STAND UP FOR STEEL
Stand Up For Steel
2007 BSIC Reports
USW Reacts to U.S. Trade Commission Vote on Hot-rolled Steel; Tariffs Retained on China, India, Indonesia, Others
USW Calls on U.S. Trade Commission to Uphold Steel Tariffs
We Can’t Afford To Ignore Unfair Trade
Saving Steel in the USA
Domestically-Produced Steel Critical to National Defense and Security
USW Decries Trade Commission Decision Revoking Orders on Unfairly Traded Steel Imports
SUFS Radio Spot on Proposed Pension Bill
Labor-Management Coalition Strongly Opposes Senate Legislation That Threatens Workers’ Benefits, Company Pension Plans
Labor-Management Coalition Reaches Agreement on Pension Reform
China’s Iron and Steel Exports Soaring
USW Vice President Tom Conway Testifies at the International Trade Commission
Global Overcapacity
Bush Dumps Tariffs
New Poll Shows Strong Support for Steel Tariffs


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Labor-Management Coalition Reaches Agreement on Pension Reform

A group of major labor and company leaders announced an agreement today on a common pension reform platform that would benefit both workers and their employers.

 

Stand Up For Steel (SUFS), a labor-management coalition representing hundreds of thousands of workers and retirees and America's leading steel companies, called on Congress today to responsibly reform the nation's defined benefit pension system while honoring commitments to America's retirees and workers.

 

The SUFS action comes as pension legislation is expected to be announced soon by Rep. John Boehner, Chairman of the House Education and Workforce Committee. To date, SUFS is the only labor-management coalition speaking with one voice on pension law changes for single-employer defined benefit plans.

 

"We have an opportunity to strengthen the pension system in this country, and preserve the promise of a secure retirement for millions of retirees," said Leo Gerard, International President of the United Steelworkers.

 

US Steel CEO John Surma said he hoped Rep. Boehner produces a bill that strikes the right balance, stabilizing the pension system without driving employers out of the system.

 

"We look forward to working with Chairman Boehner and other Congressional leaders to craft a bill that brings together labor and companies to modernize and strengthen our pension system," Surma said. "Sensible pension reforms that improve pension funding, strengthen the PBGC, and preserve benefits for the retirees of today and tomorrow will help both workers and their employers."

 

In anticipation of legislation in the House of Representatives, the SUFS Coalition has drafted a pension platform that calls for improving the funding of single-employer defined benefit plans and the financial position of the Pension Benefit Guaranty Corporation (PBGC) in a manner that encourages employers to continue maintaining defined benefit plans. The platform also calls for:

 

·      Preserving benefit levels and current guarantees to retirees

 

·      Strengthening mandatory funding rules

 

·      Promoting better voluntary funding-encouraging companies to make extra payments into the pension system when times are good

 

·      Improving disclosure of pension funding to participants so they know the health of their plans

 

 

Details on Stand Up For Steel's pension reform proposal can be found at http://www.standupforsteel.org. SUFS is a coalition of America's leading steel companies and the men and women of the United Steelworkers.