Larson, Ways & Means Committee Vote to Protect Retirement for 1.5 Million Americans
Washington, D.C. – Today, Rep. John B. Larson and the Ways and Means Committee voted to report the Rehabilitation for Multiemployer Pensions Act (also known as the "Butch Lewis Act"). In the United States there are 1,400 multiemployer pension plans that cover approximately 10 million Americans. 1.5 million of those Americans could lose their benefits through no fault of their own if nothing is done.
"Doing nothing is not an option, that's why I voted today to ensure that 1.5 million Americans don't lose out on their retirement benefits that they earned. Shoring up multiemployer pensions is the right thing to do and I look forward to voting for this legislation on the House floor," said Larson.
This legislation would establish within the Department of Treasury the Pension Rehabilitation Administration (PRA), which would issue bonds to finance loans to "critical and declining" status multiemployer pension plans, plans that have suspended benefits, and some recently insolvent plans currently receiving financial assistance from the Pension Benefit Guaranty Corporation (PBGC).
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