The fight to protect and preserve multiemployer defined benefit plans is happening on many fronts. As regular readers of the KCS Blog know, we have been at the forefront of bringing information to you regarding the crisis that is unfolding for the 114 critical and declining plans. The Joint Select Committee on the Solvency of Multiemployer Pension Plans continues to debate various “solutions” to this issue. Action is needed now and there is no place for politics as usual.
Here is a wonderfully written letter from Mike Smith, President, Teamsters Local Union No. 810. It highlights the fact that 1.5 million retirees are facing a very uncertain (frightening) future as a result of the failure to protect the benefits for these hardworking Americans. This situation is unacceptable!