Carol Murphy Urges Peru To Pay $ 57 Million In Pension Bonds To NJ Unions

New Jersey unions owe up to $ 57 million from the Peruvian government after stiffening their pension funds on unpaid land reform bonds, and now Congresswoman Carol Murphy (D-Mount Laurel) is on their case.

A Murphy-sponsored resolution was passed today with bipartisan support, urging the U.S. trade representative to take corrective action.

“For decades, a financial dispute within the Peruvian government impacted US pension funds and directly affected the economic security of working men and women,” Murphy said. Nationally, that totals billions of dollars and around eighty million in New Jersey. “

Peru’s non-payment of obligations affects the retirement of about 72,000 New Jersey union members, according to the AFL-CIO of New Jersey. The United Food and Commercial Workers ($ 17 million), the Carpenters Fund ($ 17 million), the Operating Engineers Fund ($ 15 million), the Teamsters ($ 6 million) and the Bricklayers Pension Fund ($ 1 million) are part of the unions trying to raise Peru.

“I have spoken directly to senior officials of the US Trade Representative and have been in communication with the Office of Intergovernmental Affairs of the White House to ask the United States to hold Peru accountable and to reconsider this free agreement. exchange because Peru puts the economic security of American families at risk, ”Murphy said.

Peru’s refusal to maintain the bond agreement puts them in violation of a 2006 free trade agreement, the AFL-CIO of New Jersey said.

“The United States House of Representatives has seen a bipartisan effort with more than 70 members across the aisle sponsoring a resolution (US HR289) including 9 members from New Jersey, we are on the verge of to send a bold and powerful message to the United States. Trade Representative and Secretary of State that the time to act is now to protect the economic security of American families, ”said Murphy, a two-term Democratic lawmaker from Burlington County.

In Congress, the chairman of the House of Foreign Affairs subcommittee for the Western Hemisphere, Albio Sires, lobbied for Peru to be found in violation of the trade deal.

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