Washington, DC
(As Prepared for Delivery)
Mister Speaker, I rise in support of H.R 397, the Rehabilitation for Multiemployer Pensions Act – commonly referred to as the Butch Lewis Act. I am proud to have introduced this bipartisan legislation with Peter King along with five Republican and five Democratic co-sponsors. The bill now has over 200 bipartisan cosponsors.
About 10 million Americans participate in multiemployer plans and about 1.3 million of them are in plans that are quickly running out of money.
These are American workers who planned for their retirement and now after working for 30-plus years, they are facing financial uncertainty at a time when they are often unable to return to the workforce. And it’s worth noting that we haven’t arrived here through any sort of malfeasance.
Let me put a face on this issue, Rita Lewis – who’s in the gallery today – is a beneficiary of the Central States Pension Plan, which is the largest of the underfunded multiemployer pension plans.
Mrs. Lewis’ husband, Butch Lewis, who my bill is named in honor of, drove a truck for 40 years for USF Holland. Tragically, Mr. Lewis died a few years ago of a massive stroke.
Mrs. Lewis is looking at a significant cut to her pension. This after years of hard work and when retirement is finally in sight.
Sadly, many workers and retirees have stories similar to Mrs. Lewis. These are real people with a very real problem if Congress doesn’t act. The American people sent us to Congress to address big problems like the multiemployer pension crisis – and the legislation before us today does just that.
The Butch Lewis Act would give the millions of workers and retirees, like those who have joined Mrs. Lewis in the gallery today, the security that the retirement that they worked and planned for will be there in their golden years. The Butch Lewis Act would allow pension plans to borrow the money they need to remain solvent and continue providing retirement security for retirees and workers for decades to come.
Let me remind my colleagues, plans that receive loans under this bill are subject to numerous requirements and oversight. The plans are not permitted to increase benefits or reduce contributions. And the loan proceeds must be invested in conservative investments.
This is not a bailout. It is a loan program and it is a common-sense solution. It’s the private sector coming together with the public sector to address this crisis.
The time to act is now. I urge my colleagues to support H.R. 397 and I reserve the balance of my time.
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