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Sanders promises moratorium on pension cuts

This news story was published on May 9, 2019.
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Bernie Sanders campaigns in Clear Lake back in 2015

WASHINGTON – U.S. Sen. Bernie Sanders today announced that if elected president, he will institute an immediate moratorium on cuts to pension benefits that are overseen by the federal government. In a speech to the International Association of Machinists, Sanders said that he will appoint a Treasury secretary who will stop approving such cuts, and he will push to pass his existing legislation to permanently block those kind of cuts in the future.

“Five years ago, behind closed doors, and against my strong opposition, a provision was slipped into a must-pass spending bill that now makes it legal to cut the pension benefits of millions of workers and retirees in multi-employer pension plans,” Sanders said. “If we could find over a trillion dollars to bail out the crooks on Wall Street ten years ago, we can damn well afford to protect the pensions of Americans who have earned those benefits.”

Sanders was referring to Congress in 2014 passing a new law empowering the Treasury Department to approve large cuts to financially distressed multiemployer pension plans. Sanders voted against the bill that included the pension legislation.

Prior to the new law, it was illegal to slash the pension benefits that were promised to workers. The 2014 legislation empowers the federal government to approve cuts of up to 30 percent or more to those benefits.

More than 520,000 workers and retirees have seen the new law invoked to try to reduce retirement benefits, according to the Pension Rights Center. Teamsters members and UPS workers have sued to try to prevent the Trump administration from slashing those benefits.

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9 Responses to Sanders promises moratorium on pension cuts

  1. Avatar

    Harry Sach Reply Report comment

    May 13, 2019 at 12:17 pm

    If they cut off Bernie Sanders’ arms, he wouldn’t be able to talk.

  2. Avatar

    Harry Sach Reply Report comment

    May 13, 2019 at 12:16 pm

    If they cut off Bernie Sanders’ arms, he would be able to talk.

  3. Avatar

    Anonymous Reply Report comment

    May 12, 2019 at 8:31 am

    The last two years President Trump has really made the Democrats show just how evil and self centered they really are!
    I hope the American voters are paying attention to what they stand for in this country! Because it is not for American people or this country! Trump 2020!

  4. Avatar

    The waver Reply Report comment

    May 11, 2019 at 6:18 am

    He can’t even wipe his own butt because he’s to busy waving his hands around and preaching about what he’s never going to do.

  5. Avatar

    Anonymous Reply Report comment

    May 10, 2019 at 2:49 pm

    Under Bernie there won’t be ANY pensions only bread lines for the Socialism he is purposing. He was been in Congress for like 50yrs but NOW, if elected, he will fix things. SURE!

  6. Avatar

    I've felt the burn Reply Report comment

    May 10, 2019 at 2:33 pm

    Maybe he ought to focus on Congress repaying the money they have “borrowed” from the Social Security fund.

  7. Avatar

    Anonymous Reply Report comment

    May 10, 2019 at 10:05 am

    Five years ago??? That was under Obama. What does that tell you???