13 05, 2020

Union Pension Partitions Included in Democrat’s 4th Relief Proposal

2020-05-13T15:38:17-07:00May 13th, 2020|Categories: Economy|Tags: , , , |

The Democratic majority in the U.S. House of Representatives has published a draft version of a fourth economic relief package in response to the coronavirus pandemic, dubbed the Health and Economic Recovery Omnibus Emergency Solutions Act or the “Heroes Act.” The wide-ranging legislation addresses a host of issues, from providing supplemental funding to the SNAP food security program to creating a special fund to support struggling fisheries. Notably, the entire Division D section of the legislation is dedicated to [...]

6 05, 2020

Protecting pensions after coronavirus

2020-05-06T14:49:06-07:00May 6th, 2020|Categories: Pension Funding|Tags: , |

Unions and pension schemes are being supportive of employers struggling with the pandemic. When the recovery starts that support should be repaid. Across the whole economy, employers are under unprecedented strain as they deal with lockdown and economic contraction. Companies with defined benefit pension schemes could face particular short-term pressures, as turmoil in financial markets may increase deficits – the gap between the assets a scheme has and the pensions it must pay – at exactly the time they are [...]

27 04, 2020

NCCMP seeks congressional aid for pensions in ‘CARES 2’

2020-04-27T10:25:51-07:00April 27th, 2020|Categories: Multiemployer Plans|Tags: , , , |

Below is an April 24, 2020 letter written by NCCMP Executive Director Michael D. Scott. Dear Multiemployer Community, Today, the President signed H.R. 266 which provided additional authority for the Paycheck Protection Program and support for health care providers. This is commonly referred to as the COVID 3.5 stimulus package. In less than eight weeks, the COVID-19 pandemic has put more than 26.4 million Americans out of work and driven Congress and the Federal Reserve to structure more than [...]

22 04, 2020

McConnell rules out pension aid for states

2020-04-22T15:27:04-07:00April 22nd, 2020|Categories: Defined Benefit Plans|Tags: , |

States should be able to pursue bankruptcy rather than relying further on the federal government during the coronavirus pandemic, and any federal assistance should not be spent on addressing pension underfunding, said Senate Majority Leader Mitch McConnell, R-Ky., Wednesday during a radio interview. Radio host Hugh Hewitt asked whether Mr. McConnell would insist on reforms of state pension plans if states get more funding from the next COVID-19 assistance measure expected from Congress. "There's not going to be any [...]

22 04, 2020

Senate passes coronavirus relief package aimed at small business

2020-04-22T15:24:35-07:00April 22nd, 2020|Categories: Economy|Tags: , , |

The Senate via unanimous consent passed a nearly $500 billion coronavirus relief package Tuesday aimed mostly at small businesses impacted by the COVID-19 pandemic. After weeks of negotiation between key Republicans and Democrats on Capitol Hill and White House officials, an agreement was reached on an additional $321 billion for the small-business-oriented Paycheck Protection Program. Under the $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, which was signed into law March 27, roughly $350 billion [...]

22 04, 2020

CORPaTH’s letter to Congress Leaders

2020-04-22T13:52:55-07:00April 22nd, 2020|Categories: Defined Benefit Plans|Tags: |

CORPaTH has reached out to Congressional leaders to offer a variety of powerful and pragmatic ideas to assist in creating positive solutions to the pension crisis affecting millions of Americans who are currently retired or who hope to retire in the future. Click here to read the letter. Click here to read the letter.

21 04, 2020

Public pensions survived the Great Recession. They will survive coronavirus, too

2020-04-21T10:25:22-07:00April 21st, 2020|Categories: Defined Benefit Plans|Tags: , |

For most Americans these days, timing is everything when it comes to retirement. At the moment, it looks like those who recently retired or who are on the cusp of retirement may have picked a bad time to be born. For them, the steep drop in the investment markets caused by the coronavirus pandemic came at just the wrong moment. History tells us that the markets will recover and that cycles of ups and downs are inevitable. But under [...]

9 04, 2020

Resources for Workers Impacted by COVID-19

2020-04-09T15:08:10-07:00April 9th, 2020|Categories: Economy|Tags: , |

The COVID-19 pandemic has impacted the lives of millions of working people and our families, and the labor movement has been working tirelessly to limit the impact of this crisis on our health and livelihoods. We worked to make sure the relief packages Congress recently passed put the needs of working families and our communities first. To help navigate these new and expanded federal and state benefits and assistance programs, we put together an online resource that has [...]

9 04, 2020

Virus Exposes Gig Economy ‘Exploitation’ ESG Investors Ignored

2020-04-09T10:16:41-07:00April 9th, 2020|Categories: Economy|Tags: , , |

ESG investors need to up their game in holding companies to account on social issues such as labor rights and employment contracts, said the head of biggest network of responsible investment firms. Fiona Reynolds, chief executive officer of the Principles for Responsible Investment, said in a blog post Friday that firms which consider environmental, social and governance issues when investing have paid too little attention to “the modern forms of exploitation surrounding the gig economy.” Lack of paid sick [...]

3 04, 2020

Coronavirus Is Making the Public Pension Crisis Even Worse

2020-04-03T15:14:13-07:00April 3rd, 2020|Categories: Pension Funding|Tags: |

For years, the country’s public pension plans have faced a yawning gap between what they owe and what they can pay. From the State of California’s public employees’ retirement plan, with more than 1.6 million participants, to tiny funds for employees of local mosquito-control programs in Illinois, public pensions are the time bomb of government finance. Now the coronavirus pandemic has it ticking faster. Already chronically underfunded, pension programs have taken huge hits to their investment portfolios over the [...]

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