Neal Bill Offers Opportunity to Honor Pension Promise

Feb 07 2019

Neal Bill Offers Opportunity to Honor Pension Promise

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The struggle to ensure the retirements of millions of hardworking Americans continues. But the reintroduction of essential legislation by a long-time pension protector could go a long way toward bolstering nest eggs jeopardized under the current system.

Rep. Richard Neal of Massachusetts, the new chairman of the powerful House Ways & Means Committee, unveiled legislation this week that would improve the security of multiemployer pensions covering 1.5 million Americans that currently are facing insolvency. And given the lawmaker’s new prominent position, the bill has an excellent chance of advancing through the House.

The bipartisan bill, which has five Democratic and five Republican co-sponsors, is badly needed. As it stands, there are more than 300 multiemployer plans across the country — including the Teamsters’ Central States Pension Fund — that are in danger of failing. The Teamsters have been fighting for years for a legislative solution and are anxious again to work with members of both parties to guarantee that a solution passes congressional muster.

“With the new Congress now seated in Washington, the Teamsters want to let lawmakers know it is time to work together across party lines to secure the hard-earned retirements of retirees and workers,” Teamsters General President Jim Hoffa said. “These hardworking Americans deserve to receive the benefits they were promised.”

In the past year alone, the Teamsters have been front-and-center in fighting to protect multiemployer pensions. That includes co-hosting a rally in Columbus, Ohio last July that drew upwards of 14,000 people to the state Capitol grounds to demand improved pension protection, as well as holding a town hall forum later that same month in Detroit where House Speaker Nancy Pelosi and other members of Congress came and pledged their support for the union’s fight.

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