Letter to the Honorable Kenneth Feinberg, Special Master for Implementation of the Treasury Department - On the Protection of Pension Plans of Central State Pension Plans

Letter

Mr. Kenneth Feinberg
Special Master for Implementation
The Treasury Department
MPRA Office (ATTN: Deva Kyle)
1500 Pennsylvania Avenue N.W., Room 1224
Washington, D.C. 20220

Dear Special Master Feinberg:

We write today on behalf of thousands of retirees and families who could be negatively impacted by benefit cuts proposed by the Board of Trustees of the Central States, Southeast and Southwest Areas Pension Plan (Central States Plan). As you know, the Central States Plan has submitted an application to the Treasury Department to reduce benefits in accordance with the Multiemployer Pension Reform Act of 2014. We have serious concerns that these devastating cuts will bring severe harm to Central States retirees and set a dangerous precedent for other pension plans around the nation.

We understand the need to ensure the financial well-being of the Central States plan and other pension funds, but it should not come at the expense of hard working families. Retirees have earned their pensions over a lifetime of work. We firmly believe these families deserve to receive the full amount of benefits they have worked for, planned for and depend upon.

The proposed cuts by the Central States Plan will impact about 270,000 people nationally and include cuts as large as 50-70 percent. We are very concerned that a majority of these retirees are not financially prepared to withstand such steep cuts. Many of these individuals already live on fixed incomes and would have significant difficulty rejoining the workforce. Cuts of this magnitude would make it more difficult for them to afford quality housing, medical care and other essential needs. We cannot allow cuts such as these to become commonplace.

As Congress works to address this issue, we urge Treasury to use its existing authority to protect the benefits these individuals have worked for and were promised. They deserve our best efforts to ensure that promise is kept to its fullest potential.

Thank you for your consideration of our views. Please do not hesitate to contact our office if we can be of additional assistance.

Sincerely,