U.S. Senator Tammy Baldwin Applauds Treasury Department’s Decision to Reject Deep Pension Cuts for Workers and Retirees

WASHINGTON, D.C. – U.S. Senator Tammy Baldwin applauded today’s decision from the U.S. Treasury Department to reject cuts proposed by the Central States Pension Fund. If the Treasury Department approved the Central States application to reduce benefits, 25,000 Wisconsinites would have faced deep cuts in the pensions they have earned over a lifetime of work.

“Hardworking people who build their future should never have to doubt their retirement security. Today’s decision from the Treasury Department to reject these devastating cuts comes with great relief for me and working families across our state,” said Senator Baldwin. “I have heard the stories from Wisconsinites who worked hard, played by the rules and would have faced financial ruin if these retirement cuts were implemented. I’m proud to stand with working families and win this fight to protect the retirement security they have worked for, planned for and depend on.”

Senator Baldwin has been fighting to preserve this pension promise made to thousands of workers. Last month, she called on the Treasury Department to reject the Central States application, and last week she spoke directly with Secretary of the Treasury Jack Lew, urging the Obama Administration to reject the proposal to cut pensions.

In addition, Senator Baldwin joined every member of the Democratic caucus in sending a letter to Secretary of the Treasury Jack Lew regarding Central States Pension Fund’s application to reduce its participants’ pension benefits. In February, Senator Baldwin wrote to the Treasury Department urging that pension benefits be protected‎. In the letter to Special Master for Implementation, Kenneth Feinberg – who was tasked with overseeing the application of proposed benefit cuts – Senator Baldwin asked for these promises to be kept to their fullest potential.

Senator Baldwin is an original cosponsor of the Keep Our Pensions Promises Act – a bill to reverse deep pension cuts for retirees and workers in multi-employer pension plans. The Keep Our Pension Promises Act will protect the pensions of up to 10 million Americans and is paid for by eliminating a loophole in the estate tax and a tax break on sales of expensive art and other collectibles.