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  #661  
Old 02-05-2019, 12:54 PM
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BENEFIT CUTS

https://burypensions.wordpress.com/2...-mpra-letters/

Quote:
Breaking News: Two More Union Plans Get MPRA Letters
Spoiler:
After a shutdown hiatus the government is back to approving benefit cuts for multiemployer (union) plans under MPRA. Two more got letters today.


Mid-Jersey Trucking Industry and Local 701 Pension Fund out of North Brunswick, NJ

Toledo Roofers Local No. 134 Pension Fund out of Holland, OH

Excerpts from their latest 5500 filings:

Plan Name: Mid-Jersey Trucking Industry and Local 701 Pension Fund
EIN/PN: 13-6043977/001
Total participants @ 5/31/17: 1,871 including:
Retirees: 1,488
Separated but entitled to benefits: 158
Still working: 225

Asset Value (Market) @ 6/1/16: $238,242,493
Value of liabilities using RPA rate (3.20%) @ 6/1/16: $548,240,057 including:
Retirees: $440,008,186
Separated but entitled to benefits: $25,544,961
Still working: $82,686,910

Funded ratio: 43.46%
Unfunded Liabilities as of 6/1/16: $309,997,564

Asset Value (Market) as of 5/31/17: $237,792,651
Contributions(MB): $2,589,106
Contributions(H): $2,568,773
Payouts: $32,657,650
Expenses: $1,956,314

————————————————————————————————-

Plan Name: Toledo Roofers Local No. 134 Pension Plan
EIN/PN: 34-6682179/001
Total participants @ 12/31/17: 507 including:
Retirees: 216
Separated but entitled to benefits: 105
Still working: 186

Asset Value (Market) @ 1/1/17: $22,372,575
Value of liabilities using RPA rate (3.05%) @ 1/1/17: $68,657,598 including:
Retirees: $50,386,406
Separated but entitled to benefits: $8,175,559
Still working: $10,095,633

Funded ratio: 32.59%
Unfunded Liabilities as of 1/1/17: $46,285,023

Asset Value (Market) as of 12/31/17: $23,587,484
Contributions: $1,358,764
Payouts: $3,555,044
Expenses: $344,973


https://www.pionline.com/article/201...educe-benefits

Quote:
Two more multiemployer plans get OK to reduce benefits

Spoiler:
Two more multiemployer pension funds gained approval Monday to reduce benefits in order to avoid insolvency, according to the Treasury Department's website listing applications under the Kline-Miller Multiemployer Pension Reform Act of 2014.

Both plans applied for the benefit reductions, known as suspensions, on June 25, 2018.

At the time of its application, Mid-Jersey Trucking Industry and Local No. 701 Pension Fund, North Brunswick, N.J., had 1,887 participants, but only 130 active workers. The $237.6 million pension fund said it would be insolvent by 2054 without the benefit reductions, and that 71.3% of participants would have no reduction. The plan had $341 million in liabilities and was 69.7% funded.

RELATED COVERAGE
Kroger officially withdraws from Teamsters Central StatesNew York Teamsters retirees sue U.S. for approving pension cuts under MPRABipartisan bill looks to help struggling multiemployer plansSome unions turning to variable benefit model
According to its application, Toledo (Ohio) Roofers Local No. 134 Pension Plan had assets of $22.4 million as of Dec. 31, 2017, and was 54.3% funded. With a ratio of 2.2 inactive participants for every active worker, it was projected to be insolvent by 2031.

The next step is for participants and beneficiaries of the two pension funds to vote on the proposed suspensions, which will go into effect unless a majority of them vote to reject them.

To date, the Treasury Department has denied five MPRA applications for benefit suspensions and approved 12; another five applications are under review.


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  #662  
Old 02-06-2019, 09:57 AM
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https://burypensions.wordpress.com/2...807-withdraws/

Quote:
Breaking News: Local 807 Withdraws

Spoiler:
Two of the four plans that filed at once last July to cut benefits under MPRA got approval letters on Monday. Yesterday, possibly tipped off that their approval letter was not coming, the Local 807 Labor-management Pension Fund of Long Island City, NY gave up.


From their latest 5500 filing:

Plan Name: Local 807 Labor-Management Pension Fund
EIN/PN: 51-6099111/002
Total participants @ 8/31/17: 4,541 including:
Retirees: 2,827
Separated but entitled to benefits: 933
Still working: 781

Asset Value (Market) @ 9/1/16: $164,132,205
Value of liabilities using RPA rate (3.28%) @ 9/1/16: $530,817,964 including:
Retirees: $289,720,764
Separated but entitled to benefits: $120,024,868
Still working: $121,072,332

Funded ratio: 30.92%
Unfunded Liabilities as of 9/1/16: $366,685,759

Asset Value (Market) as of 8/31/17: $158,835,925
Contributions(MB): $9,629,904
Contributions(H): $9,350,344
Payouts: $27,708,903
Expenses: $1,713,273


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  #663  
Old 02-07-2019, 06:05 AM
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BAILOUT

https://cleaver.house.gov/media-cent...pension-crisis

Quote:
Congressman Cleaver Applauds Congressional Hearing on Pension Crisis
Feb 6, 2019 Press Release
Cleaver Calls on House and Senate to Pass H.R. 397, the Butch Lewis Act
Today the U.S. House Committee on Ways and Means held a hearing entitled “Improving Retirement Security For America’s Workers” in an effort to find solutions to the pension crisis facing the Central States Pension Fund (CSPF).


Spoiler:
(Washington, D.C.) – Congressman Emanuel Cleaver, II today praised the House Committee on Ways and Means for holding a hearing on the significant multi-employer pension crisis that has roiled hundreds of thousands of workers across the Midwest. The committee will hear testimony from pension experts across the country, including Cindy McDaniel, a Kansas City native and Co-director of the Missouri-Kansas City Committee to Protect Pensions.

“For years now, workers and retirees within the Central States Pension Fund have been dealing with the uncertainty of whether their hard-earned pension will be there in the years to come,” said Congressman Cleaver. “With Democrats taking control of the House, I’m pleased to see one of the first actions taken by the Ways and Means Committee is to hear from pension experts so that we can begin to find solutions and bring stability to these hardworking Americans.”

Over 400,000 people across several states who have vested millions of dollars into their pension funds have been told that their benefits from the CSPF would be drastically cut, some as much as by 60%. People who have saved all of their working lives for this moment of retirement are now finding out that there is not enough to fund their pensions. While most multiemployer plans are adequately funded, according to the Pension Rights Center, 150 to 200 plans are projected to run out of money within 10-20 years. A study from the U.S. Government Accountability Office (GAO) released last summer revealed this is due to several factors, including changes in the economy that have resulted in many plans having more retirees than active workers, company bankruptcies and withdrawals from plans, and investment losses stemming from the 2001 and 2008 stock market downturns.

“What has happened to these dedicated workers and retirees is shameful. They spent years of their lives, some entire careers, working hard and putting money away with the presumption that it will be there for them when the time comes, only to have the rug pulled out from underneath them,” Congressman Cleaver said. “We received the GAO’s report last year addressing how this happened, now we’re hearing from experts on how to deal with the issue, the next step is for Congress to act.”

Since 2015, Congressman Cleaver has been working diligently to help Central States Pension Fund retirees and active workers. In 2016, he held a town hall, in which nearly a thousand people attended to hear U.S. Treasury’s Ken Feinberg speak. He is currently a cosponsor of H.R. 397, the Rehabilitation for Multiemployer Pensions Act, otherwise known as the Butch Lewis Act, which would create a new office within the U.S. Treasury Department called the Pension Rehabilitation Administration (PRA). The PRA would allow pension plans to borrow the money they need to remain solvent and continue providing retirement security for retirees and workers for decades to come.

“If the Central States Pension Fund and other multi-employer pension funds fail, the PBGC will also go under and the effects will create a ruinous tsunami wave across the economy,” said Congressman Cleaver. “The time to pass the Butch Lewis Act is now.”


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  #664  
Old 02-07-2019, 06:07 AM
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BAILOUT

https://teamster.org/news/2019/02/ho...ension-promise

Quote:
Hoffa: Bipartisan Bill Can Deliver on Pension Promise
Spoiler:
By Teamsters General President Jim Hoffa
Published in the Detroit News, Feb. 6, 2019

The struggle to ensure the retirements of millions of hardworking Americans continues. But the reintroduction of essential bipartisan legislation by a long-time pension protector could go a long way toward bolstering nest eggs jeopardized under the current system.

With the new Congress now seated in Washington, the Teamsters want to let lawmakers know it is time to work together across party lines to secure the hard-earned retirements of retirees and workers. These hardworking Americans deserve to receive the benefits they were promised.

Fortunately, the Rehabilitation of Multiemployer Pensions Act would solve the problem. Introduced by Reps. Richard Neal (D-Mass.) and Peter King (R-N.Y.) last month and co-sponsored by Reps. Debbie Dingell (D-Mich.) and Bill Huizenga (R-Mich.), the bill is a continuation of an effort to reform the system that first began in 2015. The seven House Republican co-sponsors understand the value of the bill and should be lauded for supporting this legislation.

There’s no time to lose. There are about 1.5 million retirees in desperate need of quick action to save the retirement nest eggs they spent decades contributing to on the premise they would be financially secure in their golden years. There also are hundreds of thousands of workers who are enrolled in these pension plans who deserve assistance, too.

As it stands, there are more than 300 multiemployer plans across the country — including the Teamsters’ Central States Pension Fund — that are in danger of failing. Congress needs to find a solution that will deliver for these hardworking Americans who are paying, or have paid, into the pension pool and have played by the rules all their lives.

The measure would boost financially-troubled multiemployer pensions so they don’t fail. It would create an agency under the Treasury Department that would sell bonds in the open market to large investors such as financial firms.

The agency, the Pension Rehabilitation Administration (PRA), would then lend money from the sale of the bonds to the financially-troubled pension plans. Plans that are deemed “critical and declining,” as well as recently insolvent but non-terminated plans, and those that have suspended benefits would be eligible to apply for the program.

Pension plans borrowing from PRA would be required to set aside the loan proceeds in separate, safe investments such as annuities or bonds that match the pension payments for retirees. For those plans needing additional help to meet retiree obligations, the Pension Benefit Guaranty Corporation would be available to make up the difference.

As of now, the Central States fund is facing an unfunded liability of $17.2 billion, the largest of all multiemployer plan shortfalls. The Bakery and Confectionary Union pension is second with a $3.2 billion shortfall, while the United Mine Workers are third at $2.4 billion. Other threatened multiemployer plans face a total shortfall of $13.6 billion. That’s why the Teamsters are stressing the importance of Congress coming up with a solution as soon as possible.

Workers and retirees aren’t asking for a handout; they just want what is rightfully theirs. The Teamsters urge those on Capitol Hill to work together and pass a bipartisan solution that will make workers and retirees whole. They’ve waited long enough.


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  #665  
Old 02-11-2019, 01:06 PM
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BENEFIT CUTS

https://www.ai-cio.com/news/us-treas...-two-pensions/

Quote:
US Treasury Approves Benefits Cuts for Two More Pensions
Mid-Jersey Trucking and Toledo Roofers become 11th and 12th funds cleared for benefits reductions under MPRA.


Spoiler:
The US Department of the Treasury has approved benefits reductions for the Mid-Jersey Trucking Industry and Local 701 Pension Fund, and the Toledo Roofers Local No. 134 Pension Fund.

They are the 11th and 12th pension plans to receive approval for a reduction in benefits from the Treasury Department since the Kline-Miller Multiemployer Pension Reform Act of 2014 (MPRA) was enacted into law.

Meanwhile, the New York-based Local 807 Labor-Management Pension Fund has withdrawn its application for benefits cuts, but said it reserves the right to resubmit a revised application with additional information in the future.

For the Mid-Jersey Trucking and Toledo Roofers pension plans, the Treasury Department said it has determined that both are eligible to reduce benefits under the MPRA, and that their applications satisfied the requirements of the Internal Revenue Code as added by the MPRA.

The Mid-Jersey Trucking fund was certified by its actuary to be in critical and declining status beginning June 1, 2017, and was projected to become insolvent at the beginning of the 2029 plan year without a reduction in benefits.

According to the rehabilitation plan the pension submitted in its application, the following adjustable benefits will be eliminated for all participants with an annuity starting date of May 15, 2018, or later, and who did not earn at least 120 hours of service during each of the three years with the month immediately preceding the participant’s annuity starting date:

Disability benefit not yet in pay status.
60-month certain guarantee.
Subsidized joint and survivor annuity for married participants.
Commencement of new retirement benefits prior to age 55.
Pre-retirement death, accidental death and dismemberment benefits except as required by law for surviving spouses.
The subsidized portion of the early retirement benefit and service pension for all years of service.
Post-retirement death benefits for participants and beneficiaries.
Lump-sum payment option for the benefits earned prior to April 1, 2012.
The Toledo Roofers plan projected that without a cut in benefits, it would likely become insolvent at the beginning of 2030.

Its benefit suspension plan eliminates any early retirement subsidy on the benefits of participants, or their beneficiaries, who retired before the plan’s normal retirement age of 65. If the benefit is greater than 175% of the amount guaranteed by the Pension Benefit Guaranty Corp. (PBGC) after the application of this step, the benefit will be reduced to 175% of the amount guaranteed by the PBGC. No reduction will apply to benefits based on disability under the pension plan’s terms.

An individual’s age affects the amount of the reduction that may apply to the monthly benefit. For example, no reduction applies to the benefits of an individual who is 80 or older as of the end of the month of the benefit reduction’s effective date. And the closer the individual is to age 80, the smaller the benefits reduction.


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  #666  
Old 02-11-2019, 04:40 PM
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Mary Pat Campbell
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BENEFIT CUTS

https://burypensions.wordpress.com/2...-benefit-cuts/

Quote:
Breaking News: Another Union Plan Approved for Benefit Cuts
Spoiler:
The last of the four plans that submitted applications last July to cut benefits under MPRA got their letter.


From their latest 5500 filing:

Plan Name: SW OH Regional Council of Carpenters Pension Plan
EIN/PN: 31-6127287/001
Total participants @ 12/31/17: 5,486 including:
Retirees: 2,676
Separated but entitled to benefits: 1,137
Still working: 1,673

Asset Value (Market) @ 1/1/17: $218,949,3534
Value of liabilities using RPA rate (3.05%) @ 1/1/17: $685,997,330 including:
Retirees: $399,561,528
Separated but entitled to benefits: $122,751,401
Still working: $163,684,401

Funded ratio: 31.92%
Unfunded Liabilities as of 1/1/17: $467,047,976

Asset Value (Market) as of 12/31/17: $227,429,452
Contributions: $17,172,581
Payouts: $30,852,117
Expenses: $1,736,203


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  #667  
Old 02-14-2019, 04:45 AM
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BAILOUT

https://teamster.org/blog/2019/02/mo...s-fix-pensions

Quote:
Mo. Teamster Wife Calls on Congress to Fix Pensions

Spoiler:
Five years ago, Cindy McDaniel and her husband Ted – a retired Teamster – were enjoying the fruits of his hard labor. After he’d worked for 35 years as a truck driver and contributed to a pension, Ted and Cindy had a comfortable retirement that allowed the Appleton City, Missouri residents to pay their bills and help take care of their grandkids as well as their aging parents.

But that all changed when Congress enacted the Multiemployer Pension Reform Act of 2014. The couple was informed that Ted’s Central States pension could be cut 57 percent, down to $1,295 a month. It was all too much for Ted, who shortly thereafter suffered a massive heart attack and now is limited in his activities. While his retirement pay has yet to be affected, a reduction looms unless Congress comes up with a fix.

That’s why Cindy McDaniel came to Capitol Hill today. The co-director of the Missouri Kansas City-Committee to Protect Pensions testified in front of the House Ways and Means Committee, telling members how she and others have spent the last several years shuttling between their homes and the nation’s capital advocating for change. She has been to Washington dozens of times on her own dime fighting for fairer pension reform like that being offered by House Ways and Means Chairman Richard Neal (D-Mass.).

“We went from truck drivers, spouses and widows to pension protectors overnight,” she told committee members. “We didn’t set out to be lobbyists. We became them because we had to. Suddenly, the American dream we had lived for and earned fell apart around us.”

But she said more than 1 million workers and retirees falling under financially threatened multi-employer pension plans are running out of time. And she urged the lawmakers not to forget them and the challenges they face.

“So as I finish speaking today, picture not just me, but look at the hundreds of other Central States members standing behind me, along with a million more from other plans who have already been, or could be, affected,” she said. “Put yourselves in our place and feel our fear about what will happen if our income is cut.”

Chairman Neal told his fellow committee members they have an opportunity to make fixes that would help many working Americans who worked hard and played by the rules all their lives.

“These are American workers who planned for their retirement, who year after year contributed to their pensions instead of taking wage increases,” he said. “Now after working for decades, their planned retirements may be taken away from them.

“Pensions have a long history of being a bipartisan issue,” he added. “Now more than ever, it’s time to put politics aside and really work together.”


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  #668  
Old 02-14-2019, 04:45 AM
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BAILOUT

https://teamster.org/blog/2019/02/mo...s-fix-pensions

Quote:
Mo. Teamster Wife Calls on Congress to Fix Pensions

Spoiler:
Five years ago, Cindy McDaniel and her husband Ted – a retired Teamster – were enjoying the fruits of his hard labor. After he’d worked for 35 years as a truck driver and contributed to a pension, Ted and Cindy had a comfortable retirement that allowed the Appleton City, Missouri residents to pay their bills and help take care of their grandkids as well as their aging parents.

But that all changed when Congress enacted the Multiemployer Pension Reform Act of 2014. The couple was informed that Ted’s Central States pension could be cut 57 percent, down to $1,295 a month. It was all too much for Ted, who shortly thereafter suffered a massive heart attack and now is limited in his activities. While his retirement pay has yet to be affected, a reduction looms unless Congress comes up with a fix.

That’s why Cindy McDaniel came to Capitol Hill today. The co-director of the Missouri Kansas City-Committee to Protect Pensions testified in front of the House Ways and Means Committee, telling members how she and others have spent the last several years shuttling between their homes and the nation’s capital advocating for change. She has been to Washington dozens of times on her own dime fighting for fairer pension reform like that being offered by House Ways and Means Chairman Richard Neal (D-Mass.).

“We went from truck drivers, spouses and widows to pension protectors overnight,” she told committee members. “We didn’t set out to be lobbyists. We became them because we had to. Suddenly, the American dream we had lived for and earned fell apart around us.”

But she said more than 1 million workers and retirees falling under financially threatened multi-employer pension plans are running out of time. And she urged the lawmakers not to forget them and the challenges they face.

“So as I finish speaking today, picture not just me, but look at the hundreds of other Central States members standing behind me, along with a million more from other plans who have already been, or could be, affected,” she said. “Put yourselves in our place and feel our fear about what will happen if our income is cut.”

Chairman Neal told his fellow committee members they have an opportunity to make fixes that would help many working Americans who worked hard and played by the rules all their lives.

“These are American workers who planned for their retirement, who year after year contributed to their pensions instead of taking wage increases,” he said. “Now after working for decades, their planned retirements may be taken away from them.

“Pensions have a long history of being a bipartisan issue,” he added. “Now more than ever, it’s time to put politics aside and really work together.”


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  #669  
Old 02-18-2019, 01:16 PM
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http://www.pensionanalytics.org/our_papers

most recent paper:
Quote:
The Multiemployer Solvency Crisis: An Analysis of Proposed Adjustments to the PBGC's Benefit Guarantee
February, 2019
Download PDF Open in Browser
This paper provides estimates of the cost of proposed changes to the PBGC's benefit guarantee which are presently under consideration by the Joint Select Committee on Solvency of Multiemployer Plans. Although the Committee has not yet formally released a paper with its recommendations for strengthening the multiemployer pension system, an unpublished draft proposal has been circulated. The proposal describes a series of changes to plan funding rules, which, presumably, would help prevent the funding crisis from growing even larger. In addition, the proposal envisions an expanded role for the PBGC, providing it with additional revenue sources and additional responsibilities for assisting troubled plans. Because the proposal contains many components – and because these components may be modified in the coming weeks and months as the Committee continues to refine its ideas – we decided to focus our analysis on one key area of the proposal: adjustments to the timing and level of the PBGC benefit guarantee. The proposal would roughly double the maximum level of guaranteed benefits. However, in contrast to current law -- under which benefits are cut to guaranteed levels only after a plan has first exhausted its assets -- the proposal would require plans to freeze five years before projected insolvency, at which time accrued benefits would be cut to guaranteed levels. Using MEPSIM, we analyzed these proposed adjustments to the timing and level of the guarantee. We estimate that the proposal would lead to a $34 billion increase in the present value of PBGC assistance payments. In addition, we found the proposal to be regressive, favoring pension plans with generous benefits at the expense of plans with relatively low benefits.
via email:

Quote:
Multiemployer Solvency Crisis: An Analysis of Proposed Adjustments to the PBGC's Benefit Guarantee

Spoiler:
This paper -- our seventh in a series that is focused on evaluating options for stabilizing the multiemployer pension system – provides an analysis of proposed adjustments to the timing and level of guaranteed benefits that are presently under consideration by the Joint Select Committee on Solvency of Multiemployer Plans.

Although the Committee has not yet formally released a paper with its recommendations, an unpublished draft proposal has been circulated. The proposal describes a series of changes to plan funding rules, which, presumably, would help prevent the funding crisis from growing even larger. In addition, the proposal envisions an expanded role for the PBGC, providing it with additional revenue sources and additional responsibilities for assisting troubled plans.

Because the proposal contains many components – and because these components may be modified in the coming weeks and months as the Committee continues to refine its ideas – we decided to focus our analysis on one key area of the proposal: adjustments to the timing and level of the PBGC benefit guarantee. The proposal would roughly double the maximum level of guaranteed benefits. However, in contrast to current law -- under which benefits are cut to guaranteed levels only after a plan has first exhausted its assets -- the proposal would require plans to freeze (i.e. halt benefit accruals) five years before projected insolvency, at which time accrued benefits would be cut to guaranteed levels.

Using MEPSIM, we analyzed these adjustments to the timing and level of the benefit guarantee. To capture the broad range of possible outcomes for each plan, we simulated 500 trials in which asset returns were varied stochastically. We restricted our analysis to the 231 plans (about 20% of our data universe) that we project, under current law, will become insolvent within the next 30 years assuming constant asset returns of 6%.

Key results of our analysis are as follows:

As a stand-alone policy change, increasing the PBGC’s benefit guarantee to $70 per year of service leads to a $44 billion increase in the projected present value of PBGC assistance payments.

Freezing the plan five years before projected insolvency and cutting benefits to their guaranteed levels under current law leads to a $33 billion reduction in projected PBGC assistance payments.

If implemented together, the $70 benefit guarantee and the five-year-early rule lead to $34 billion increase in projected PBGC assistance payments, which is much larger than $44 billion less $33 billion. This counterintuitive result arises because, under the more generous guarantee, most plans would have full coverage of their benefits, and, consequently, the accelerated cutbacks would have no effect. The more generous the guarantee, the lower will be the effect of the accelerated cutbacks in limiting both participant benefits and plan costs.

We estimate that about half of the multiemployer system’s participants are in plans with a unit benefit less than $44, which is the maximum covered unit benefit under current law. Compared to participants in plans with more generous benefits, these participants would gain little from the proposed increased of the guarantee.

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  #670  
Old 02-19-2019, 06:16 AM
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COAL WORKERS

https://www.tristatehomepage.com/new...ers/1792087017

Quote:
Lawmakers propose bill aimed to help retired coal miners

Spoiler:
Despite President Trump's affinity for coal, coal miners and their families face an uncertain future, especially retired coal miners, whose pensions are drying up as their former companies go bankrupt.

Lawmakers are trying to come to the rescue with the American Coal Miners Act of 2019.

The bill would prop up miners’ pension funds, ensure healthcare coverage, and extend black lung benefits for disabled miners and their dependents.

After decades of tough works in the mines, retired coal workers like Manueal Ojeda want peace of mind.

“Me and thousands of other people like me helped to keep the lights on in this country. We've done our jobs now it’s time for Congress to do their jobs.”

Miners want lawmakers to protect their hard-earned pensions.

Senator Joe Manchin says the American Coal Miners Act of 2019 would do the trick.

"It guarantees the pensions that we've been fighting for."

Many retired mine workers rely on the 1974 pension plan to provide benefits. But the closure of coal companies has left those funds uncertain.

Manchin’s legislation would amend existing mining laws so certain funds could be transferred to the pension plan.

"It's not going to come out of the taxpayers’ dollars."

Lawmakers say they want to make sure miners receive healthcare benefits even if their employers go bankrupt.

The bill would also help make sure miners suffering from black lung get the resources they need.

“Black lung is still a real, enormous medical challenge.”

Senator Mark Warner says contributions to the Black Lung Disability Trust Fund are set to drastically decrease if Congress doesn’t act fast.

Warner urges lawmakers to support the bill and extend the current tax rate for 10 years.

"It is way past time to fix this problem. Let's take that step."

Miners say they’re counting on Congress to get them the healthcare and pensions they’ve worked for.

"If Congress comes through with that everything will be alright for us and that is what we are asking for."


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