WASHINGTON, Feb. 9, 2021 /PRNewswire/ -- The Teamsters are applauding the House Ways & Means Committee's inclusion of a multiemployer pension reform measure in a broader stimulus package introduced by the panel yesterday.
In unveiling language included in the Butch Lewis Emergency Pension Plan Relief Act of 2021, the House panel took the first step towards ensuring that millions of retirees and active workers who have played by the rules will receive the pension benefits they earned through years of hard work.
"The financial distress many of these plans are facing is beyond the control of retirees and workers," Teamsters General President Jim Hoffa said. "While multiemployer pension plans have been buffeted by economic turbulence over the decades, the situation has been seriously exacerbated by the current pandemic."
Through no fault of their own, the earned pension benefits of millions of retirees and active workers are being threatened due to the deteriorating financial status or the impending insolvency of hundreds of multiemployer pension plans – including the Teamsters' own Central States Pension Fund – representing more than 1 million participants.
The shutdown of the U.S. economy has greatly amplified the financial struggle of these plans. Hundreds of employers are now facing bankruptcy and cannot contribute to multiemployer pension funds; employees have lost their jobs and the sharp drop in interest rates have hit plans hard. Senior citizens and essential workers are disproportionately impacted by both the impacts of COVID-19 and the multiemployer pension crisis.
Founded in 1903, the International Brotherhood of Teamsters represents 1.4 million hardworking men and women throughout the United States, Canada and Puerto Rico. Visit www.teamster.org for more information. Follow us on Twitter @Teamsters and "like" us on Facebook at www.facebook.com/teamsters.
Galen Munroe, (202) 439-7427
SOURCE International Brotherhood of Teamsters