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Tim Ryan, D-Howland, also was among several Democratic, and a few Republican, lawmakers who testified in support of the bill. What happened to these hard working retirees was wrong and now it’s the federal government who has the responsibility to fix the mess that itself created.” “It was the federal government, not General Motors, that directly negotiated with the PBGC. It was the federal government that stepped in to rescue General Motors, but decided to treat these workers differently and cut their earned pensions,” said bill sponsor, U.S. “Dephi salaried retirees deserve to have their pensions made whole because it was the federal government that singled these workers out. House lawmakers voted 254 to 175 on Wednesday to approve the bill.
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Moving forward then, the pensioners would receive their full pension as if it were never disrupted. The interest is to help reduce the tax burden on the lump sum. The bill would require the Pension Benefit Guaranty Corporation – the insurer of last resort for the nation’s private retirement plants – to make up the difference between the partial retirement benefits PBGC has already paid retirees and what they originally were due in one lump sum, plus 6 percent interest on the retroactive pay. “There is a philosophical belief from some, and I respect that, that the government should not involve itself in things like this, but I look at what has happened in the past 15 years and the government didn’t mind stepping up on the auto bailout, didn’t mind stepping up to protect the banks, the companies themselves, but so often not the workers and not the retirees,” Brown said.
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One potential obstacle - a senator objecting to the concept of the government helping a private pension fund. Brown said he would try to bring the bill to the floor today if floor time is available.