The Pension Accountability Act seeks to fix changes to multiemployer pension law that were attached to the omnibus spending bill passed in December. MPRA allows the Treasury Department to nullify any vote taken by pension participants on proposed cuts in large plans. This bill would change that part of the law by making any vote by participants binding and not subject to overrule by the Treasury Department. The legislation would also change the law so that only those ballots returned in any vote are counted.

“The Pension Accountability Act would ensure that participants and retirees in a pension fund have control over their own future,” said Teamsters General President Jim Hoffa. “They have earned the right to have their votes count as surely as they have earned every penny of the pensions that are being threatened by deep cuts. Legislation like the Pension Accountability Act and the Keep Our Pensions Promise Act (KOPPA) go a long way toward protecting our members’ pensions.”