US - Congresswoman Stephanie Tubbs Jones has voted in favour of an amendment proposed by George Miller that would prohibit funding for the Pension Benefit Guarantee Corporation (PBGC) agreement with United Airlines to terminate United's pension plans.
Under the PBGC/United agreement that came out of bankruptcy proceedings, some 120,000 workers and retirees at United Airlines will see their pension benefits cut by 30 to 60 percent.
The deal struck between United and the PBGC was reached while some of the employees were still negotiating to try and save their plan and show to the bankruptcy court that their plans were affordable.
The amendment would stop the process underway to shift un-funded pension liabilities, including $6 billion onto the PBGC, as a result of that agreement.
This issue hits close to home for me, stated Rep. Tubbs Jones. “I come from a family of airline workers. My father was a skycap for United Airlines for 38 years. Additionally, my sister and brother-in-law, both retired, and niece who currently works for United have a combined 70 years of service to this company.
“I could not sit back and allow this back room deal by the PBGC and United Airlines put in jeopardy the retirement benefits of so many hardworking Americans.”
“These families are already struggling to pay college tuition, health care needs and mortgages. Why should the employees suffer when they have played by the rules while the company and the PBGC have gone behind their backs and moved the bases?
Ex-BHS owner Dominic Chappell has been ordered to pay a total of £87,000 in fines and court costs after he was found guilty of failing to provide The Pensions Regulator (TPR) with information.
The Department for Work and Pensions (DWP) has said it while believes in the benefits of consolidating defined benefit (DB) schemes, there are significant issues to overcome.
There is just one week left to register to enter the Workplace Savings and Benefits Awards 2018.
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