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Thread: Ohio senator plans to introduce butch lewis bill to protect pensions

  1. #1
    Taking A Stand!!!

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    Default Ohio senator plans to introduce butch lewis bill to protect pensions

    Note again that this is a Democrat trying to fight for your pensions.


    Senator Sherrod Brown (D-OH) held a press conference at Local 377 in Youngstown, Ohio to announce he and Congressman Tim Ryan (D-OH) will introduce a bill that would create an office inside the U.S. Treasury called the Pension Rehabilitation Administration. The bill, if passed, would provide loans to pension funds in critical or declining status to guarantee payments of promised pension benefits. Monies would be raised by U.S. Treasury issuing bonds that would be purchased by private investors.

    “It’s bad enough that Wall Street squandered workers’ money – and it’s worse that the government that’s supposed to look out for these folks is trying to break the promise made to these workers. Not on our watch. We won’t allow that to happen,” Brown said.

    Brown said the plan was to attach the “Butch Lewis” Act to the larger spending bill slated for a vote later this fall. Butch Lewis, the former President of Teamster Local 100 and a leader of the fight to save Teamster pensions, passed in December 2015.
    Ohio Senator Plans to Introduce Butch Lewis Bill to Protect Pensions - Teamsters for a Democratic Union
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    Default Re: Ohio senator plans to introduce butch lewis bill to protect pensions

    Duly noted.

    Sent from my SM-J327T using Tapatalk

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    Default Re: Ohio senator plans to introduce butch lewis bill to protect pensions

    This plan makes a lot of sense to me. If only we had a democrat majority in congress to get it passed. But then Trump would probably veto it.

    How does the Butch Lewis Act Work?

    This legislation creates a new office within the U.S. Treasury Department, known as the Pension Rehabilitation Administration (PRA). The PRA would allow pension plans to borrow the money they need to remain solvent and continue providing retirement security for retirees and workers for decades to come.

    The money for the loans and the cost of running the PRA would come from the sale of Treasury-issued bonds to financial institutions.

    To ensure that the pension plans can afford to repay the loans, the PRA would lend them money for 30 years at low interest rates. The 30-year loans would buy time for the pension plans to make smart long-term investments for the future, while continuing to pay benefits owed to current retirees.

    The bill would not allow any plan to borrow more than it can pay back to taxpayers. It would also prohibit any borrowed funds from being used to make risky investments. And it requires plans that borrow money to submit reports every three years to demonstrate that the plans are on track to getting back on solid footing.

    The PBGC would fill the gap between money borrowed from the PRA and any additional funding needed to pay benefits owed to current retirees while the plans get back on track. The bill provides this money to the PBGC, but any money needed for the PBGC would be a tiny fraction of what it would otherwise be on the hook for if Congress fails to act.
    ABFwife, 222lifer and ROADY like this.

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    Default Re: Ohio senator plans to introduce butch lewis bill to protect pensions

    CENTRAL STATES RELEASES ACTUARIAL FINDINGS ON PROPOSED BUTCH LEWIS ACT

    Central States Pension Fund Director Thomas Nyhan has issued a letter to Senator Sherrod Brown (D-OH) that, if approved, his proposed pension legislation could stabilize the Fund’s finances without benefit cuts to active Teamsters or retirees.

    Senator Brown will release the Butch Lewis Act at a press conference in Washington, DC tomorrow.

    Retired and active Teamsters, representing local committees from North Carolina, Ohio, Wisconsin and others in the network established by the National United Committees to Protect Pensions (NUCPP), will attend in support of the bill.

    If passed, the bill would provide loans to pension funds in critical or declining status to guarantee payments of promised pension benefits. Money for the loans would be raised by the U.S. Treasury issuing bonds that would be purchased by private investors.

    The NUCPP has initiated lobbying efforts pressing for passage of the bill both on Capitol Hill and back in home districts.
    Central States Releases Actuarial Findings on Proposed Butch Lewis Act - Teamsters for a Democratic Union
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    Default Re: Ohio senator plans to introduce butch lewis bill to protect pensions

    PROPOSED “BUTCH LEWIS ACT” INTRODUCED

    The Butch Lewis Act to protect earned pensions was introduced at a press conference today, with the entire Democratic caucus in Congress lined up in support. Now the challenge is to continue the grassroots mobilization and lobbying effort to build bipartisan support for pension protection.

    At the press conference, Senator Tammy Baldwin (D-Wisc) credited the “citizen lobbyists” of the pension protection movement for the support the bill enjoys. She stated she had traveled to pension meetings expecting a handful of people, and found hundreds on hand, determined to protect pensions.

    The press conference featured Rita Lewis, the widow of Butch Lewis, who passed away in December 2015, fighting for pension justice to his last day.

    The long-time sponsors of the Keep Our Pension Promises Act (KOPPA) such as Senators Sherrod Brown, Tammy Baldwin, and Congresswoman Marcy Kaptur (D-Ohio) spoke, as did the Democratic Congressional leadership, with Nancy Pelosi pledging full support for “no cuts” in earned pensions.
    Proposed
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