I don’t care if you are 20 or 80 years old, you need to make the call regarding the proposed fix to multi-employer pension funds. This current proposal will be devastating for our defined benefit pension plan and the NEBF. The details are laid out in the Union World that you are receiving this week. Both of New York’s Senators should be good on this but we cannot take anything for granted. They will still need to pressure the other Senators who will be voting on this.
Local 3 has retirees living in almost every state across this nation and they especially need to call their elected Senators to oppose this proposal. If it passes, it will negatively impact our ability to maintain our pension plan as it exists today and to continue to provide the pensions that our members depend on.
Corporate America has long been destroying retirement security for working people by eliminating defined pension benefit plans and replacing them with riskier 401k's. Local 3 is fortunate to have both types of retirement plans for our members plus an annuity as well. This attack on pensions is similar to the Republican efforts to get rid of Social Security. By creating so-called "hybrid plans" in lieu of the defined benefit pension plan that many Americans count on, it is just another shift of money to Wall Street. This is another lockstep Republican/Corporate scheme to destroy retirement security and continue the war to eliminate unions.