INDEPENDENCE, Ohio, May 2 — Teamsters General President James P. Hoffa is asking all fellow Teamsters to do their part to help protect pensions in America. The multiemployer pension system has for many decades been an essential foundation for providing financial security in retirement for millions of Americans and their families. Now, through no fault of the beneficiaries, the earned pension benefits of millions of retirees are being threatened due to the impending financial insolvency of a number of multiemployer plans.
To make matters worse, the government agency that insures a portion of these pensions, the Pension Benefit Guaranty Corporation, is likely to simultaneously become insolvent as well. Legislation proposed by Sen. Sherrod Brown, S. 2147, and Rep. Richard Neal, H.R. 4444, informally known as the Butch Lewis Act, would provide long-term, low interest loans to help shore up these pension funds and allow pension beneficiaries to continue to receive their benefits without cuts. This proposed legislation is the only proposed solution that will provide a path to financial health for troubled pension plans, alleviate pressure on the Pension Benefit Guaranty Corporation, and ensure that retirees and active Teamster members receive all of the benefits that they earned.
BLET President Dennis R. Pierce is requesting all members, families and friends to support their fellow IBT Brothers and Sisters by contacting your member of Congress and urging them to support this legislation. This can be done by calling (888) 979-9806, and asking to speak with the House of Representative member from your Congressional District. Contact info can also be found online.
When you do reach out, ask to speak to the staff member who handles Labor issues, and request that your Representative in Congress or the Senate cosponsor pension improvement bills in the House (H.R. 444) and the Senate (S. 2147), and that they weigh in with Joint Select Committee members to take up and report out the Butch Lewis Act as their final recommendation. When speaking to staff, please be respectful, just as you would if you were personally speaking with your member of Congress.
This pension crisis is not a partisan issue, we need members of both parties to co-sponsor the Butch Lewis Act and support the earned retirement of millions of hard working Americans. The more support the Butch Lewis Act receives, the more likely it is that the Joint Select Committee on Solvency of Multiemployer Pension Plans will take it up and pass it!
Wednesday, May 2, 2018