Thread: Senate Considers Union Pension Bailout

Senate Considers Union Pension Bailout
Friday, May 28, 2010
By Christopher Neefus

(CNSNews.com) – A Senate committee will consider on Thursday a bill introduced by Sen. Robert Casey (D-Pa.) that critics say would create a taxpayer-backed bailout of multi-employer pension funds that are in critical financial condition.

“Pension plans across the country have taken major losses because of the near economic collapse and the decline in the stock market,â€

No bailouts. If the unions or employers want to end a pension plan they should have to return all the money to the retirees that they put into the plan, including interest. Pension plans are suppose to be protected and there is suppose to be oversight. Who was responsible for that? Find out who was responsible for decisions that brought the pension plans to their current state and use the assets of those people to pay the retirees. Taxpayers had no say in the bargaining agreements so should not have to pay for the mess they have gotten into. If companies go out of business....too bad. Other businesses will get their customers and they will have to expand and hire more employees to handle the increase in business. If unions are broke because of irresponsible bargaining then they are not protecting the rights and best interests of their membership. Unions have assets. Divide the assets among the members. Give them the cash. Other healthy unions can open a faction for employees from the failed unions to facilitate any union contracts that are currently in place.