WASHINGTON — The sprawling agreement to boost government spendingreached by Republicans and Democrats this month quietly included a step toward defusing what could be a financial time bomb for 1.5 million retirees and hundreds of companies in the industrial Midwest and the South.
The North Carolina Senate gave unanimous approval on Feb. 9, 2018, to Senate Resolution 709, a resolution approving the appointment of Vernon Gammon to the Board of Trustees of the North Carolina Teachers' and State Employees' Retirement System. Gammon was nominated to the post by Gov. Roy Cooper in May 2017.
(WASHINGTON) – The Teamsters Union applauds today’s announcement of the formation of a bipartisan, House-Senate Joint Select Committee to find a solution to the nation’s growing pension crisis which could threaten the retirement security of as many as 1.5 million active and retired workers. Sen. Sherrod Brown (D-OH) secured the formation of the committee as part of the budget compromise announced today.
They thought they were the lucky ones — truck drivers and warehouse workers who counted themselves among the dwindling number of Americans still guaranteed a private pension.
But that promise of a monthly check, once considered ironclad, is now in doubt for more than a million retirees and older workers nationwide, including tens of thousands in Massachusetts and neighboring states. Their underfunded pension plans are creeping toward insolvency, putting benefits they earned over the course of a career at risk of being cut or even eliminated.
(BOSTON) – Today, U.S. Rep. Richard E. Neal (D-MA) joined active and retired members of Teamsters Local 122 in Boston, Mass. for a press conference at the union’s hall in support of H.R.4444, the Rehabilitation for Multiemployer Pensions Act, legislation that will assist pension plans facing insolvency. Rep. Neal is the lead sponsor of the legislation that was introduced in Congress on Nov. 16, 2017.
Senator Charles Schumer and Congressman Peter King say they're backing a bill that would allow the Treasury Department to issue bonds -- which would then be used to fund the collapsing pensions.
(HEMPSTEAD, N.Y.) – Today, Rep. Pete King (R-N.Y.) joined Sen. Check Schumer (D-N.Y.) at a press conference at Teamsters Local 707 in Hempstead, N.Y. to announce his co-sponsorship of the Butch Lewis Act of 2017 (H.R.4444/S.2147), legislation that will assist pension plans facing insolvency. Rep. King is the first Republican member of Congress to join the bill as a sponsor.
End-of-year spending bill is seen as best vehicle to deliver a secure retirement to hundreds of thousands whose nest eggs are jeopardized.