The House plans to vote this Friday evening on the HEROES Act (H.R. 6800), another round of much-needed relief to help working people during the COVID-19 pandemic.
While this legislation includes many priorities the IAM fought for, including issuing an emergency temporary OSHA standard, extending unemployment insurance and subsidized COBRA benefits, it also includes a poison bill that would undermine the retirement security of millions of Americans.
The HEROES Act includes a composite pension plan known as the GROW Act that would end employer withdrawal liability from multi-employer pension plans, eliminate the safety net of the Pension Benefit Guarantee Corporation (PBGC) and make benefits unpredictable. The IAM and several other unions representing millions of workers and retirees had warned against including the GROW Act in coronavirus relief legislation.
The IAM cannot support any legislation that would exacerbate the current multi-employer pension crisis.