House Passes Delgado-Backed Bipartisan Legislation to Protect Americans' Pensions
Press Release
Today, U.S. Representative Antonio Delgado (NY-19) voted to pass legislation he co-sponsors, H.R. 397, Rehabilitation for Multiemployer Pensions or "Butch Lewis" Act to address the multiemployer defined benefit pension fund crisis and save the pensions of 1.3 million U.S. workers and retirees.
"Millions of hardworking Americans with multiemployer pension plans have worked hard and saved their whole lives--they ought to be able to retire with dignity and not have the rug pulled from underneath them." Delgado continued, "Today I, along with my colleagues from both sides of the aisle, voted for H.R. 397, Rehabilitation for Multiemployer Pensions Act, to shore up these multiemployer pension plans and guarantee retirees the full benefits they've earned."
The Rehabilitation for Multiemployer Pensions Act would create a new agency within the Treasury Department, the Pension Rehabilitation Administration (PRA), which would provide loans to critical and declining status multiemployer pension plans to ensure such plans remain solvent and continue to provide retirement security for retirees and workers for decades to come. Additionally, to ensure that the pension plans can afford to repay the loans, the PRA would lend them money for 30 years at low interest rates and allow pension plans to focus on investing for the long-term health of the plan, while also paying benefits owed to current retirees. The bill is supported by numerous organizations representing working Americans, including the AARP; AFL-CIO; United Steelworkers; International Association of Machinists and Aerospace Workers; United Food and Commercial Worker International Union; International Brotherhood of Teamsters; International Brotherhood of Boilermakers; International Brotherhood of Electricians; Brotherhood of Locomotive Engineers and Trainmen; National Association of Police Organizations; National Retiree Legislative Network; and the Pensions Rights Center.
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