U.S. Senator Tammy Baldwin Applauds Treasury Department’s Decision to Reject Deep Pension Cuts for Workers and Retirees
Senator Baldwin joined Wisconsinites in calling for rejection of Central States Pension Fund application to destroy retirement security for working families
WASHINGTON, D.C. – U.S. Senator Tammy Baldwin applauded today’s decision from the U.S. Treasury Department to reject cuts proposed by the Central States Pension Fund. If the Treasury Department approved the Central States application to reduce benefits, 25,000 Wisconsinites would have faced deep cuts in the pensions they have earned over a lifetime of work.
“Hardworking people who build their future should never have to doubt their retirement security. Today’s decision from the Treasury Department to reject these devastating cuts comes with great relief for me and working families across our state,” said Senator Baldwin. “I have heard the stories from Wisconsinites who worked hard, played by the rules and would have faced financial ruin if these retirement cuts were implemented. I’m proud to stand with working families and win this fight to protect the retirement security they have worked for, planned for and depend on.”
Senator Baldwin has been fighting to preserve this pension promise made to thousands of workers. Last month, she called on the Treasury Department to reject the Central States application, and last week she spoke directly with Secretary of the Treasury Jack Lew, urging the Barack Obama Administration to reject the proposal to cut pensions.
In addition, Senator Baldwin joined every member of the Democratic caucus in sending a letter to Secretary of the Treasury Jack Lew regarding Central States Pension Fund’s application to reduce its participants’ pension benefits. In February, Senator Baldwin wrote to the Treasury Department urging that pension benefits be protected. In the letter to Special Master for Implementation, Kenneth Feinberg – who was tasked with overseeing the application of proposed benefit cuts – Senator Baldwin asked for these promises to be kept to their fullest potential.
Senator Baldwin is an original cosponsor of the Keep Our Pensions Promises Act – a bill to reverse deep pension cuts for retirees and workers in multi-employer pension plans. The Keep Our Pension Promises Act will protect the pensions of up to 10 million Americans and is paid for by eliminating a loophole in the estate tax and a tax break on sales of expensive art and other collectibles.
Recent Press Releases by U.S. Sen. Tammy Baldwin
Senators Baldwin, Markey, Menendez, Shaheen Call for Increased Federal Funding to Combat Opioid EpidemicMay 18th, 2017 by U.S. Sen. Tammy Baldwin
"We request that the FY2018 appropriations bill reflect the magnitude of this public health crisis by increasing federal investment in addressing opioid and all substance use disorders across HHS agencies."
Student loan debt has swelled to $1.4 trillion, surpassing total amount of credit card debt
The Working Students Act will allow students that must work while in college to complete their degrees more quickly and with less debt