Could A Trucker's Pension Cut be on the Radar for Congress?
Handing Over Your Pensions
Pensions are one of the hallmarks of a Democratic society, essentially thanking employees for their hard work in every asset of the economy, even after they have retired. Just remember that pensions are not handouts. Employees pay into the pension fund, which is then invested, so that upon retiring, the employee will continue to get paid from the interest that has been accrued.
Pensions are Sacred
Pensions are sacred, or should be because that money belongs to the people who invested into the pension fund in the first place. If managed correctly, there would be plenty of money for every person who retires, but if managed badly, as in the case of the Central States Pension Fund, pension payments will be cut in half, and possibly more. There is no longer enough money in the fund to continue paying everyone their well deserved pensions.
The decision to cut pensions was actually voted on, and passed by a 219 to 206 vote in the house. What you don't know is that the bill to cut pensions was added into a must-pass bill to keep the federal government up and running. So, when someone voted to keep the government running, they automatically voted to cut pensions. Putting the pension cutting bill in with a must-pass bill is called "adding pork."
All is not Lost
Cooler heads are beginning to prevail, and there are 3 separate bills designed to keep the pensions paying. Pension cuts won't go into effect until July 1st, 2016, so there is still time to get the ruling reversed. For all of you retired truckers covered by the Central States Pension Fund, write your representative about how important this is, and hold your breath.
For the best in semi truck driver news, federal mandates, information, trucking legislation or even selling your rig, hook up with Trucker to Trucker on the Web. We'll steer you right, every time.
- Issues and Trends