House Democrats had crafted their own proposed legislation to compete with the Senate’s stimulus proposal. The House version included the Butch Lewis Act to help those Critical and Declining multiemployer pension plans that are on the verge of collapse. Regrettably, the Senate version that passed last night does nothing to help the 1.4 million American workers and retirees in the roughly 125 C&D pension plans. Furthermore, given the devastating impact on pensions from collapsing equity markets and lower interest rates, there are likely to be many more multiemployer plans that now fall into the C&D bucket. Prior to the last month or so there were roughly 200 multiemployer plans that were in the Critical zone.
According to my contact on the front lines of this battle, there may in fact be another bill that specifically addresses the pension crisis. Let’s hope that is the case, as these plans have less time to be saved than they did just two months ago. While Congress tinkers, the fate for millions of retirees and near-retirees becomes more tenuous.
Yea the House version included the Hoffa Act and the Composite Plan garbage.Thank god they pulled them both..A big up yours to the NUCPP and the crooks at the IBT.Exploiting the COVID-19 public health crisis by attempting to force the inclusion of a Union bailout and other Union BS. Kind of made me want to puke. Pelosi is the same back stabbing douchebag who conspired to get the Multi Employer Reform Act on the books and now wanted to hold Americans in need hostage so they could make the taxpayers give back the money the rats allowed the Unions to steal in the first place.This was underhanded BS even for the NUCPP/IBT rats.We will be watching for more attempts to attach this BS legislation to future bills.Hope you and your family are safe Russ
Good morning, Rich. I hope that you and your family are staying healthy. Fortunately, we are. Although I remain concerned about my daughter, Kelsey, who is a MICU nurse at NY Presbyterian Hospital working with Covid-19 patients. Prayers for her and all the healthcare workers risking their own lives to help others.
Oh yes.Lets nip this before you start if you are indeed willing to answer. If the CS applied to the PBGC for assistance right now. How much would it need to ask for and how much could the PBGC give it??Whether due to regulation restrictions or the PBGC financial condition??
Good morning, Richard. Having neither worked for nor worked with CS, I am not in a position to answer your question. However, based on the current state of the PBGC’s multiemployer financials, there is no way that in its current financial position could they handle a collapse of the CSPF. That has been written about for years, and nothing in the markets would have miraculously changed that situation. I hope that you and yours remain healthy.