workers International Union (UFCW), the United Steelworkers, and the Western Conference of Teamsters Pension Trust.</p><p></p><p>Labor leaders for the United Steelworkers (USW) and the International Brotherhood of Electrical Workers (IBEW) likewise urged their members to write letters to Congress demanding the provision be removed from Pelosi’s HEROES Act.</p></blockquote><p></p>
[QUOTE="Babagounj, post: 4496741, member: 12952"] [URL="https://www.scribd.com/document/461867380/Union-Coalition-Letter-to-Congress#from_embed"]Union Coalition Letter to Congress | Pension | Retirement[/URL] “Composite legislation is deeply flawed because it allows multiemployer plan trustees to ‘refinance’ their obligations to workers and retirees in the existing plan over 25 years instead of 15 years, so they can divert money to start a new composite plan,” the letter stated. “This weakens the existing plan and leaves neither plan — the existing plan nor the composite plan — with enough money to pay promised benefits.” The letter was signed by the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union (BCTGM), the Directors Guild of America (DGA), the International Brotherhood of Boilermakers, the International Alliance of Theatrical Stage Employees (IATSE), the International Assoc. of Machinists & Aerospace Workers, the International Longshore and Warehouse Union (ILWU), the International Union of Painters and Allied Trades (IUPAT), the Musicians for Pension Security, the Pension Rights Center, the SEIU, the United Food and Commercial Workers International Union (UFCW), the United Steelworkers, and the Western Conference of Teamsters Pension Trust. Labor leaders for the United Steelworkers (USW) and the International Brotherhood of Electrical Workers (IBEW) likewise urged their members to write letters to Congress demanding the provision be removed from Pelosi’s HEROES Act. [/QUOTE]
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