Pension Reform Bill Moving Forward
The American Federation of Musicians of the United States and Canada (AFM) issued the following statement from International President Ray Hair after the House Ways and Means Committee passed the Rehabilitation for Multiemployer Pensions Act today.
“The Butch Lewis Act is critical for the million plus Americans—including thousands of musicians—who are facing an insecure retirement through no fault of their own. I applaud and thank Representative Neal for his leadership and work in moving this solution to the multiemployer pension plan crisis forward. I also thank the other committee members who voted for the Butch Lewis Act.”
The legislation, also known as the Butch Lewis Act, would provide low-interest government loans to struggling multiemployer plans impacting 1.3 million Americans in over 300 plans. These loans would provide enough money for multiemployer funds to pay current retirees and beneficiaries their benefits for life, which would allow the fund to grow back to stronger financial footing. The full House of Representatives is expected to vote on the act this year.
Text of the legislation is available HERE.
Watch today’s hearing HERE.
Union musicians are fighting to Protect our Pensions, but individual members of Congress need to hear directly from their constituents. Contact your member of Congress today!