The IAM is urging Congress to pass the Rehabilitation for Multiemployer Pensions Act of 2019 (H.R. 397), better known as the Butch Lewis Act. This legislation would offer federally subsidized loans to multiemployer plans in danger of becoming insolvent.
It would also maintain the health of well-funded multiemployer plans and adequately fund the Pension Benefit Guaranty Corporation (PBGC), without making any cuts to the earned benefits of current or future retirees. Plans would invest the money from these loans and use the investment earnings to pay retiree benefits and improve the plan’s financial health.
The House of Representatives is scheduled to vote Wednesday, July 24, 2019 on H.R. 397.
“This legislation will work to lift troubled multiemployer plans out of their financial hole, while maintaining the financial integrity of the PBGC,” said Machinists Union International President Robert Martinez, Jr. “Most importantly, the Butch Lewis Act provides a pathway to accomplishing these venerable goals without stealing from retirees, workers, and their families.”
Here’s how you can take action:
2) Call your Representative at (202) 224-3121 to urge them to co-sponsor the Butch Lewis Act