Democrats in Congress Want To Bail Out Union Pensions

June 15, 2010 04:44

We’ve been warning you this was coming. Unions have pledged over $100 MILLION to keep imcumbent Democrats in power. This is the payoff.

Connie Hair at Human Events

A new bill introduced by Democratic Sen. Bob Casey of Pennsylvania would set up a taxpayer bailout of underfunded, multiemployer union pension plans.

The Pennsylvania senator recently introduced the latest in Orwellian-named Democratic bills—the “Create Jobs and Save Benefits Act of 2010.”

Multiemployer plans were designed to let union members move from union job to union job and keep the same pension plan. But if a company participating in the plan as part of its collective bargaining agreement were to go bankrupt, the other participating companies in the plan are forced to fully fund these Cadillac union pensions.

The vested members with no participating company are called “orphans.” Casey’s bill seeks to partition out these “orphaned” union members, putting taxpayers on the hook for their full retirement benefit funding.

As previously reported on HUMAN EVENTS, Democrats plan to federalize pensions while bailing out their union supporters who’ve botched funding pensions for their rank-and-file members.

Democrats are not content with a one-time bailout of these failed multiemployer pension plans. Now, Casey’s bill would make a line item on the federal budget through the Pension Benefit Guaranty Corporation (PBGC) to fund these union pension bailouts annually.


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