Jan 5, 2015
The Democrats and Republicans in Congress sneaked a big attack on retiree pension benefits into the massive 1.1 trillion dollar federal spending bill. Under this so-called “reform,” huge companies will be able to slash pension benefits for about one million current retirees. UPS is expected to slash its contributions to the Teamsters Central States Pension Fund by about two billion dollars, with retirees suffering big cuts in benefits.
These cuts quickly followed on the heels of the attack on the benefits of retirees who had worked for the city of Detroit. And those attacks on retirees following attacks by airline and steel companies that claimed they were bankrupt, slashed retiree benefits, and then emerged from bankruptcy more profitable than ever.
With this new law, Congress is not only continuing these attacks, but accelerating them. It shows that no one who is retired should consider their benefits supposedly “safe and secure.”
The only rights workers have are what we are ready to fight for and defend!