“‘Passing legislation on a tight deadline–especially a bogus deadline–is invariably a formula for serious mischief. That’s what’s happening with a proposal to deal with a supposed crisis in worker pensions by allowing trustees to slash the pensions of already-retired workers to shreds.
“‘[They] are trying to slip the measure into an omnibus spending bill to be passed before Dec. 11, when Congress leaves Washington for its vacation recess. Pension advocates are up in arms, not least because the measure’s actual language hasn’t been made public. [It’s still in negotiation, committee staffers say].
“‘What is known is that it would change four decades of labor law in a way that mostly affects the oldest and most vulnerable workers…’” (The lame-duck Congress plots to undermine retiree pensions).
“‘Congress could soon allow the benefits of current retirees to be cut as part of an agreement to address the fiscal distress confronting some of the nation’s 1,400 multi-employer pension plans.
“‘This proposal would devastate retirees and their surviving spouses,’ said Karen Friedman, executive vice president of the Pension Rights Center, a nonprofit group. ‘The proposal would also torpedo basic protections of the federal private pension law . . . that states that once benefits are earned, they can’t be cut back…’” (Congress could soon allow pension plans to cut benefits for current retirees).
from First They Came for the Teachers, and I Didn’t Speak Up by Ken Previti. For Previti’s entire report, Click Here.