Washington, D.C. – Congressman Dave Loebsack released the following statement today after the Department of Treasury declined the application by the Central States Pension Fund to cut benefits from retirees. Last month, Loebsack wrote to the U.S. Treasury calling on them to deny the application.
“While something must be done to shore up the multiemployer pension plans that are currently underfunded and at risk of failing, I am pleased that the Treasury acted to deny Central States’ application that would have reduced benefits for retirees,” said Loebsack. “We cannot solve this problem by breaking our promise to retirees. If Central States had been allowed to proceed with these cuts, it would have had a dire impact on not only current workers and retirees, but also on the communities where they live. Now it is time for all sides to come together to work on a solution that does not hurt our retirees.”
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