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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsObama hires infamous Ken Feinberg to determine cuts of worker pensions.
The Obama administration announced on Wednesday that well-known mediator Kenneth Feinberg review applications from pension plans under a law passed last year. The law would cut benefits as a last ditch means to stave off insolvency of troubled plans such as the huge Teamsters Central State Fund.
The new law earned mixed reviews from the unions whose members are covered by such defined benefit plans, including construction workers, Teamster truckers and food service workers.
The Teamsters and AARP opposed the law when it passed last year as part of a governmentwide spending bill. But other unions saw it as a solution that was preferable to plans becoming insolvent and getting a federal bailout.
Treasury Secretary Jacob Lew named Feinberg, an attorney, to review applications for fairness. Feinberg has administered the compensation funds for claims from the Deepwater Horizon oil spill and from families of victims of the 9/11 terrorist attacks.
http://www.wrbl.com/story/29342839/government-paves-way-for-multi-employer-pension-plan-cuts
Wellstone ruled
(34,661 posts)Another Bail out for his pal Rahmn and the screwed up Illinois Pensions. This President is really burning his Labor bridges.
Angry Dragon
(36,693 posts)sadoldgirl
(3,431 posts)Slowly kill the unions, which resist the TPP.
Wellstone ruled
(34,661 posts)Mr. Obama until this past couple of weeks. Once was a Pension Board Rep,just received notice that our Pension Fund has sufficient reserves for all Claimants,but by only 3% . We dodged a bigone on this,we were planning a ten per cent hair cut across the board. Mr. Obama has now lost any and all Labor,and he has moved to the Free Market Crap of his personal friend Mitch McConnell and listening to Jim Messania who just completed his job of electing Cameron in the UK. Their seems to be a Global War on the Workers and it is based in the U.S. and England.
former9thward
(32,023 posts)Just certain private funds.
Wellstone ruled
(34,661 posts)Watch and see what Illinois does,hope I am wrong,but old Rahmn whats certain Pensions declared insolvent and placed under Federal bailout agency.
hifiguy
(33,688 posts)The payoffs to the corporatists and Wall Street just keep on coming.
Oilwellian
(12,647 posts)It was Wall Street and the corporatists who robbed the very same pensions. I bet they're having some great laughs with this one. No TPP, we'll cut your pension some more! Thanks, Obama.
Doctor_J
(36,392 posts)Not to brag, but a lot of us saw this coming beginning in mid-2009
madfloridian
(88,117 posts)Scuba
(53,475 posts)And the solution from a twice-elected DEMOCRATIC President is to cut pensions?
This is why people say the two parties are too much alike.
hifiguy
(33,688 posts)in the slightest. They must never be held accountable for the things and the lives they destroy. They are untouchable demigods that live among us and all must bow before them. Once that principle is grasped, much of the last six-plus years suddenly makes sense.
We were royally had in '08, and I was one of the chumps. I am not ashamed to admit it now as I have been proved completely wrong about what I thought back then.
LiberalElite
(14,691 posts)I couldn't stand HRH HRC so, I said to a friend "I don't know about Obama. He isn't liberal enough for me. " Friend said, Oh, he's liberal. He's just hiding it till he's elected." So, I voted for him. After his election from time to time I wanted to ask friend when she thought O was coming out of that liberal closet, but I didn't want to start a fight. Friend would occasionally yell through the phone 'I'LL NEVER VOTE FOR HIM AGAIN!" (She died in 2011 so she couldn't anyway) - but I did vote for him again. What's that Bush the Idiot said - fool me once...
trof
(54,256 posts)*Pension Benefit Guarantee Commission
They took over my pension benefits when TWA (Trans World Airlines) finally went belly up in 2000.
The PBGC is heavily in debt now.
That would really hurt.
Octafish
(55,745 posts)They printed as much as anybody on Wall Street wanted.
When it comes to helping out the American people, the ones who actually, uh, work and do stuff to make a better world, there's AUSTERITY.
And remember, these are the wealthiest times in HUMAN HISTORY!
Sorry to shout, dixiegrrrrl.