Congressmen Praise Teamster Effort To Save Jobs, Protect Pensions

The Teamsters’ grassroots effort to pass the “Preserve Benefits and Jobs” act earned praise last week from the two members of Congress who sponsored the bill.

Teamsters General President Jim Hoffa introduced Rep. Earl Pomeroy, D-N.D., and Pat Tiberi, R-Ohio, to the General Executive Board at the meeting in Washington. The congressmen knew that the Teamsters had begun to mobilize on behalf of their bill to provide relief for pension plans.

“I was thrilled to death to see what you unveiled yesterday, your grassroots effort,” Tiberi told the board. “You guys have a lot more influence in this town than I do. We need to get this passed yesterday.”

“Mobilizing the grassroots – I can’t tell you how important that is,” Pomeroy said.

Tiberi told the board that he is the son of Italian immigrants. His dad, a steelworker, lost his job and his pension when he was in high school.
“I come at this from a very personal standpoint,” Tiberi said. He called the bill “something that will help so many Americans – not just keep their pensions but keep their jobs.”

Pomeroy, a former insurance commissioner, said the bill would fix problems created by previous legislation: ERISA and the Pension Protection Act. ERISA, passed in 1974, didn’t anticipate the industry consolidation that would ultimately result in too-few employers contributing to multi-employer plans. The Pension Protection Act of 2006 created funding requirements that are too conservative.

The Preserve Benefits and Jobs Act – PB&J – provides temporary funding relief for pensions that suffered losses in the stock market collapse of 2008. It will give employers more time to put money into pensions in order to meet government requirements.

Hoffa noted that the Teamsters have worked extensively with Rep. Pomeroy and Tiberi on the legislation.