Importance of Keeping Pension Promises is Focus of McCaskill Listening Session

Senator discusses work combating deep cuts to Central States Pension Plan with pension beneficiaries

HILLSBORO, Mo. – Keeping up efforts to ensure pension promises are kept to Missouri workers who have earned them, U.S. Senator Claire McCaskill hosted a listening session with retirees affected by the failing Central States Pension Plan to discuss the importance of guaranteeing pension benefits for retired workers.

Click HERE for more photos from the listening session.

“We need to keep our promises—and a pension is a promise,” McCaskill said. “Ensuring Missourians who worked hard and played by the rules receive the benefits they’re owed is a real priority for me, and one I won’t stop fighting for.”

In 2014, Congress approved a sprawling, $1 trillion spending bill—and tucked into that “omnibus” spending bill was a provision allowing for deep cuts to retiree benefits for 32,000 Missourians drawing from the Central States Pension Fund. McCaskill vocally opposed that legislation, and was the only member of the Missouri Congressional delegation to vote against it. She backed legislation to undo that provision and praised a decision by the Treasury Department to reject those pension cuts.

Earlier this year, McCaskill obtained a commitment from Treasury Secretary Steven Mnuchin that he will meet with Missouri truckers, as well as other Missouri workers and retirees who are facing the threat of deep cuts to their retirement benefits because of the instability of the Central States Pension Fund.

McCaskill is a strong supporter and cosponsor of the Keep Our Pension Promises Act, which would repeal the law that allows for massive pension cuts. She has also backed the Pension Fund Integrity Act, to cut excessive executive compensation, stop raises and bonuses for pension fund executives, and prohibit financially troubled pension plans from using plan assets to hire outside lobbying firms.

Last December, Congress passed a four-month stop-gap measure to fund healthcare and benefits for 16,300 retired American coal miners and their families. McCaskill blasted Republican leadership for failing to provide these miners with barely another month of coverage before they would receive a 90-day notice of cancellation. McCaskill is pushing for certainty for these retirees and their families with the permanent health insurance solutions in the Miners Protection Act, so they aren’t facing the loss of their insurance every few months.

Visit mccaskill.senate.gov/jobs to learn more about McCaskill’s fight to boost job opportunities for Missouri.

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