Retirement Security Threatened by Delay, Inaction


On March 14, the members of the Joint Select Committee on Solvency of Multiemployer Pension Plans convened for its initial meeting, pledging to work together to find a bipartisan solution to the pension crisis.

The Teamsters Union supports this goal and has also called for a commitment by the legislators to report a bill as soon as possible, and not wait until the November deadline.

“It was encouraging to hear a commitment by the members to put aside party politics and work toward a solution,” said Teamsters General President Jim Hoffa.

The retirement security of as many as 1.5 million active and retired workers could be at risk if pension legislation is not passed soon.

“We hope that this spirit of bipartisanship will translate into real results far before the November deadline. They cannot allow politics to stand in way of addressing the pension crisis—an issue that crosses party lines,” Hoffa said.

The committee, which is comprised of eight senators and eight members of the House evenly divided by party, will work toward reporting a bill to solve the pension crisis.

The Teamsters Union supports the passage of the Butch Lewis Act of 2017 (H.R.4444/S.2147) which was introduced in Congress last November by Sen. Sherrod Brown (D-Ohio) and Rep. Richard Neal (D-Mass.) and has received bipartisan support.

“The joint select committee already has a strong starting point in the Butch Lewis Act,” Hoffa said. “This legislation offers a real solution that protects retirement security without cutting the pensions that millions of active and retired workers have earned.”