IAM Rallies To Protect Retirement Security

IAM members, other labor unions and retirement security supporters rallied on Capitol Hill in support of the Rehabilitation for Multiemployer Pensions Act of 2019 (H.R. 397), better known as the Butch Lewis Act. The Ways and Means Committee advanced the legislation, sponsored by U.S. Rep. Richard Neal (D-MA), on a party line vote with all the Democrats voting in support.

The Butch Lewis Act would offer federally subsidized loans to multiemployer plans in danger of becoming insolvent. It would also maintain the health of well-funded multiemployer plans and adequately fund the Pension Benefit Guaranty Corporation (PBGC), without making any cuts to the earned benefits of current or future retirees. Plans would invest the money from these loans and use the investment earnings to pay retiree benefits and improve the plan’s financial health.

“The Butch Lewis Act is the only solution put forth to date which appropriately and adequately addresses the multiemployer pension crisis by providing a lifeline to plans in critical financial status while maintaining the integrity of healthy multiemployer plans and the PBGC without cutting the earned benefit promises made to our nation’s retirees and working families,” said Machinists Union International President Robert Martinez, Jr.

Read the IAM’s letter to Congress supporting the Rehabilitation for Multiemployer Pensions Act of 2019 (H.R. 397).

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