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 [...]

7 12, 2017

Schumer backs Teamster pension rescue proposal; Senate bill to create Treasury agency would ease impact of cuts to benefits

2017-12-07T14:29:37-08:00December 7th, 2017|Categories: Pension Funding|Tags: , , |

Across the country, 114 of these multi-employer pension plans, covering more than 1.3 million workers, are underfunded by $36.4 billion and expect to become insolvent within the next 20 years. Teamsters whose pension benefits were cut could see some future relief under a proposal backed by Senate Minority Leader Charles E. Schumer, D-N.Y. Schumer and several other Democratic senators are backing legislation that would create a remedy through the Treasury Department. […]