“Every I.B.E.W. retiree has paid more federal taxes on their pension than some major corporations have paid on anything, yet their plan is to take more of our money,” Stephenson said. “Instead of fixing bankruptcy laws that put everybody else first and workers last, instead of fixing deregulation that cut us off at the knees, instead of freeing workers to fight for better wages and benefits, they want to come after our hard-earned pensions. Well we’re not getting down on our knees. I’m not going to take this, and you shouldn’t either.”International President Lonnie R. Stephenson
IT IS HAPPENING…
Senate Republicans are readying a radical plan to raise taxes on retiree pension benefits and put catastrophic burdens on union retirement plans.
Whether you’ve been a member for a day or 50 plus years, We Need All I.B.E.W. Members(plus family and friends) to act on this and fight for your pensions! This is your hard earned pension!
Under cover of a “rescue” for a few endangered multi-employer pensions – primarily troubled Mine-workers and Teamsters plans – Senate Republicans are preparing to raise taxes on all retiree pension benefits by nearly 10% and raise expenses on healthy plans by 500%. The sweeping changes would almost guarantee reduction of benefits for millions of union retirees and that includes I.B.E.W. members.
International President Lonnie R. Stephenson has called on every IBEW member to immediately contact their senators, whatever their party, and demand they kill the plan before it’s even filed as legislation.
“Don’t even negotiate,” Stephenson said. “You already pay income taxes on your retirement benefits and now they want you to pay even more. This is a disaster for working Americans.”
The changes would also reclassify the I.B.E.W’s green-rated National Electric Benefit Fund plan into red, endangered status and spell bankruptcy for many, if not all, local union-run pensions. By raising costs on healthy plans, the “rescue” would leave the pension system worse off than before legislators interfered.