AFL-CIO Retirement Security Working Group statement on the Grassley-Alexander Multiemployer Pension Plan Proposal
Representing manufacturing, production, maintenance and sanitation workers in the baking, confectionery, tobacco and grain milling industries.
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02 Dec AFL-CIO Retirement Security Working Group statement on the Grassley-Alexander Multiemployer Pension Plan Proposal

Posted at 12:25h in Pension by

On November 20, Senate Finance Committee Chairman Chuck Grassley (R-IA) and Senate Committee on Health, Education, Labor and Pensions (HELP) Chairman Lamar Alexander (R-TN) introduced a proposal “to avert the collapse of critically underfunded” union pension plans. This plan comes as a white paper in order to solicit comment ahead of an actual bill being introduced, the timing of which is unclear at this time.

Today, the AFL-CIO Retirement Security Working Group released a statement on the Grassley-Alexander Multiemployer Pension Plan Proposal. BCTGM International President David Durkee serves as a member of the Retirement Security Working Group and has worked tirelessly to urge Congress to pass legislation to secure multiemployer pension plans.

After a lifetime of hard work, working people deserve to retire with dignity. The labor movement is proud of our negotiated multiemployer pension plans, which have provided retirement income security for millions of working people for decades. Now, as a result of reckless Wall Street behavior, industry deregulation and employers’ creative use of corporate bankruptcy, important parts of that multiemployer pension system are at risk. To stave off financial devastation for retirees across the nation, the Senate must act immediately—but it also must act wisely. Senators Grassley and Alexander have finally put forward the Republicans’ white paper to address the crisis faced by several multiemployer pension plans. As it stands, their proposal will not only injure the retirees and active participants it purports to help, it also will precipitate the collapse of all multiemployer pension plans.

Read the full statement from the AFL-CIO Retirement Security Working Group.

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