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H.R. 3936, The Preserve Benefits and Jobs Act of 2009 (3 comments ↓)
H.R. 3936 would amend the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986 to allow time for pensions to fund benefit obligations in light of economic circumstances in the financial markets of 2008.
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RAH
November 6, 2009, 11:18am (report abuse)It boils down to save current jobs and benefits for employees working for existing trucking companies(Teamster) or have the entire house of cards collapse. Carriers that have survived are now paying defined retirement pensions for people that never worked for them. Defined pension programs are nearly extict. Expecting companies to pay for people that never worked for them is not a sustainable plan. Easy math in this economy.
ST
November 13, 2009, 4:59pm (report abuse)The comment saying that defined benefit pension programs are nearly extict is wrong. I work for a compand I am a participant in a defined ebenfit plan. I also administer defined benefit plans and 412e plans for a living on a team of 5 other people who administer these plans. Each team member carriers a case load of about 80 plans. Also there are multiple jobs I can apply for here on benefits link to go to work for another company administering defined benefit plans. Defined benefit plans are alive and well especially in the small plan market.
CFD
November 15, 2009, 7:21pm (report abuse)Carriers who have assumed the liabilities for past service under defined benefit plans knew what their liabilities would be. No one could have predicted the market meltdown in 2008. I do not work for the Teamsters, however, I am enrolled in the same DBA for over 39 years. Our plan was funded at 109% of all future funding as late as 2007. Under the PPA of 2006 our plan would be required to add $5.6 milion over the next 7 years. $800,000 per year does not sound like a lot, however, with only 75 active employees it has a huge impact on everything from wages to benefits to the real possibility of plant closure. HR Bill 3936 could mean the difference between continued plant operations or turning the plan over to the PBGC and having no jobs. By the way we have a hard freeze taking effect on Dec.1