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Stauber Helps Pass Butch Lewis Act to Protect Worker Pensions

July 25, 2019

WASHINGTON, D.C. – This week, Congressman Pete Stauber (MN-08) voted to ensure Minnesota's workers don't lose the benefits they worked hard to earn over a lifetime. H.R. 397, the Rehabilitation for Multiemployer Pensions Act, more commonly known as the Butch Lewis Act, would support troubled multiemployer pensions so they don't fail, and countless Americans don't see their retirement security decimated. It passed the House with a vote of 264 – 169.

On the passage of this legislation, Congressman Stauber stated, "Teamsters, laborers, grocery store workers, and other hardworking Americans were promised benefits through their pensions. I was proud to help pass legislation to ensure their at-risk plans remain stable and their retirement security intact, instead of breaking the promises the government made to these plan participants."

Currently, 10 million Americans participate in multiemployer pension plans and about 1.3 million of these plans are on the verge of running out of money.

H.R. 397 would establish the Pension Rehabilitation Administration within the Department of Treasury and a related trust fund to make loans to certain multiemployer defined benefit pension plans. To receive a loan, a plan must either be in critical and declining status, or insolvent.

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