Politicians lack knowledge about employee pensions
In regards to an article in the business section Dec. 7, with headline “Schumer backs Teamster pension rescue proposal.” I personally lost 29 percent of my promised pension on Oct. 1. Previous to December of 2014, secured pensions were not allowed to be reduced because of a law called the Employee Retirement Income Security Act of 1974. In the final meeting of Congress for that year, a bill that was probably never even read was introduced to overturn ERISA. It was called the Kline-Miller Act. It became law, and pension plans across America scrambled to take advantage of this new windfall.
In the article Schumer refers to my pension as a nest egg. That statement alone shows me how little regard and knowledge politicians have regarding pensions. Contrary to belief, there is no magic pension well. For over 30 years, money in lieu of wages was paid in each and every hour to the pension fund. The article states that across the nation there is a $36.4 billion dollar shortfall for multi-employer pensions. In essence, the government caused this debacle. The same Congress that voted for the cuts now wants to fix it.
Just do the right thing and reverse the Kline-Miller Act.