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| (Left to right) Congressman Patrick Tiberi (R-OH), NFN President Barbara Crane and Congressman Earl Pomeroy (D-ND). (Photo courtesy of John Hiltunin) |
NYSNA and NFN join forces to support pension plan relief
- Related: Update: Protect your pension!
A lobbying team of representatives from both the New York State Nurses Association and the National Federal of Nurses were in Washington, D.C. on Oct. 27 for the introduction of a bill that would provide relief for pension plans under financial stress.
The Preserve Benefits and Jobs Act has been introduced in the U.S. House of Representatives and is designed to protect pensions and to ensure future benefits for nurses. It was announced at a news conference by its sponsors, U.S. Representatives Earl Pomeroy (D-ND) and Pat Tiberi (R-OH). NFN President Barbara Crane was one of three speakers invited to take part in the event.
“Unless action is taken, thousands of nurses who are pension-eligible could suddenly leave the profession, creating a significant and dangerous void,” Crane told a packed room of reporters.
The 2008 stock market collapse left most pension plans significantly underfunded, as defined by the federal Pension Protection Act. Without help from Congress, many employers face significantly higher pension costs and may be forced to freeze pensions or reduce staff in order to divert cash flow to fund pension obligations.
Under the Preserve Benefits and Jobs Act, employer-provided defined benefit plans such as the NYSNA Pension Plan would have a longer period for rehabilitation and funding improvement. It would allow employers to choose between two amortization schedules.
“Employers need more time to recover from their investment losses than the seven-year period provided by the last year’s legislation,” said Nancy Kaleda, coordinator of NYSNA’s pension-protection campaign. “This will allow them some needed breathing room.” The NYSNA/NFN lobbyists delivered more than 3,000 postcards signed by nurses in support of pension reform to each member of the New York Congressional delegation.
Team members also joined with representatives from the National Coordinating Committee of Multiemployer Pension Plans to obtain sponsorship and introduction of a similar bill in the Senate.