The Democrats in the 117th Congress are pressing the Butch Lewis Emergency Pension Plan Relief Act of 2021 in two phases. The federal stimulus package, which includes $1,400 checks for many Americans and increased funding for vaccines, also holds the Emergency Pension Plan Relief Act of 2021 (EPPRA), an update to the Butch Lewis Act. This section of the bill is under Division T and is cited as the Emergency Pension Plan Relief Act of 2020. On Saturday, a measure to give troubled multiemployer pension plans assistance from the Pension Benefit Guaranty Corporation (PBGC) passed the House of Representatives, as part of a larger $1.9 trillion coronavirus relief package from President Joe Biden. Mar 4, 2021 ... the preferred solution of advocates such as the Teamsters was the Butch Lewis Act… The GROW Act must be removed from the next stimulus bill. Pension Relief Plan in COVID-19 Stimulus Bill That Passes House, Emergency Pension Plan Relief Act of 2021, OMERS Reports First Annual Loss Since Financial Crisis, Senate Parliamentarian Ruling Keeps Pension Bailout Alive, One Year Later: 5 Ways the Pandemic Has Changed Investing. Butch Lewis Emergency Pension Plan Relief Act Would Save Retirements of 1M+. The stimulus package, including $25 billion-plus for vaccine production and distribution, was tied to the $1.4 trillion bill to keep the government going through Sept. 30. The plan included no reforms to the system that would prevent a similar crisis in the … “Thank you for your incredible efforts in response to the COVID-19 pandemic impacting our country in unprecedented ways. The coronavirus pandemic has created even more uncertainty for retirees who are worried about losing their hard-earned pensions. Thank you for your consideration to these matters. Still, critics argued that the relief bill fails to fundamentally reform pension plans, instead favoring bailing them out to the costly tune of $86 billion, according to the Congressional Budget Office (CBO). In the meantime, this crisis remains unresolved for the people who are waiting relief. As we begin to think about relief in the forthcoming days for hard working Americans immediately stripped of their jobs and earnings in the emergency response to this spreading pandemic, we must not forget those who have long been waiting to relieve the uncertainty around the securitization of their pensions. It would provide funding to enable the Pension Benefit Guaranty Corporation (PBGC) to pay full benefits … Postal Service, which has lost about half its mail revenue and could run out of money this summer. The letter also calls for the creation of a Bridge Employment Retention program to be administered by the Department of Labor, allowing businesses and employers to enter into contractual arrangements to guarantee a return to work once the COVID-19 social isolation period has concluded. He predicted that the deadlock will continue because of the core constituency involves organized labor. Press Release. Stevens: Include Butch Lewis Act in COVID-19 Relief Package. Butch Lewis Act of 2019. Brown named the legislation in memory of Butch Lewis, the former retired head of Teamsters Local 100 in southwest Ohio. When Democrats in the House proposed their alternative to the Senate’s CARES Act, it included the Butch Lewis Act. “As you know, the Butch Lewis Act, which passed the House with bipartisan support on July 26th, is long overdue legislation that will secure the pensions of over a million hard-working American families who through no fault of their own are at risk of losing their hard-earned retirement. That legislation would, among other features, provide funds for 30-year loans and new forgivable financial assistance, in the form of government grants, aimed at supporting the most financially troubled multiemployer pension plans. As you know, the Butch Lewis Act, which passed the House with bipartisan support on July 26, is long overdue legislation that will secure the pensions of over a million hard-working American families who through no fault of their own are at risk of losing their hard-earned retirement.
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