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A bipartisan group in Congress has a new bill to save pensions for retired union coal miners throughout the Ohio Valley as Becca reports the coal industry’s downturn has left 10s of thousands of pensioners at risk.
Legislators from the Ohio Valley and beyond , introduced the American minors Pension Act or AMP to shore up pensions promised to minors. The bill seeks to secure pensions for about 43,000 miners in Kentucky , Ohio and West Virginia , West Virginia Democratic Senator Joe Manchin says Congress acted to protect minors health benefits last year but pensions got kicked down the road .
And every day that it goes without selling our pension problems it’s another day there’s gonna cost more.
Without congressional action the United Mine Workers pension plan could become insolvent in about 5 years. The UAW blames the pension fund’s decline on a downturn in coal markets and coal company bankruptcies . The MP act would transfer access funds from the federal ban in mainland program to the U MW pension plan Senator Mansion says bankruptcy laws are also at the root of the problem .
This will repeat itself. Time and time again , we’re not going to change it unless we change bankruptcy laws that puts the human being in a position to get basically some some from from a bankruptcy .
Mansion says the bill seeks a loan not a bailout. The Act would require the pension fund to certify each year that solvent and able to pay back the principal and interest you MW representatives warned that if their pension plan collapses the beneficiaries and their dependents will be moved into the Pension Benefit Guaranty Corporation , which could also put that important source of pension protection at risk . Robert Bailey was a coal miner for 36 years and retired from Patriot Coal a company Peabody Coal created Patriot carried many pension and health benefit costs from Peabody and has declared bankruptcy twice Bailey says he worries he’ll lose his main source of income . If the U-M W’s pension plan becomes insolvent .
And it would definitely devastating to the majority of the coal miners that depend on this.
Bailey says he’s developed black long and is unable to work. His wife left work to stay home and care for him as well . He says the federal government promised long ago to ensure a lifelong benefits for minors a pledge he says the AMP act would keep .
If they have any moles within themselves to me they would would have to pass it.
Retirees have been fighting to secure their benefits for nearly 5 years , the average monthly pension payment in the Ohio Valley is about $5 to $600 for the Ohio Valley resource I’m Becker Schimmel in Bowling Green , Kentucky.