May 24th, 2010, Fairfax, VA—Americans for Limited Government (ALG) has sent a letter to 9 House Republicans urging that they withdraw their support from legislation providing a taxpayer bail-out of labor union run pension funds. Among the union pension funds in critical danger are those run by the Major League Baseball Players Association (MLBPA), the National Football League Players Association (NFLPA) and more than a hundred other union-run funds.
“We are asking that each Representative remove his or her cosponsorship of this blatant handout to unions, which are now asking the American people to bail them out of their own mismanagement of pensions,” Wilson said, adding that “Compensating poor investment strategies, like those pursued by the multi-employer pension plans, only incentives further underfunding of these plans.”
According to Wilson’s letter to the 9 House Republicans, “While the legislation deals with some challenging issues related to retiree pensions, it is our view that it in fact rewards bad behavior. Those who are asking Congress for this change are largely responsible for the plight of these pension funds, having failed to take the steps to rectify problems that have been looming since well before the stock market drop and recovery over the past two years.”
The letter was sent to Representatives Patrick Tiberi, Ginny Brown-Waite, Jo Ann Emerson, Steven LaTourette, John Linder, Thaddeus McCotter, Tim Murphy, Peter Roskam, and Aaron Schock.
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