WASHINGTON - (Business Wire) National Federation of Nurses (NFN) President Barbara Crane, RN, joined Congressmen Earl Pomeroy (D-ND) and Pat Tiberi (R-OH) Tuesday, October 27 at the House Triangle in Washington DC to introduce groundbreaking legislation to help defined benefit pension plans weather the country’s current economic downturn. The Pomeroy-Tiberi bill will provide the relief necessary to restore pension plans to soundness over time and keep employers from having to freeze pensions or cut their workforces. President Crane, who was in DC as part of the NFN’s national lobbying campaign in support of the Pomeroy-Tiberi bill, said, “This historic legislation deserves the support of every registered nurse in America. Across the country, nurses are concerned about the future of their pensions. The Pomeroy-Tiberi bill is what we have been waiting for and what we need.”
Rep. Earl Pomeroy, a Democrat from North Dakota and Rep. Pat Tiberi, a Republican from Ohio, were joined by representatives of the NFN, the New York State Nurses Association, and representatives from labor unions, businesses and non-profit organizations whose workers and members participate in defined benefit pension plans.
The Pomeroy-Tiberi legislation comes after Congress approved legislation, earlier this year, that reduced the required funding levels for defined-benefit pensions and allowed the use of different accounting standards to lessen financial constraints.
Pomeroy said "The cornerstone of this bill is temporary pension funding relief that eases an employer's obligation to make up for the investment losses that pension plans experienced in 2008 by making significantly greater contributions in the coming years."
Crane, who is a member of the New York Nurses Association, points to serious concerns over a large population of pension eligible nurses in her home state of New York as evidence of the significance of pension protection. “Every day, NYSNA gets phone calls from nurses asking if they should retire now to protect their financial futures. There are currently 2,800 nurses in New York who are pension eligible and if something isn’t done to protect those pensions, the state of New York could see those 2,800 nurses retire on January 1 as a way of protecting themselves from significant cuts to their pension benefits. That would be a disaster for patients and hospitals in my state,” Crane explained.
A number of hospitals and health care facilities in NFN states such as Washington, Oregon, Montana and New York have announced significant alterations to their pension plans or are contemplating layoffs as a means of addressing the financial woes of their existing pension commitments. “A nurse who has worked for the same hospital for 30 years, who has worked hard and committed her life to quality care and the best interests of her patients, can suddenly find massive changes to her pension plan,” said NFN Secretary Kim Armstrong, RN, of the Washington State Nurses Association. “RNs deserve better, and this legislation will help protect their financial futures.”
“Although defined pension plans are not the universal standard plans for all nurses, there are thousands of nursing professionals who have either had their pension plans stripped or frozen, and thousands more who are likely to face layoffs or other reductions in benefits in the near future. The Pomeroi-Tiberi legislation is a crucial step in protecting nurses and their future financial health,” said Julie Shuff, RN, NFN Vice President and member of the Oregon Nurses Association.
The NFN has made protecting pensions for RNs one of its highest national legislative priorities. A position paper on the topic can be found online at www.NFN.org. The NFN specifically recommends that any legislative reform directed at pensions include provisions that allows funds to amortize losses over a 30 year period, update benefit guarantees and extend the required rehabilitation period.
“This is the kind of issue that the NFN was designed to address, an issue that directly impacts the daily lives of registered nurses across the country. We are proud to stand shoulder to shoulder with Rep. Pomeroi and Rep. Tiberi in support of this legislation,” said Crane.
More information on the bill can be found online at www.pomeroy.house.gov or www.tiberi.house.gov. More information on the National Federation of Nurses can be found online at www.NFN.org.
Documents and/or Photos available for this release:
NFN President Barbara Crane (center) with Congressmen Pomeroy (left) and Tiberi (right)
To view supporting documents and/or photos, go to www.enr-corp.com/pressroom and enter Release ID: 229031
Oregon Nurses Association
Scott Palmer, 503-293-0011 x308
Communication Specialist
palmer@oregon.org
