Page 21 - March 2019 NBY News

SENIOR ADVOCATE

PENSIONS SAVED Pharmaceuticals Pre-Existing Conditions Social Security Expansion
Continued Continued Continued
PBGC Protects Sears Retirees’ and
Active Employees’ Pensions NAFTA 2.0 has come under fire from adjustments (COLAs) be calculated using
A federal bankruptcy judge approved both parties for granting too many Medicaid expansion initiatives, and
the sale of Sears Holdings Corp. to ESL concessions to drug corporations, legislators in states like Florida could the Consumer Price Index for Elderly
Investments, the hedge fund of Edward threaten similar measures that are in the Consumers (CPI-E). The CPI-E more
Lampert, the company’s chairman, especially as Congress conducts hearings works for the 2020 ballots. accurately reflects the rising cost of
largest shareholder, and former CEO. on rising drug costs in the United States. goods and services used by older
The agreement as it currently stands
The sale follows an announcement that locks in the lengthy exclusivity period for House Democrats launched a campaign Americans, such as health care and
the Pension Benefit Guaranty Corp. biologics in the United States. This to counter these threats and have made it housing, than the current formula.
(PBGC) will assume responsibility for clear that defending the ACA and its
Sears’ pension plans and guarantee prevents future Congresses from protections for people with pre-existing If passed, the legislation would extend
benefits for former and current shortening the exclusivity period, which conditions is a priority. the solvency of Social Security by more
would allow more affordable generic
employees in the event that their versions to enter the market. than half a century. Many of the
defined benefit plans are terminated. A 10-year treaty handcuffs the nations “Health care was the single most important cosigners of Sanders’ bill are confirmed
The sale will save 425 stores and issue cited by voters in the 2018 elections, presidential candidates or are
45,000 employees, and it comes as a into a higher level of monopoly with many citing support for the ACA’s considering a presidential run,
relief to many who worried they would protection for drugs that already take in protection for people with pre-existing indicating that Social Security expansion
billions of dollars a year.
lose their jobs and pensions when Sears “TWA is giving donations to politicians from conditions. This issue deeply affects older
filed for bankruptcy in October. the very corporations that the U.S.-Mexico- Americans; 84% of those who are 55-64 have will likely be a major Democratic
PBGC covers Sears’ two pension at least one pre-existing condition,” said platform issue in 2020.
plans through its Single-Employer Canada Agreement directly benefits,” said Joseph Peters, Jr., Alliance Secretary- ____________________________________________________________________________________________________________________________
Insurance Program. Under the Risk Joseph Peters, Jr., Secretary-Treasurer of the Treasurer. “Lawmakers must show their The Alliance for Retired Americans is a
Alliance. “This is unacceptable. It’s time to stop
Mitigation & Early Warning Program, corporate bribery in American politics, support for retirees by taking action to defend national organization that advocates for
PBGC secured some of Sears’ assets and especially where it affects our most vulnerable the Affordable Care Act and its protections the rights and well-being of over 4.4
made pensions a higher priority during immediately.” million retirees and their families.
the bankruptcy proceedings. populations.”
contest
contest
contest
contest
“This is a highly significant event,” said “Pass USMCA,” another coalition that Social SecurityExpansion
includes the Pharmaceutical Research and
Robert Roach, Jr., President of the Alliance. Manufacturers of America, also wants to contest
“Most retirees do not get that protection.” see Congress pass the trade deal as quickly Sen. Sanders and Rep. DeFazio
corner
cornerner
corner
cor
President Roach added, “It is important corner
that retirees, active workers and those who as possible. However, many now see that Introduce Social Security Expansion
represent them act quickly when a as unlikely, as Democratic Members of Act
Congress including Rep. Earl Blumenauer
bankruptcy is going to occur, so that PBGC (OR) say the bill won’t even make it past a On Wednesday morning, Sen.
can secure company assets and protect the subcommittee without significant Bernie Sanders (VT) and Rep. Peter
pensions of those who earned them. No Sears DeFazio (OR) introduced the Social Enter for a
retirees or current employees will lose their reworking. Security Expansion Act at a press Chance to Win
pensions in this instance because the early conference on Capitol Hill. They were
warning program worked the way it was Pre-Existing Conditions
2019 SHOWS
2019 SHOWS
supposed to.” joined by Senators Cory Booker (NJ), 2019 SHOWS
2019 SHOWS
Federal Judge’s Ruling is Latest Threat Kirsten Gillibrand (NY), and Jeff 2019 SHOWS
in LONG BEACH
in LONG BEACH
in LONG BEACH
in LONG BEACH
Pharmaceuticals to the Affordable Care Act Merkley (OR), as well as J. David Cox, in LONG BEACH
Recently, a federal judge struck down a (ad on page 10)
(ad on page 10)
(ad on page 10)
(ad on page 10)
(ad on page 10)
state lawsuit defending the Affordable Sr., President of the American
GOP Group Looks to Big Pharma for Care Act (ACA) and its protections for Federation of Government Employees
Funds to Lobby for Flawed NAFTA 2.0 people with pre-existing conditions. (AFGE). The legislation was
Following uproar over the U.S.- CONTEST INSTRUCTIONS
Mexico-Canada Agreement (“NAFTA Maryland Attorney General Brian Frosh introduced the same week that
2.0”) due to overly accommodating and (D-MD) filed the suit in September, millionaires stop paying into Social Submit your Name, Address,
seeking a declaration from the U.S. District
generous provisions that benefit drug Court of Maryland that would uphold the Security for all of 2019, due to the Phone, email (if you have one),
corporations, Republicans started a health law’s constitutionality. The decision current cap on earnings that are & Birthdate (we ask for the
group known as Trade Works for subject to Social Security withholding.
America (TWA) to lobby the agreement is one of many threats to the ACA and its “It is unfair and makes no sense that year, so we can be thrilled with
through Congress. protections for people with pre-existing the wealthiest Americans contribute a you for your longevity).
conditions.
The action demonstrates Republican Texas Judge Reed O’Connor declared Mail to: NBY! Contests
panic as revelations emerge about Big the ACA unconstitutional when he ruled lower percentage of their income to
Pharma’s influence over the agreement. Social Security than everyone else,” PO Box 722, Brea, CA 92822 or
Phil Cox, the former executive director in December on part of a lawsuit that was said Richard Fiesta, Executive Director email us at nbynews@juno.com
of the Republican Governors filed by 20 Republican State Attorneys of the Alliance. “This bill will fix this
General early last year.
Association, who co-founded the group In an unprecedented move, the by ‘scrapping the cap’ on all wages in
with former White House official Marc Department of Justice has declined to excess of $250,000 and require that Many Thanks to our Sponsor
Short, stated that TWA has a budget of Social Security taxes be paid on
$15 - $20 million. defend the health law for pre-existing
That amount is being funded in large conditions as the Texas case makes its way unearned income, such as investment JRW GROUP Entertainment
through the court system.
part by Big Pharma, Big Oil, and the There have also been attempts to income.” Show Ticket SPONSOR
agricultural sector — all groups that undermine health care protections at the Current and future retirees would
would see huge concessions from the see their benefits increase, because the
trade deal. state level. Lawmakers in Utah and Idaho legislation also requires that Social GOOD LUCK TO OUR READERS!
are trying to scale back voter-approved
Security annual cost of living
March 2019 21