By Robert Romano
Earlier this week, FOX Business Network’s Erik Berte reported that Senator Bob Casey has proposed legislation (S. 3217) that would provide “for a bailout of troubled union pension funds. If passed, the bill could put another $165 billion in liabilities on the shoulders of American taxpayers.” This caused Media Matters to push back against opponents of the bill and companion legislation in the House (H.R. 3936), writing that “the bill restricts the type of pension eligible for ‘partition’ to plans that are in ‘critical status,’ not simply underfunded.”
Only, Media Matters is wrong. It cites Section 3(c) of the bill that amends Section 4233 of the Employee Retirement Income Security Act of 1974, which does indeed define a qualified multiemployer pension plan as those in “critical status.” But it also states that those in “endangered status” that share characteristics of those in the “critical” category and meet other specific requirements are eligible for a partition bailout, too.
Get full story here.
Earlier this week, FOX Business Network’s Erik Berte reported that Senator Bob Casey has proposed legislation (S. 3217) that would provide “for a bailout of troubled union pension funds. If passed, the bill could put another $165 billion in liabilities on the shoulders of American taxpayers.” This caused Media Matters to push back against opponents of the bill and companion legislation in the House (H.R. 3936), writing that “the bill restricts the type of pension eligible for ‘partition’ to plans that are in ‘critical status,’ not simply underfunded.”
Only, Media Matters is wrong. It cites Section 3(c) of the bill that amends Section 4233 of the Employee Retirement Income Security Act of 1974, which does indeed define a qualified multiemployer pension plan as those in “critical status.” But it also states that those in “endangered status” that share characteristics of those in the “critical” category and meet other specific requirements are eligible for a partition bailout, too.
Get full story here.
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