U.S. House Passes Pension Funding Bill
Representing manufacturing, production, maintenance and sanitation workers in the baking, confectionery, tobacco and grain milling industries.
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25 Jul U.S. House Passes Pension Funding Bill

Posted at 10:08h in Activism, Legislative News, Pension by

Thanks to the hard work and dedication of thousands of BCTGM members, pensioners and other union members across the U.S., the U.S. House of Representatives voted yesterday to pass H.R. 397, the Rehabilitation for Multiemployer Pensions Act. The legislation is an essential step to help secure the retirement security of more than 1.5 million workers and retirees nationwide.

โ€œMany experts told us as recently as last week that getting this to vote before the upcoming recess was slim to none. But here we are with another major victory because our Union never gives up. On to the Senate!,โ€ said BCTGM International President David Durkee, who attended the vote. Also present for the vote in the U.S. House of Representatives were BCTGM members from Locals 6 (Philadelphia), 68 (Baltimore) and 118 (Washington D.C.).   

โ€œThe BCTGM has placed the highest priority on preserving and strengthening our membersโ€™ pensions. Now, more than ever, BCTGM members in every one of our shops, together with our retirees, must remain united in solidarity and continue to raise our voices to the Senate. The fight to preserve BCTGM pensions is urgent and ongoing. We will never give up protecting the retirement security of every BCTGM member and retiree.โ€

The BCTGM has been a leader in the effort to secure federal legislation to address the countryโ€™s pension funding crisis โ€“ which affects every BCTGM member with a collectively bargained pension. BCTGM members and retirees have sent more than 6,000 emails since the legislation was first introduced in Congress in November 2017.

The measure has 209 co-sponsors, including nine Republicans. The House approved the measure in a 264-to-169 vote with 29 Republicans voting in support of the legislation.

“After years of tireless work by BCTGM retirees, members, local union officers and International staff, the House today rewarded their efforts by passing this critically important legislation,” said BCTGM International President David Durkee. “Congress cannot ignore this issue. Weโ€™ve worked hard and made our voices loud and clear: โ€˜Weโ€™ve earned it โ€“ we deserve it!โ€™ It is the duty of the U.S. Senate to pass this legislation so that Americaโ€™s workers retain their hard-earned pensions.”

There are more than 300 multiemployer pension plans across the country โ€” including the B&C Pension Fund. The legislation would establish a new agency within the U.S. Treasury Department that would issue bonds to finance loans to pension funds, such as the B&C Pension Fund, to ensure their long term solvency. Such multiemployer plans would be channeled enough assets to find pension obligations for all participants. No benefit cuts would be required to qualify for the loans.

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