Brothers and Sisters,
At this very moment, a group of U.S. Senators and Representatives is planning legislation that would put our pension into the “red zone” with the stroke of a pen. They are calling this devastating plan “pension protection,” but it would cause our Pension Fund to plummet from 80 percent funded to 57 percent. Other negative impacts of this plan include the following:
- By putting our pension in the “red zone,” the law would force us to reduce pension benefits for current and future retirees
- The federal government would take away our control over investment return projections for our fund, creating its own limits
- We would have to forfeit the credit balance reserve we’ve built over the past 10 years
- Current retirees’ pension checks would be reduced to pay for bailouts of failing funds
- The Pension Fund would have to pay an additional $2.8 million to the federal government each year
- The Union would have to pay $289,000 to the federal government each year
We have fought too hard over the last 10 years to bring our Pension Fund back to the “green zone” to let the government come and steal it from us. History has shown us that every time the federal government comes in to “help” with pensions, it makes things far worse. In fact, Congress’ current recommendations would hurt us more than the financial collapse of 2008 ever did.
Take a moment to send emails to your Senators! It will only take a moment, but each voice against this disgraceful plan will help show these legislators the true harm of these recommendations.
This will only take a few minutes, but we need every member to step up and do their part to protect all of our pensions!