Protect Our Pensions

Alliance for Retired Americans Hosts 2019 Pension Seminar 

by Robert Roach, Jr.

More than two dozen speakers from unions and government agencies, as well as bankruptcy attorneys, young workers and others, shared strategies recently to address the growing pension crisis and the effects of corporate bankruptcy on millions of Americans. During the two-day event, attendees also discussed other pillars of retirement security, including Social Security and Medicare.

Multiemployer pension plans, which are collectively bargained pension plans maintained by a labor union and more than one employer, were a focus of the event. More than one million Americans who depend on multiemployer pension plans for their retirement income are at risk of losing their pension due to corporate bankruptcies that have threatened the solvency of these plans. Without Congressional action, more than 100 multiemployer pension plans in critical and declining status are likely to fail within the next 20 years, jeopardizing the retirement income of the workers and retirees. 

Highlights of the seminar included: Rep. John Larson of Connecticut spoke about steps that should be taken to protect the retirement benefits that workers have earned after a lifetime of hard work, including his legislation to expand Social Security benefits.

Also, AFL-CIO President Richard Trumka spoke about the need to protect pension benefits when companies declare bankruptcy, stressing that bankruptcy laws are not designed to protect retirees who worked hard their entire lives - instead, they protect the millionaires and CEOs.

Elizabeth Shuler, Executive Vice President of the Alliance and Secretary-Treasurer of the AFL-CIO, called for passage of two pieces of legislation pending in Congress to provide immediate relief to millions of workers at risk of losing their earned pension and health benefits: the American Miners Act of 2019 and the Butch Lewis Act. We are grateful to all who participated.

Robert Roach, Jr. is president of the Alliance for Retired Americans.  He was previously General Secretary‐Treasurer of the IAMAW.  For more information, visit www.retiredamericans.org.