Kentucky Senator Rand Paul Attempts to Gut Multi-Employer Pension Assistance
Posted On: Mar 05, 2021
March 5th, 2021 – For the last several weeks, retirees from the Teamsters and other unions around the country have watched with bated breath as the American Rescue Plan, a proposed 1.9 trillion-dollar spending bill, has been debated by Congress in Washington D.C.
The reason so many union retirees are watching this bill with unusually high focus is not just because of the much-needed COVID-19 relief it is attempting to supply, but because one of the rescues it is attempting to perform is on critically endangered multi-employer pension plans.
For Teamster retirees and active members in the Central States Pension Fund (CSPF), the pension provisions currently in the American Rescue Plan would fully fund CSPF for the next thirty years. The importance of this provision remaining in the bill cannot be overstated. Without immediate action, CSPF and many other critically endangered multi-employer pension funds could be insolvent within the next few years – leaving hundreds of thousands of retirees destitute through no fault of their own.
Although Congress has debated this issue many times in the past, never before has it been so close to becoming law. When the American Rescue Plan passed the United States House of Representatives last week, it brought hope to retirees nationwide who live in daily fear of the impending loss of their only source of income. Last night, these proud union retirees went to sleep filled with hope that the nightmare may soon be over.
But today, Kentucky Senator Rand Paul chose to turn a cold and uncaring shoulder to those pensioners when he proposed an amendment to strip the multi-employer financial assistance provision from the American Relief Plan in its entirety. This callous and shameful act puts the livelihoods of hundreds of thousands of hard-working American men and women in grave jeopardy. With this single act, Rand Paul, who himself represents tens of thousands of Central States retirees in Kentucky, has shown he cares nothing for these retirees who are in desperate need of assistance through absolutely no fault of their own.
This is a vile and reprehensible move on the Junior Senator’s part, and does nothing more than dash the hopes and prayers of his very own constituents. Without a doubt, many of these retirees voted for Rand Paul to be their Senator, only now to have him cruelly stab them in the backs when they need his help the most.
Teamsters Local 89 implores Rand Paul to cease this shameful action, withdraw his amendment, and vote to pass the American Rescue Plan.
The pensioners who he was elected to represent deserve to have their voices heard. If you are a Central States, or other multi-employer pension plan retiree or participant living in Kentucky, please call Senator Rand Paul’s office at (202) 224-4343 and tell him to vote YES to save your pension!