Who is fighting to save pensions from being cut. Nobody that I can see.

[CK_John]

Where is Bernie? Is he just getting ready for Ed's show when he should on the Senate floor like Warren.

[bravenak]

1. We are not prescient.

[CK_John]

3. Maybe that's the problem. While we snooze and fight about the bank bailout

the GOP sneak pension cuts into that same bill.

Another example of whining after the fact.

[bravenak]

4. We need Tom Cruise to put some precogs into a pool.

Then we might have a idea of what congress is really up to.

[CK_John]

6. Maybe if you work at it instead of all snark all the time.

[bravenak]

7. Work at being prescient?

I don't believe in magic.

[Guy Whitey Corngood]

9. "Is he just getting ready for Ed's show..." that sounds kinda snarky. You should work on that. nt

[kelly1mm]

2. pensions that would be effected by this provision are multi-employer (aka union) pension funds.

In particular, Teamsters Union pension funds. The Teamster's Union pension fund is ASKIING congress for this as they are running out of funds.

Puts Democrats in a bind as the union is the one asking for this particular pension reduction authority.

[LongTomH]

5. I don't know if this will affect my pension or not; but, I refuse to throw fellow workers under.....

.....the bus! It's time to stick together.

[kelly1mm]

10. The particular problem here is that there is no one to go after (like a business or shareholders)

as these are union run pensions.

If they do not cut the pensions, the union pension funds go bankrupt. In a traditional pension, you could argue that if they go bankrupt the employees should be made whole with their pension. In this case, there are no employers to go after, or assets.

So, if you have $10 and owe 15 people each $1, what do you do? That is the question.

[Snotcicles]

8. YEAH! where is Bernie on this one? nt

[kelly1mm]

11. Unions (esp. Teamsters Union) are pushing this. Bernie supports unions. nt

[CK_John]

12. The bill doesn't separate Teamsters entities but lets the GOP cut all pensions.

The Teamsters are trying to get out of supporting their own pensions.

[kelly1mm]

13. Actually not all pensions, just multi-employer pension plans. The vast (90%+) number

or participants in these plans are union members and the entities running the pensions are unions. It is those union pension funds that are the main drivers behind this and it is why you barely hear anything from either side of the aisle.

D's because they support unions, R's because they would love to set precedent to reduce pensions when 'the going gets tough'.

[CK_John]

15. I understand its the pension that the Teamsters have to pay for and they are trying

to get out of their obligations, but the bill will be used to cut all pensions.

[kelly1mm]

16. Ok, I certainly think it sets up a good precident to cut all pensions, but perhaps

I would disagree that this particular legislation would allow that because it defines the pension plans that are allowed to cut. Those would be multi-employer pension plans. As mentioned above, union plans.

One of the problems with union run plans is unlike employer plans, you cannot really argue that company assets should be liquidated with the proceeds going to make the pensions whole. There are not employer/company assets other than the initial contributions made.

So, if you have $10, and you owe 15 people $1 each, what do you do? That is the very real question that the Teamsters pension funds are facing.

[mn9driver]

14. The only way to save these pension plans without large benefit cuts, is a bailout.

They are running out of money.

Since the people who will be affected are working class retirees, there will be no cabinet meetings, no crisis management, no emergency legislation, no taxpayer funded handouts. They are screwed.

If they worked on Wall Street instead of Main Street, it would of course be a different story.

[CK_John]

17. Regardless of the benefits this is a policy issue and needs its own legislation to

fix the pension problems just like Soc Sec.

But the GOP stuck this in an appropriation bill to fund the gov't and is holding the gov't shutdown as ransom.