"U.S. Employee Pensions are Shrinking...
While Employers Thrive off of Employee Losses!"
The "Employee Retirement & Benefit
Preservation" informational website!!
THIS ONE PAGE
SAYS IT ALL--- ALL PRIOR CONTENT REMOVED (9/29/06)
Do you have the
"CASH PENSION BLUES" or any concerns regarding any
benefit reduction(s) due to your company's pension plan changes
... If your company has not already slashed your benefits, yours
could be next... educate yourself before it happens.
Many U.S. employee's retirement and
medical benefits are at risk, while employer's reduce employee
benefits at a time when many of these accounts have reported
record high excess (surplus) funds. One of the tactics being used
to reduce benefits and reallocate the excess funds to other areas
of the employer's fancy, is to implement forced employee
retirement conversions from "traditional" Defined
Benefit (DB) retirement plans to the Cash-Balance (C-B) or other
'hybrid' type accounts (hybrid DB v traditional DB). Does it
bother you that your own company might coldly calculate benefit
reductions from these healthy accounts to put in harms way, so
many of its seasoned and senior workers?
Does it bother you that on July 28
and August 3, 2006 so many representatives sold out employees and
voted yes to legalize cash balance plans without provisions
to protect older/tenured workers?
Is your representative protecting
your retirement security? How did they vote on H.R. 4,
"Pension Protection Act 2006"?
...A YEA (Senate) or AYES (House) Vote shows all those that voted to
legalize cash balance plans:
House vote (July 28, 2006): (279 AYES & only 131 NOES)
Senate vote (August 3,
2006): (93 YEAs & only 5 NAYs)
VOTE ---- AYES 279 ---
THESE ARE THE PEOPLE THAT DID THIS TO YOU!
Lungren, Daniel E.
HOUSE VOTE ---- NOES 131
--- (THANK YOU!)
Johnson, E. B.
SĂˇnchez, Linda T.
Senate vote (August 3, 2006): (93 YEAs & only 5 NAYs)
VOTE --- YEAs ---93
THESE ARE THE PEOPLE THAT DID THIS TO YOU!
SENATE VOTE --- NAYs
---5 THANK YOU!
Voting - 2
OLD NEWS PRIOR TO THE PASSAGE OF THE
"PENSION PROTECTION ACT 2006":
|IMMEDIATE PRESS RELEASE- PENSION
RIGHTS CENTER (August 4, 2006):
Click to View PRESS RELEASE---> "PENSION BILL
(H.R. 4) A HUGE MISSED OPPORTUNITY FOR RETIREMENT SECURITY"
CENTER (August 4, 2006) NEWSLETTER:
cannot read the text below, please click here to read
an online version.
late-night session, the U.S. Senate passed H.R. 4, the
Pension Protection Act of 2006, by a vote of
release on the
Senateâ€™s passage of H.R. 4 addresses several of the
billâ€™s key provisions and the missed opportunity to
protect the retirement security of millions of
H.R. 4 eliminates the practice of wearaway in cash
balance plans, it does not provide transition
protections to the older employees who are most often
hurt in cash balance conversions. The bill also
includes provisions that would allow certain
multiemployer plans to reduce the already-earned
subsidized early retirement benefits that have been
earned by truck drivers, construction workers and
links to a few articles regarding the billâ€™s
latest information on the Pension Protection Act of
2006, visit the criminal attorney brooklyn section
of our web site.
TO ACTION - PLEASE CONTACT YOUR SENATORS &
REPRESENTATIVES! (AUGUST 1, 2006):
Early Saturday morning, the house passed a
so-called pension 'reform' bill that legalizes cash balance
conversions without any protections at all for older workers.
If this bill had been in place in 1999, Cooper v IBM would
have lost in district court. If this bill becomes law now,
other victims of cash balance conversions will no longer be
able to file lawsuits against their corporations, and there
will no checks to stop the corporations who still offer
traditional pensions from backing out of their promises.
CALL the senate offices in Washington, DC. Let them know the
actions the house took before heading out on their August
break were disgraceful. Older workers who have worked for
years building pension benefits at a corporation deserve
better from Congress than this.
If the senate wants to pass the recently passed house pension
bill, they need to either amend it with the age protections
that were included in the existing senate bill, or leave the
current ERISA anti-age discrimination rules intact.
The more calls we make, the more likely they are to listen. If
you don't call, then the corporate lobbyists win and more
American workers will lose earned pension benefits.
ACTION - PLEASE CONTACT YOUR REPRESENTATIVES! (March
working on a bill that could legalize various forms of pension
theft. Call your Senators and your
Representative in Washington and tell them...
1) Currently, the bills do not retroactively legalize cash
balance conversions. We will be outraged if IBMers lose a
large share of the Cooper settlement because Congress
retroactively legalized what IBM did. If you must legalize
cash balance conversions, include all of the protections for
older employees from the senate bill.
2) Fix underfunded plans by forcing companies to increase
their contributions NOT by forcing them to cut benefits to
current and future retirees.
3) Fully protect vested early retirement subsidies, especially
once being collected.
4) Do not reduce the size of a lump sum distribution that can
be offered in place of a promised annuity and keep the
promised annuity an option.
5) Strengthen plan termination rules so that excess funds have
to be used for the sole benefit of plan participants and
cannot be returned to the company or to the corporate
To sum it up: strengthen, NOT weaken, ERISA pension
protections and let us go to court if companies do break the
FOR IBMers who frequented
this site from 1999-present (you can bookmark and view updates
to the case):
about Cooper v IBM: http://www.allianceibm.org/pensionlawsuitfaq.htm
ALL OTHER "PRIOR" CONTENT ON THIS
WEBSITE HAS BEEN REMOVED
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Employers interested in recruiting, hiring and
accommodating employees with disabilities should check
out a new Employer's Resource section at www.disAbility.gov
Visit: www.disAbility.gov website
launched July 2000, as part of the 10th anniversary of the Americans
with Disabilites Act.
This Page Last Updated: 09/29/2006 12:39:09 AM
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