Sign Our Petition and Help Solve the
Multi-Employer Pension Crisis
I have been a long-time champion of reforms to help Americans prepare for financial security in retirement. That's why in January I reintroduced the Butch Lewis Act to provide troubled multi-employer pension plans with loans to pay retirees’ pensions and ensure that these workers do not see a benefit cut.
I’m spending a tremendous amount of time focused on this issue. Multi-employer plans are collectively bargained pension plans covering employees of two or more employers. There currently are about 1,400 multi-employer plans covering about 10 million mostly working class people across the country.
Read More About the Bill
Who is Butch Lewis?
The legislation is named after Butch Lewis, who was one year into retirement when he got a letter that may have marked the beginning of the end of his life. The multiemployer plan that held his pension had run into trouble, and was desperately short of money. It presented a plan to the U.S. Treasury that would slash benefits. Lewis’ were to be cut from $3,348.82 a month to $1,998.65.
Mr. Lewis, a retired truck driver from West Chester, OH and the retired head of Teamsters Local 100, lost sleep and fretted constantly about the cuts he and his fellow Teamsters faced. The stress took a toll: On New Year’s Eve 2015, he died of a massive stroke. He was 64.
After years of fighting, countless trips to Washington, and even more hours of stress, Mr. Lewis’ wife Rita and the others supporting the bill have taken up the charge of rescuing the 1.5 million workers and retirees at risk of losing the money they had put aside for their retirement.
What does the Butch Lewis Act Do?
Passing the Butch Lewis Act would help these troubled pensions without cutting a single dime of the benefits workers earned.
The Butch Lewis Act would save the pensions of retirees and workers through a public-private 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 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.
Have a story of your own about your multi-employer pension? Tell me about it!
Email your story to firstname.lastname@example.org