Highway bill runs over retirees

07/21/2014 9:07 AM

07/21/2014 9:20 AM

Re "New highway bill swerves to avoid elephant on road" (Editorials, July 18): The new highway bill is funded on backs of retirees. Of the bill's $10.9 billion, $6.4 billion is being raised by further extending to corporations relief from funding their defined benefit pension plans. This is the second time in two years that Congress is moving toward giving corporate pension plan sponsors pension funding relief.

The Obama administration, along with the House and Senate, is trying to destroy what little is left of retirement income security. The Social Security trust fund has been raided to pay other government expenses to the point that the ability to pay Social Security benefits in the future is at risk. Many corporations have terminated their pension plans through bankruptcies. Now our government is placing many of the remaining pension plans in jeopardy by providing the plan sponsors additional funding relief.

-- John DeCastro, San Francisco

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