One of the true positives for me in getting involved in the Butch Lewis Act legislation (H.R. 397) has been meeting (through social media) passionate advocates for pension reform such as John C. Anderson, a retired member of the teamsters, who constantly provides important updates on their legislative initiatives. John has recently posted this update:
Actually there are THREE Newly Applied Funds seeking Reductions that are “In Review”…
#1..ROOFERS Local #42…https://www.treasury.gov/…/Composition-Roofers-Local-42-Pen…
#2..IBEW Local # 237…https://www.treasury.gov/…/IBEW-Local-237-Pension-Fund-Seco… (Has Applied Twice Now)
#3..SHEET METAL LOCAL FUND Troy MI…https://www.treasury.gov/…/Sheet-Metal-Workers-Local-Pension… (Had applied previously a year ago March, then ‘Withdrew’)
It is truly unfortunate that these struggling plans are filing for benefit relief at this time. I realize that the legislative process has moved at a snail’s pace, but I remain hopeful that Congress finally understands the severity of their inaction. Let’s hope that the above referenced plans can hold off a little longer. Although the proposed legislation calls for reinstituting the benefits previously cut through MPRA, there is significant cost associated with going through the process, and these plans, the employees, and employers cannot afford any more cost that further impacts their funded status.
Despite my comment regarding the Senate’s acknowledgment that something needs to be done, I still believe that ideological differences among the parties will lead to proposed legislation that has the potential to do more harm than good, while costing more than the implementation of H.R. 397.