By Jonnelle Marte, The Washington Post
More than a quarter of a million truckers, retirees and their families could soon see their pension benefits severely cut — even though their pension fund is still years away from running out of money.
Within the next few weeks, the Treasury Department is expected to announce a crucial decision on whether it will approve reductions to one of the country’s largest multi-employer pension plans.
The potential cuts are possible under legislation passed by Congress in 2014 that for the first time allowed financially distressed multi-employer plans to reduce benefits for retirees if it would improve the solvency of the fund. The law weakened federal protections that for more than 40 years shielded one of the last remaining pillars that workers could rely on for financial security in retirement.
It's big business at work for you again. They have to turn a profit don't they? They promised you a great retirement if you worked hard for them and were loyal to them for 30 years and now want to go back on that promise. The Federal Government should've said no when they first requested the reductions. Big Business has been ripping us off for years with increased costs for good and services, less goods and services for your money, low wages, more work or machines to replace you altogether and soon to come, robots!
Remember that all Americans can put these companies out of business for good if we don't buy their goods or services. We need to band together and take them out one at a time. The fight for a minimum wage increase should've never happened. Minimum wage should include a cost of living increase each year, period!