Beatty Backed Bill Protects Pension Plans for Hardworking Ohioans

WASHINGTON, D.C.—Yesterday, the U.S. House of Representatives passed the Rehabilitation for Multiemployer Pensions Act, H.R. 397, also known as the "Butch Lewis Act." This major piece of legislation, of which U.S. Congresswoman Joyce Beatty (OH-03) is an original cosponsor, will provide the Pension Benefit Guaranty Corporation (PBGC) the flexibility to guarantee that endangered multiemployer pension plans have dedicated funding streams to continue to operate and distribute benefits to current and future retirees.

"Some 42,000 Ohioans and nearly 1.3 million Americans have worked their entire lives and invested their own hard-earned money and sweat so that they can retire in dignity," Beatty said following the vote. "The Butch Lewis Act will strengthen that promise by ensuring these hardworking families across the country can be confident that the retirement they worked a lifetime to earn remains within reach."

Currently, more than 1.3 million Americans workers and retirees, including 42,643 Ohioans, are facing a looming crisis. For years, these workers have invested a significant portion of their wages into pension plans with the promise of a secure retirement, but now those pensions are facing the very real likelihood of massive cuts of 90 percent or more. In fact, more than 300 multiemployer plans across the nation are in danger of failing, including numerous plans in the State of Ohio like the Central States Teamsters Pension Plan, the United Mine Workers Pension Plan, and the Bakers and Confectioners Pension Plan, to name a few.

If these plans fail, not only will they be unable to pay out promised benefits to retirees, but taxpayers will be on the hook for billions of dollars because the PBGC would be responsible for paying out benefits. The PBGC is a taxpayer-funded federal agency charged with insuring pension plans.

"I urge my Senate colleagues to act swiftly on this bipartisan bill, and I promise to continue fighting in Congress to ensure that Ohio workers do not have to worry if and when they will be able to retire."

H.R. 397 is named in honor of Butch Lewis. A native Ohioan, Lewis was a retired truck driver from West Chester, Ohio, and former head of Teamsters Local 100. One year into retirement, he received a notice informing him that his retirement benefits would be cut by nearly 40 percent. Unfortunately, Lewis passed away from a stroke at the age of 64.

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