Rehabilitation for Multiemployer Pensions Act Would Establish Program to Address Pension Crisis
Galen MunroeEmail: [email protected] Phone: (202) 624-6911
(BOSTON) – Today, U.S. Rep. Richard E. Neal (D-MA) joined active and retired members of Teamsters Local 122 in Boston, Mass. for a press conference at the union’s hall in support of H.R.4444, the Rehabilitation for Multiemployer Pensions Act, legislation that will assist pension plans facing insolvency. Rep. Neal is the lead sponsor of the legislation that was introduced in Congress on Nov. 16, 2017.
The Rehabilitation for Multiemployer Pensions Act and the related Senate bill, S.2147 The Butch Lewis Act of 2017, introduced by Sen. Sherrod Brown (D-OH), would provide a path to fixing the country’s growing pension crisis by providing the financial support the plans need to avoid insolvency.
“I introduced this legislation because I have been a longtime leader on retirement issues and I wanted to help address the multiemployer pension crisis,” said Rep. Neal. “Hard-working Americans who planned their whole lives for a financially secure retirement should not have those assurances taken away through no fault of their own. These are people who year after year chose to contribute to their pensions instead of taking a wage increase. It is critical that we address this crisis and help these retirees whose retirements are now at risk by no fault of their own.”
The legislation would establish a new agency that will be called the Pension Rehabilitation Administration (PRA) within the U.S. Treasury Department. The PRA would be authorized to issue bonds in order to finance loans to pension plans in financial distress.
“There are hundreds of thousands of Teamster active and retired members that could see their retirement security decimated if this legislation isn’t passed,” said Joe Zuffante, retired Teamster from Arlington, Mass. and former president of Local 122. “This is an epidemic that will roll across the country unless Congress acts now. I’d like to thank Rep. Neal for his leadership in moving this legislation forward.”
“It is imperative that Congress pass the Butch Lewis Act of 2017,” said John Murphy, Secretary-Treasurer of Teamsters Local 122 in Boston, Mass. and International Vice President of the Teamsters Union. “This legislation offers a real solution to the growing pension crisis. Rep. Neal and Sen. Brown are fighting for every active and retired worker that could see their hard-earned retirement destroyed.”
Founded in 1903, the International Brotherhood of Teamsters represents 1.4 million hardworking men and women throughout the United States, Canada and Puerto Rico. Visit www.teamster.org for more information. Follow us on Twitter @Teamsters and “like” us on Facebook at www.facebook.com/teamsters.