The IAM will not stand idly by as Congress attempts to pass legislation that would allow “deeply-troubled” multi-employer pension plans to cut benefits for current retirees, said IAM International President Tom Buffenbarger at a recent IAM press conference held outside a House Subcommittee on Health, Employment, Labor and Pensions (HELP) hearing.
Click here to watch “Preserving Our Pensions” on the Machinists News Network (MNN).
“IAM members do not, and will not, stand still for someone to say you are going to have to take a cut in your benefits,” said Buffenbarger. “Pensions are another word for a promise. It’s a promise that was earned and paid for by the participants in those plans. To have legislation pending before our Congress today that would enable those pensions to become insecure; to see pensioners have their benefits totally cut, is unacceptable.”
IAM leaders, members and retirees attended the House hearing in an effort to make their voices heard in the ongoing pension debate.
If the proposals become law, a retiree receiving a pension of $3,600 a month may see benefits drop by over 60 percent. read more