Legislation Would Protect Retirements of 1.5M Americans Currently in Jeopardy

The Teamsters are lauding the reintroduction of bipartisan pension reform legislation today that would bolster the solvency of multiemployer pensions covering some 1.5 million Americans that are currently facing an uncertain future.

The Rehabilitation of Multiemployer Pensions Act, offered by Rep. Richard Neal (D-Mass.), was first introduced in Congress in November 2017 by Rep. Neal. A Senate version of the bill, called the Butch Lewis Act, was sponsored by Sen. Sherrod Brown (D-Ohio) during the last Congress. The measure has five Democratic and five Republican co-sponsors.

“With the new Congress now seated in Washington, the Teamsters want to let lawmakers know it is time to work together across party lines to secure the hard-earned retirements of retirees and workers,” Teamsters General President Jim Hoffa said. “These hardworking Americans deserve to receive the benefits they were promised.”

As it stands, there are more than 300 multiemployer plans across the country — including the Teamsters’ Central States Pension Fund — that are in danger of failing. The Teamsters have been fighting for years for a legislative solution and have worked with lawmakers on both sides of the aisle to do so.

The measure would boost financially troubled multiemployer pensions so they don’t fail. It would create a new agency under the U.S. Treasury Department that would sell bonds in the open market to large investors such as financial firms. Those proceeds would then be used to bolster faltering pension plans a part of a 30-year loan program.

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.