24 07, 2019

Senate reintroduces multiemployer pension reform bill

2019-07-24T15:18:09-07:00July 24th, 2019|Categories: Multiemployer Plans|Tags: , |

A multiemployer pension reform package that would create a federal loan program for struggling plans was reintroduced Wednesday in the Senate, as the House prepared to vote on similar legislation. The 27 Senate sponsors include former members of a now-disbanded bipartisan House and Senate Joint Select Committee on multiemployer pensions Sherrod Brown, D-Ohio, Tina Smith, D-Minn., Joe Manchin, D-W. Va., and Senate Minority Leader Charles Schumer, D-N.Y. Approval of similar legislation in the Democratically controlled House, known as the [...]

11 07, 2019

Multiemployer Pension Fix Continues to Work its Way Through the House

2019-07-11T12:17:17-07:00July 11th, 2019|Categories: Multiemployer Plans|Tags: |

The so-called Butch Lewis Act to address funding problems facing multiemployer pension plans continues to work its way through the legislative labyrinth, with a second House committee approving the legislation in recent weeks. In what at times was a hotly debated markup session, on July 10 the House Ways & Means Committee approved by a party-line vote an amended version of the Rehabilitation for Multiemployer Pensions Act of 2019 (H.R. 397). The House Education & Labor Committee approved a [...]

7 02, 2019

Tell Congress to Save Multiemployer Pensions, Support the Butch Lewis Act

2019-02-07T15:09:09-07:00February 7th, 2019|Categories: Defined Benefit Plans|Tags: |

The Machinists Union is fighting to save troubled multiemployer pension plans while fully protecting the earned and vested benefits of current and future retirees. While the IAM pension plan is financially sound, the Pension Benefit Guaranty Corporation (PBGC) estimates that over 100 multiemployer pension plans, covering more than 1 million participants, are in “critical and declining status” and will become insolvent within the next 20 years. The best solution to accomplish this goal is to pass the Rehabilitation for [...]