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H.R. 3936, The Preserve Benefits and Jobs Act of 2009 (9 comments ↓ | 3 wiki edits: view article ↓)

  • This item is from the 111th Congress (2009-2010) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

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

JOHN PORKCHOP

December 7, 2009, 9:09pm (report abuse)

I WORKED FOR SMITH TRANSFER FOR 10 YEARS.THEY PUT MONEY IN CENTRAL STATE FOR ME FOR TEN YEARS.THEY WENT BANKRUPTED BUT MY MONEY WAS IN THERE. I WORKED FOR CONSOLIDATED FREIGHTWAYS FOR 13 YEARS. THEY PAID ON MY BEHALF 13 YEARS THEN THEY WENT BANKRUPTED. I WORKED FOR ROADWAY FOR 7 YEARS AND ALL TOTALED IS 30 YEARS OF PAID IN MONEY FOR ME. IT DOESN'T MATTER IF THE COMPANY NO LONGER EXIST. THEY GOT MY MONEY IN THERE. NO ONE HAS THE RIGHT TO REDUCE WHAT I WORKED SO HARD FOR.THE PENSION FUND DOESN'T PAY YOU ANYTHING UNLESS THERE WAS MONEY PAID EVERY WEEK IN YOUR NAME. AT THE END OF 30 YEARS PAID IN THERE SHOULD BE ENOUGH MONEY IN MY NAME TO PAY MY SMALL PENSION FOR LIFE.

happyltlguy

December 11, 2009, 7:27pm (report abuse)

John your wrong, the money that goes into your fund is not for you. Your defined benefit is based on actuarial estimates, that is why the pension moves the benefit amount up and down every year, (accrual rate). the problem with thise plans is that they are like social security they work whent the number of people paying in is larger or growing more than the number of retirees. you eliminate 40000 YRCW employees and central states collapses under it's own weight. right now the "guaranteed" part of your benefits covered by PGC is 17.00 per year of service with both monthly and annual caps. the idea that your pension is "guaranteed" is a misleading statement. For as much as 401k's are attached by union folks, the accrual rate went down on all the funds this year and my 401k has earned 38% return on investment.

wb

May 3, 2010, 8:45pm (report abuse)

I AM 60 YEARS OLD . 32 YEARS IN TRUCKING 12 WITH 1ST CO., 20 WITH 2ND CO. RETIRING JULY 1ST . CAN MY BENEFITS BE REDUCED AFTER I RETIRE ? MY FUND WAS 82% IN 2008 AND FELL TO 71% 2009. JUST GOT REPORT TODAY. FUND IS IN "SERIOUSLY ENDANGERED STATUS"

guest123456789

May 10, 2010, 1:51pm (report abuse)

WB, generally speaking your benefits can't be reduced after you retire unless the PBGC (good website to visit maybe: www.pbgc.gov) takes over the plan and you fall into one of these categories:

1) your pension payments are approx. $45,000 per year or greater.

2) you retired early and are receiving some "extra" benefit, like a bonus for working 30 yrs for example.

The 71% funded status you mention reflects the fact that the Pension Trust currently has 71% of the money it's expected to need to pay out ALL future payments, for current retirees and actives.

check out the pbgc's website for more detailed info on how exactly your benefits are guaranteed.

tjalaska

May 26, 2010, 3:55pm (report abuse)

So what do all you cry babies on defined benefit plans want. You want the American tax payers to bailout your "defined pension plans" becuase of something your were promised in the past was wiped out by the economy crash. Well welcome to the real world, of what it fells like to have your life savings wiped out by a down economy but don't expect a bailout from me. Talk to your precious union bosses to see what they're going to do about it.

Kb2022

May 31, 2010, 10:16pm (report abuse)

Tjalaska! So you use the word crybabys an feel that the government should not bailout the common working man? When the government hands out millions umm Billions sorry to the companies that mismanaged and in some cases (BANKS) were partly responsible for the economic crash! SO let me understand give BIG MONEY CEOs more money to screw there company up with.. but do not bail out the common working JOE!? The govs money isnt real anyway help the working man.. there isnt a thing you own that was not on a truck! REMEMBER THAT!

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