Concerns about the financial stability of a major pension fund have been discussed for several years, and the Emporia Committee to Protect Pensions has a meeting Thursday night to discuss the matter further.
The Central States Pension Fund has been in financial trouble for years, with fund management requesting authority to limit payouts three years ago after paying almost $3.50 in benefits for every dollar coming in as union membership dwindled. Spokesman Ray Loomis tells KVOE News there have been some efforts in Congress to stabilize pension funds for union members over the past two years, but none of those have led to any action. He also says hundreds of thousands of pensioners could see those funds wiped out if Congress doesn’t act this year.
Loomis says at least 30 different pension funds are affected. Congress is currently working on a bill to use federal bonds to prop up the pension plans.
The meeting is at 7 pm Thursday at the Veterans of Foreign Wars Post No. 1980, 932 Graphic Arts. Pensioners are welcome to attend, regardless of their union association.
