House passes legislation aimed at stabilizing multiemployer pension plans
BY JULIEGRACE BRUFKE - 07/24/19 08:47 PM EDT
The House passed legislation Wednesday in a 264-169 vote aimed at helping stabilize multiemployer pension plans in hopes of mitigating the looming pension crisis.
Twenty-nine Republicans — nine of whom co-sponsored the legislation — joined Democrats in voting for the measure.
The Rehabilitation for Multiemployer Pensions Act, also known as the Butch Lewis Act — introduced by House Ways and Means Committee Chairman Richard Neal (D-Mass.) — includes provisions that would establish a Pension Rehabilitation Administration within the Department of the Treasury and a trust fund that would provide low-interest government-guaranteed loans that pension plans could pay back over the course of 30 years. The director of the new pension administration would be appointed by the president and would serve for five years. Read more...