The event took place on Saturday afternoon, at the Minnesota Capitol.
The cuts were proposed by the Central States Pension Fund, and would impact about 15,000 retired Minnesotans, KARE 11 says.
The station notes pension funds can reduce the amount of money they give out in order to avoid running out.
According to KSTP, the average pension cuts would be about 32 percent. Some news stations report cuts could be as high as 60 percent.
(Bring Me The News)
This sort of odious corporate behavior is enabled by the Multiemployer Pension Reform Act of 2014, which was tacked onto a must-pass budget bill. One of the chief movers behind it was Rep. John Kline (R-MN). Here’s an informative website about the issue.
It’s hard to get old people (most people in general, actually) to change their entrenched habits, including voting. But let’s try to legitimately use anger and nervousness over pension cuts.
Comment below fold.
From Mac Hall: First, let’s acknowledge that Angie Craig, the DFL candidate running to replace John Kline in Congress, was at the State Capitol rally.
Second, this was not unknown … in fact, in May, Chairman Kline called it “a ticking time bomb” acknowledging that benefit cuts might have to be as much as 100% (see “Ticking Time Bomb” … yet, rather than pass legislation through regular order, he waited until after the election and stuck it in the omnibus bill.
This was something that Chairman Kline should have been asked about during the 2014 campaign but since he was wise enough to refuse public debates, he could not be questioned.
The question of pension is something that should be a topic this election season … voters should pay particular attention to Darlene Miller, Chairman Kline’s endorsed candidate, who has spoken out on behalf of the US Chamber of Commerce on pension issues.
There are a number of current bills pending in Chairman Kline’s committee :
H.R.2844 – Keep Our Pension Promises Act (Betty McCollum is the most notable Minnesotan to add her support for that bill.)
H.R.4235 – Women’s Pension Protection Act of 2015 (once again, Betty McCollum is the most notable Minnesotan to add her support for that bill.)
And from Republican authors (but have no Minnesotans of either party sponsoring):
H.R.1476 – No Taxpayer Bailouts for Unsustainable State and Local Pensions Act
H.R.2070 – Vested Employee Pension Benefit Protection Act
H.R.4029 – Pension Accountability Act