Here is a note that we received from Ron Auer, Executive Director, CORPaTH regarding the Joint Select Committee on Solvency of Multiemployer Pension Plans. As Ron says, we are entering a critical time. At Ryan ALM and KCS, we’d like to see the Butch Lewis Act (BLA) implemented, as is, but understand that everything is a negotiation. Here is Ron’s letter:
Washington is listening, and CORPaTH urges you to ensure the message for pension security is heard loud and clear.
The Joint Select Committee on Pension Solvency represents a promising effort by both houses of the United States Congress to resolve the crisis which undermines the health of Defined Benefit plans and the ability of millions of Americans to retire with dignity. Co-chaired by Senators Orrin Hatch and Sherrod Brown, the committee is taking comments and suggestions from the pension community.
At CORPaTH, one suggestion stands out as especially promising: tax credits for employers who are funding existing defined-benefit pensions or are establishing new plans.
These credits would provide an incentive for employers to secure the future of their workers while benefitting their bottom lines and stabilizing a system which has served millions over the course of many decades.
CORPaTH believes this is a historic opportunity for Americans to come together on a bipartisan basis to secure the economic strength of working families, employers and our country as a whole.
We invite you to join the conversation by contacting the members of the Joint Committee and making your voice heard. You can find a list of committee members and their contact information by clicking here.
Thank you for stepping forward and speaking out on behalf of hard-working Americans who have earned the promise of a secure retirement.
Executive Director, CORPaTH
We agree that providing the right incentives is always important, but without low-interest rate loans from the Treasury Department to the 114 critical and declining pension systems, millions of Americans will suffer significant social and economic consequences. Please reach out to your representatives, even if they aren’t on the JSC, to lend support to getting the BLA passed in its entirety. Thank you.