Sending Office: Honorable Richard E. Neal
The purpose of this letter is to ask you to join us in co-sponsoring the Rehabilitation for Multiemployer Pensions Act of 2019 (the Butch Lewis Act, H.R. 397).
Multiemployer plans are collectively bargained pension plans covering employees of two or more employers. There currently are about 1,400 multiemployer plans covering about 10 million mostly working class people across the country.
Among the most common industries using these pensions are mining, trucking, retail, construction, and entertainment.
Although multiemployer pension plans have been successful historically, today a significant number of these plans have funding problems, and many of them are almost certain to run out of money, some already have. Retirees, workers,
and their families who rely on these plans are losing benefits earned over a lifetime of work through no fault of their own. The pensions of truck drivers, coal miners, ironworkers, bakers, and many more would continue to be cut significantly – putting their
families’ financial security and future at risk.
The Rehabilitation for Multiemployer Pensions Act would save these retirees and workers benefits through a private-public partnership. Under the proposal, private investors would be able to purchase highly attractive,
long-term Treasury Bonds backed by the full faith and credit of the United States. The money from the sale of the bonds would then be lent at low interest rates to the financially troubled pension plans so that the plans will have time and assistance to grow
their assets and pay promised benefits. Additional assistance is also available to those plans that need it.
To co-sponsor H.R. 397, please contact our staff Kara Getz (email@example.com) with Congressman Neal’s office or Tim Ursprung with Congressman King’s office (firstname.lastname@example.org).
Richard E. Neal Peter T. King
Member of Congress Member of Congress
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