PRC Perspectives Blog

A few weeks ago, the Pension Rights center moved to a new office. We’ve had to update our mailing address with the post office, vendors, people on our email list and just about anyone you can think of.

Earlier this fall, a U.S. House of Representatives subcommittee held a hearing on draft legislation that has the potential to undermine the stability of the multiemployer pension system.

Employee Stock Ownership Plans, or “ESOPs,” are retirement plans that invest in employer stock. They are growing in popularity not only because they receive tax benefits that are not available to other types of retirement plans, but also because of their philosophical appeal: they let the employees own part or all of the company that they work for.

Last Thursday, more than 2,000 retirees from around the country visited Washington, D.C., to tell Congress and policymakers one thing: Don’t cut our pensions. These retired truck drivers, warehouse workers, dock workers, widows, spouses and other retired Teamsters attended a rally held at the U.S. Capitol to protest devastating pension cuts that could affect more than 270,000 people.