releases: http://nolan.house.gov/media-center/in-the-news/duluth-news-tribune-lawmakers-decry-central-states-pension-cuts
Data license: MIT · Data source: dwillis/congress-press
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| http://nolan.house.gov/media-center/in-the-news/duluth-news-tribune-lawmakers-decry-central-states-pension-cuts | Duluth News Tribune: Lawmakers decry Central States pension cuts | 2015-12-15 | 2015 | 2015-12 | Democrat | House | MN | Rick Nolan | N000127 | nolan.house.gov | legacy | US Reps. Rick Nolan and Marcy Kaptur on Tuesday said they are making an "urgent call to the Treasury Department" to reject a request by the Central States Pension Fund to cut pensions for some 270,000 active Teamsters and retirees in several states including thousands in Minnesota. The pension plan is facing a huge deficit and has petitioned federal regulators to allow it to cut benefits to most recipients by 50 to 70 percent in order to keep paying some pension to everyone. The cuts are allowed under a provision passed in last December's federal spending bill. But Nolan, D-Crosby, and Kaptur, D-Ohio, joined 16 other members of Congress in submitting a public comment Monday night calling on Ken Feinberg, the Department's Special Master of Implementation, to deny Central States' request. "Make no mistake, we are going to leave no stone unturned in our efforts to fight these outrageous cuts. Big corporations that get into financial trouble should not be permitted to take their problems and failures out on employee pensions, especially while executives collect tens of millions of dollars in golden parachutes," Nolan said in a statement. Kaptur is the sponsor of the Keep Our Pension Promises Act, H.R. 2844. The measure, co-sponsored by Nolan, would repeal a provision in last year's last-minute budget agreement that opened the door to pension cuts. It would instead shore up the Pension Benefit Guaranty Corporation by closing two tax loopholes used almost entirely by wealthy estates to reduce their tax burdens, according to a news release from Nolan. Nolan said the bill would protect the pensions not just of Teamsters under the Central States plan but some 1.5 million workers in about 200 different multi-employer pension plans. "Pensions are paychecks, not handouts," Kaptur said. "If the United States of America could bail out Wall Street, whose risky behavior robbed pension funds of workers' hard-earned benefits they've earned over a lifetime of hard work across our nation, surely we can find a way to restore retired workers' earned pensions. There are other solutions working their way through Congress that don't pick the pockets of workers and retirees to pay for financial losses for which they bear no responsibility." | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |