The IAM is adamantly against a bill being drafted in the U.S. House of Representatives that threatens to leave workers and retirees in multiemployer pension plans with a smaller benefit so employers can be freed of pension responsibilities.
The bill would create a new form of multiemployer plan—known as “composite plans”—that wouldn’t be insured by the Pension Benefit Guarantee Corporation, a backstop for retirees when their plans can’t pay benefits.
“This is a thinly-veiled attempt to undermine multi-employer defined benefit plans,” said IAM International President Bob Martinez. “This flawed proposal would shrink the number of defined benefit plans, and since fewer plans would be paying premiums to the Pension Benefit Guarantee Corporation, it would also hurt solvent plans like the IAM National Pension Fund.”
Call 202-225-3121 and ask to speak to your House Representative. Tell him or her to publicly oppose any bill that would make it easier for multiemployer pension plans to cut benefits for current or future retirees.
The IAM is joined in opposition to the potential bill by the AARP, Pension Rights Center, United Steelworkers (USW), International Brotherhood of Boilermakers, International Brotherhood of Teamsters and National Retirees Legislative Network.