9 thoughts on “Forbes post, “At Long Last: Senate Moves Forward With a Multiemployer Pension Rescue”

  1. I Surely Hope That They Implement Something Fast! They Have Already Taken Away Thirty Percent Of My Pension And Cannot Afford Another Cut! I can only hope and pray that this will work! I am 65 and hopefully have a few more years of living comfortably!


  2. These are private’s pensions, that have been knowingly and by design underfunded for years. The participants have by choice paid for less coverage from the PBGC than the single employer pensions did. The idea that the government should bail out the PBGC has been offensive enough; the idea that as part of this we would increase the size of the guarantee from the PBGC now that the multi employer part is going under is light years worse. This should lead to violent responses from the majority of Americans who have no pension, and are now expected to bail out the minority that do, but I expect that no one is paying attention.


  3. Look, this is the same old story repeated countless times. These pension benefits were too generous by a wide margin to begin with. Then, when it was crystal clear that they were unsustainable, none of the plan administrators made any changes to benefits. Now when the plans are failing, unconnected third parties (taxpayers) are on the hook to fund said plans. Since when should driving a truck entitle you to $60k a year in retirement pay? It’s an abomination cooked up by the thiefs themselves through their collective power commonly known as “unions”. I hope this house of cards crashes hard, and soon.


  4. Just as “The Butch Lewis Act” faces obstacles in the Republican controlled Senate, this plan will face obstacles in the Democratic controlled House. As a participant in C.S.P.F., I have never expected something for nothing. If a cut of 10 percent would secure the fund, not only for current retirees, but future retirees as well, then count me in. On the other hand, a plan that would not protect the pensions of those that are still working, I would be opposed to. Protection for ALL is worth ten percent.


  5. Central States pension fund was fleeced by wall street. The funds trustees hired a wall street firm to guide their market investments and subsequently lost an avalanche of money. Congress promised an investigation. The incestuous relationship with Congress and Goldman Sachs and others meant that the fix would not occur. There is a virtual revolving door between Goldman and the Federal Reserve Chairmanship. The pensions have the same problem as Social Security funds. Not enough contributors and too many collectors. The fix was supposed to be a low cost loan, not all this stuff.


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