The future of the Central States Pension Fund is still very much up in the air, but pensioners are hoping federal lawmakers continue work on a solution and could finalize a plan in the next few months.
Lawmakers have talked about action to protect pensions the past few years, but not much concrete had developed until earlier this year when a measure to use federal bonds as a pension guarantee passed the House. The measure is stalled in the Senate.
Emporia Committee to Protect Pensions spokesman Ray Loomis says the clock is still ticking for action.
Central States fund management requested authority to limit payouts three years ago after paying almost $3.50 in benefits for every dollar coming in as union membership dwindled. Loomis says the Central States fund could be completely insolvent by 2025 and pensioners could lose hundreds of thousands of dollars if Congress doesn’t act soon.
Loomis encourages pensioners utilizing Central States or other work pension funds to reach out to Senators Jerry Moran and Pat Roberts:
*Senator Jerry Moran: 202-224-6521 (Washington, DC), 913-393-0711 (Kansas
*Senator Pat Roberts: 202-224-4774 (Washington), 913-451-9343 (Kansas)
For more information, call Loomis at 794-7663.
