House Committee OKs Multiemployer Pension Funding Bill
Representing manufacturing, production, maintenance and sanitation workers in the baking, confectionery, tobacco and grain milling industries.
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16 Jul House Committee OKs Multiemployer Pension Funding Bill

Posted at 14:06h in Congress, Pension by

Bipartisan multiemployer pension reform legislation creating a federal loan program for struggling plans was approved on July 10 by the House Ways and Means Committee.


Before the committee vote, House Ways and Means Committee Chairman Richard E. Neal (D-Mass.), led a rally on Capitol Hill attended by BCTGM members, retirees and scores of other multiemployer pension fund union members pushing for the bill’s passage.

The bill, H.R. 397, introduced by House Ways and Means Committee Chairman Richard E. Neal (D-Mass.) in January has 170 co-sponsors, including eight Republicans.

The legislation is expected to go before the full House next week.
During markup of the legislation, Congressman Neal stressed the sense of urgency for an estimated ten percent of multiemployer pension plans covering 1.3 million participants headed toward insolvency.

โ€œWe are joined today by workers and retirees who know firsthand about the urgency and importance of this issue. Over a hundred retirees and workers who are impacted by this crisis have travelled to Washington to join us today. These are our neighbors from all over the country. They are scared about losing their pensions and what that would mean for their futures,โ€ Congressman Neal said in his opening statement at the markup of the Multiemployer Pensions Legislation.

โ€œItโ€™s time to stop talking about this issue and actually do something about it. Further inaction means American workers will remain at risk of slipping into poverty in retirement – even though they put aside their hard-earned money for decades to ensure they would have a pension in retirement,โ€ concluded Neal.

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