Back in 2014, the Multiemployer Pension Reform Act bill was passed, intending to help out retirees and keep pensions from collapsing, but according to the National United Committee to Protect Pensions, the actual result was very different.
"In reality, what it did is it allowed any multiemployer pension plan that is in declining or critical condition to go in and cut existing retirees' pensions up to 70% - that was a shock and a nightmare for around 400,000 retirees," said Bob Amsden, Chairman of the Wisconsin Committee to Protect Pensions.
Now, groups all over the country are attempting to have their pensions saved. They are getting support from different government members, like Ohio Senator Sherrod Brown, who has created legislation to help retirees protect the money that they have saved over the years for their retirement.
In Lima, a meeting was held to bring teamster retirees up to speed about what needs to be done to protect their pensions - and keeping them in the know and getting them involved is an important part of what the national united committee to protect pensions is trying to do.
"It’s very important that everybody reaches out; whether you’re a teamster, or in the carpenters union, it doesn’t matter - if you're union and the in union pension, if you have something coming to you, no matter what it is, it's important that you get locally involved," said Richie Crouch, a retiree of Local 908.
"There are 1,500 multiemployer pension funds in this country that are in critical or declining condition, which puts about 1.5 million people at risk, if these cuts happen, the economic impact of this nation would be a tsunami that they couldn’t handle," said Amsden.
