House Passes Multiemployer Pension Relief
Representing manufacturing, production, maintenance and sanitation workers in the baking, confectionery, tobacco and grain milling industries.
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01 Mar House Passes Multiemployer Pension Relief

Posted at 22:37h in Pension by

The BCTGM applauds the House passage of the American Rescue Plan, which includes multiemployer pension relief that would protect the hard-earned retirements of more than million American retirees.

The BCTGM is part of the AFL-CIO Retirement Security Working Group, which has worked tirelessly over the last several years fighting for multiemployer pension relief legislation. The following statement was issued following passage of the American Rescue Plan by the House on February 27:

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. Reckless Wall Street behavior, industry deregulation and employersโ€™ deviant use of corporate bankruptcy have threatened the financial security of millions whoโ€™ve worked hard only to have that promise robbed from them. The provisions included in this package are important steps that will help eligible retirement funds protect the retirement benefits we earned by sacrificing wage increases.

The current pandemic has only exacerbated the dire situation and the need for immediate action.  The legislation contains provisions designed to help protect some plans that are currently healthy from sliding into insolvency because of the unprecedented economic shutdown, and also goes a long way toward stabilizing the Pension Benefit Guaranty Corporation and the multiemployer pension system overall. This system not only provides retirement income to the 10.4 million hardworking Americans who participate in the multiemployer plans, alleviating the need to rely on government safety-net programs that already are stretched thin, but also generates more than $158 billion annually in federal tax revenue that benefits communities across the country.

The Senate should act quickly to send this relief to President Bidenโ€™s desk so we can keep the promise of a secure retirement for those who have earned, and deserve, nothing less.

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Retirement Security Working Group members (in alphabetical order): Bonnie Castillo, NNU; Tom Conway, USW; Kenneth Cooper, IBEW; Joe DePete, ALPA; Ray Hair, AFM; Mary Kay Henry, SEIU; Richard Lanigan, OPEIU; Robert Martinez, IAM; Marc Perrone, UFCW; Robert Roach, ARA; Cecil Roberts, UMWA; Harold Schaitberger, IAFF; Joe Sellers, SMART; Anthony Shelton, BCTGM; Liz Shuler, AFL-CIO; Richard Trumka, AFL-CIO; Randi Weingarten, AFT

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