To the editor:
Rep. Jim Jordan (R-OH4) asserts, “There now appears to be two standards in America: one for we, the people, and then a different standard for the politically connected.” While Jordan refers to Hillary Clinton, Lois Lerner and John Koskinan, I contend he could just as easily refer to Congress.
That must be why Congress fails to end defined-benefit pensions for members of Congress, while ordinary American worker/retirees’ EARNED pensions are threatened by the Multiemployer Pension Reform Act of 2014 (MPRA) and Multiemployer Composite Pension Plan Legislation.
MPRA affects 10 million retirees/workers in the U.S., including the Central States Pension Fund. MPRA must be modified or repealed to prevent reductions in pensions of up to 70 percent for those in underfunded multiemployer plans.
Proposed Multiemployer Composite Pension Plan Legislation (Phase 2 of MPRA) sets up both Composite and legacy plans for failure; subjects legacy and Composite Plan participants to risk of substantial benefit cuts; will increase the likelihood that employers will withdraw from legacy plans; would further erode the PBGC Premium Base and pressure healthy plans to fund PBGC obligations; puts both Composite and legacy plans at risk of underfunding; puts workers and retirees at significant risk of major benefit cuts; further weakens legacy plan funding by encouraging employer withdrawal; and puts healthy plans and potentially taxpayers on the hook for PBGC underfunding.
This legislation would have serious ramifications for both workers and retirees. IT WOULD DESTROY RETIREMENT SECURITY. Unfortunately, Rep. Jordan (Alliance for Retired Americans, Lifetime Rating: 2 percent) has failed pensioners by not speaking out against such injustices to his constituents as the Multiemployer Pension Modernization Act of 2016 (MPMA).
I urge Rep. Jordan to oppose such legislation. We the voters have a long memory. If we can’t count on you, don’t count on us.