(WASHINGTON) – The International Brotherhood of Teamsters issued its support today for new legislation that will protect earned pension benefits for retirees and boost multi-employer pension plans for workers and participating employers. View photos from the press conference, here.

The “Keep our Pension Promises Act,” sponsored by Sen. Bernie Sanders (I-Vt.) and Rep. Marcy Kaptur (D-Ohio), will roll back provisions slipped into the fiscal 2015 spending bill approved by Congress last year that made earned pensions benefits vulnerable to cuts. The measure would restore anti-cutback rules so that recipients in financially troubled multi-employer pension plans will be protected from having their benefits cut.

In addition, the legislation creates a legacy fund within the federal pension insurance program, the Pension Benefit Guaranty Corporation (PBGC), to help insure that participants from companies that have abandoned the pension system will continue to receive the benefits they have earned and depend upon. The cost to cover these retirees and workers will be covered by closing tax loopholes used by the very wealthy.
Teamsters Endorse Bill to Protect Pensions, Strengthen Multi-Employer Plans | Teamsters