Retirees Suffering from the Multiemployer Pension Crisis Share Their Stories on New YouTube Channel, Call on Congress to Act Now

Source: Retirement Security Coalition

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Faces of the Multiemployer Pension Crisis Videos Highlight Human Toll of Inaction

WASHINGTON, D.C. – The Retirement Security Coalition (RSC) today announced the release of Faces of the Multiemployer Pension Crisis, a new YouTube channel featuring stories from retirees who have suffered cuts to their multiemployer pensions, or are at risk of facing cuts soon if Congress does not act. More than 10 million Americans – including essential workers at the front lines of the current public health crisis and seniors too old to return to work – belong to the failing multiemployer pension plan system.

The economic downturn caused by COVID-19 is accelerating the multiemployer pension crisis, which left unaddressed will lead to more job loss and uncertainty for millions of Americans. Key excerpts from Faces of the Multiemployer Pension Crisis testimonials show how disruptive multiemployer pension cuts were to seniors’ daily lives even before the pandemic:

“Back in 2016, they cut my pension down 50 percent, and then within another 11 months, they took 70 percent […] We know a lot of people who are not able to buy their medications, that are losing their homes. I actually worry about losing my home.”

“When you lose 70 percent of your income when you’re in your 70s, what do you do? You can’t go back to work. You’ve got to start depending on the government for your necessities […] I’d have to go from being a taxpayer to a tax-taker.”

“This would be a great way to honor our veterans – make sure that our veterans have the pensions they paid for. This wasn’t a gift to us. We took pension credits and put money in our pension funds rather than take a raise.”

“Usually when people talk about their retirements, their plans – ‘We’re gonna have a big trip!’ A lot of people are talking about the only big trip they’re going to have is to the grave.”

“My case is particularly hurtful because I was diagnosed with lung cancer in August of last year and was operated on and large medical bills put me in danger of having to file bankruptcy and losing my home… It’s hard for me to pay my medical bills, high blood pressure medicine, and pay my rent if I lose any more of my pension.

Retirement Security Coalition polling from late 2019 found voters on both sides of the aisle overwhelmingly agree (92 percent) that protecting American retirees is essential to our

economy. To learn more about multiemployer pension plans and the need to act now, please visit RetirementSecurityCoaliton.com.

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About the Retirement Security Coalition:

Comprised of a diverse group of employers, labor unions, and policy experts dedicated to finding a common-ground solution to the multiemployer pension crisis, the Retirement Security Coalition is urging a bipartisan compromise to reinvigorate the multiemployer pension plan system in America. To learn more about the Coalition’s efforts to protect millions of Americans’ hard-earned retirement futures, please visit www.RetirementSecurityCoalition.com.