Message from the Business Manager

November 27, 2018

Brothers and Sisters,

The holiday season can be a joyful time filled with family and friends. The holiday season can be a stressful time filled with family and friends. The holiday season can be a lonely time, remembering those who have passed, time we could have used differently and relationships that may have been damaged. As we continue to navigate this 2018 holiday season, I wish each and every one of you the very best life has to offer. As brothers and sisters in this Union, look after each other and be thankful for each other. If not for each and every member, who carries the tools of a sheet metal worker and carries a dues receipt in their pocket, none of us would have the quality of life that we have become accustomed to.  

Below you will find some critical pension information that you need to know and take action on. This information has been provided from our International. You will find this message and the action items here: https://actionnetwork.org/letters/protect-our-pensions-2/?fbclid=IwAR0EjBKl8UwI9V1WH4OhZvEVFU38QMDsOC0m0Irbg4RwQH2AtBAAXJzF92Y


"Brothers and sisters, we need your voice. This is about your retirement.

The background: while many of the multi-employer pension plans -- like those associated with SMART -- have stabilized following the financial crisis, a minority of plans -- covering about one million total participants -- face serious funding problems and could run out of money within the next 15 to 20 years. Additionally, the Pension Benefit Guaranty Corporation (PBGC) -- basically the safety valve for troubled plans -- expects its multi-employer insurance program to run out of money within a decade.

It's daunting stuff. It's something our SMART family made great sacrifices to resolve in our house years ago.

Recently, a Joint Select Committee of Congress was formed to find solutions to assist those troubled plans and to address the PBGC funding crisis. The committee met with the goal of having these issues resolved by November 30th of this year.

While committee discussions continue, a draft plan has been circulated that punishes the multi-employer pension plans that took necessary steps years ago to address the long-term solvency of retirement benefits set aside for the retirement years of current and future members -- such as ours. Plan participants were asked to make great sacrifices for the sake of solvency. Those sacrifices will be ignored if this congressional committee moves forward with the current draft, as plans such as ours could be asked to underwrite the financial shortfalls of other plans.

Rest assured, SMART has been and will continue to fight for you and your family's best interests and make sure the views of our members are addressed. However, as we monitor the situation, we believe it is important to use the strength of our collective power. We need your voice.  

We are asking you to call and write to your elected representatives and tell them what this could mean for you and your family's future, by clicking on the button labeled "Start Writing".

Talking points are included that you can use to customize your letter and let legislators know you will be watching these deliberations closely."  

 

I strongly encourge you to take the time today to follow the link above and send the letters to your elected officials. It is a very simple and quick process. 

 

Fraternally,

JD-Sign.JPG

John Daniel
Pres/Bus Manager
SMART Local 265