Sarah Riggs Amico has a history of fighting for union workers and retirees. But the crushing trade war against China combined with the nationwide pension crisis has devastated companies all across the country including Sarah’s family business, Jack Cooper Transport. Working with the Teamsters and the pension fund, Jack Cooper Transport figured out a deal that would save union jobs, benefits, and pensions. But something’s always gotta give, and in this case it meant that Jack Cooper Transport has to restructure, which meant filing for bankruptcy protection. It’s just another moment that shows Sarah’s unwavering commitment to workers, unions, and retirees.Read the Teamsters’ statement here
The Democratic-led House passed the Rehabilitation for Multiemployer Pensions Act while the GOP Senate leadership refuses to take action.
The Democratic-led House passed the Rehabilitation for Multiemployer Pensions Act, aka the Butch Lewis Act, which would let multiemployer pensions borrow $49 billion to remain solvent. The programs and loans would be funded by the sale of Treasury-issued bonds to financial institutions. The Treasury Department would lend the money from those bond sales to pension plans that need the funding. (CNBC, 7/1/19; CBO Cost Estimate)
In 2002, Senator David Perdue’s Company Lost 7,650 Jobs Nationwide After Bankruptcy.
Unlike Senator David Perdue, Sarah Won’t Profit and Run. In 2002, Perdue became CEO of Pillowtex, a North Carolina textile company. The company had recently emerged from bankruptcy with a heavy debt load and an underfunded pension liability. Perdue left the company in 2003 after nine months on the job and $1.7 million in compensation. Pillowtex closed several months later, leaving 7,650 workers nationwide without jobs. (https://web.archive.org/web/20141013231542/http://www.charlotteobserver.com/2014/07/21/5057246/long-dead-pillowtex-reborn-as.html#.VDdY-O9OUiS)