The Alliance for Retired Americans, together with leaders of 17 labor unions, released a strong statement today in opposition to Senate Republicans’ proposal for shoring up multiemployer pension plans.

The bill, sponsored by Senators Chuck Grassley (IA) and Lamar Alexander (TN), purports to address the multiemployer pension crisis but will in fact make it worse. It provides no federal financial assistance and imposes burdensome new costs that will most likely prompt the collapse of all multiemployer pensions.

“Contrast this to the over $700 billion that the government provided to the banks and Wall Street in 2008, or to the 2017 massive tax giveaway for corporations and multi-millionaires,” said union leaders signed on to the statement. “Here, under the guise of a federal solution, Grassley and Alexander have crafted a tax increase that hits hardest those who do not bear responsibility for the financial challenges faced by troubled multiemployer pension plans—including retirees, pension plan participants, unions and employers.”

There are other proposals that aren’t so flawed and will be much more effective at tackling the multiemployer pension crisis. One of them, the Butch Lewis Act, has passed the U.S. House and now needs Senate approval.

1.3 million Americans’ earned pension benefits are at risk. Please click here to urge your Senators to pass the Butch Lewis Act.

Congress bailed out Wall Street in 2008 and gave billions of dollars in tax breaks to corporations in 2017. It’s time for them to help working and retired Americans in their time of need.

Click here to send a message to your Senators.

Sincerely,

Robert Roach, Jr.

President