butch lewis act

[i] For 2021, the Section 415 (c) annual contribution limit is $58,000, the Section 415 (b) (1) (A) annual DB limit is $230,000, and the Section 401 (a) (17) annual compensation limit is $290,000. As we saw at the Ways and Means Committee, Democrats do not even try to directly deny some of their arguments. THE BUTCH LEWIS EMERGENCY PENSION PLAN RELIEF ACT OF 2021 Feb 12, 2021 | News URGENT ALERT – PENSION RELIEF The 50 vote solution can restore your benefits if you insist that Congress acts immediately! A lot of Republicans and conservative commentators will hate the Butch Lewis EPPRA for several compelling reasons. In unveiling language included in the Butch Lewis Emergency Pension Plan Relief Act of 2021, the House panel took the first step towards ensuring that millions of retirees and active workers who have played by the rules will receive the pension benefits they earned through years of hard work. 3 This subtitle may be cited as the ‘‘Butch Lewis 4 Emergency Pension Plan Relief Act of 2021’’. His second attempt, the Emergency Pension Plan Relief Act, was included in the coronavirus-related Heroes Act, which the … by Brian Young | on Mar 08, 2021 Senate Passes Pension Relief Plan. Which would protect people from getting their pensions cut and allow pension programs to take out a loan to get them on solid ground so they can continue to support those receiving their pensions. Our mission is to empower every American with the tools to understand and impact Congress. Democrats proposed the Butch Lewis Act in 2019 that would create a fund to make “loans to certain multi-employer defined benefit pension plans” through the Treasury Department. Supporters of the Butch Lewis EPPRA must convince Democrats in the House and Senate that the Butch Lewis EPPRA is good policy and good politics. The Butch Lewis Act would address the pension crisis by creating a new office within the Treasury Department called the Pension Rehabilitation Administration (PRA). After Rush Limbaugh’s death last month, Republican resolution would honor his legacy, After Biden banned private prisons on a federal level, the Justice is Not for Sale Act would ban…, Comedy video series ‘Congressional Hits and Misses’ compiles Congress’s funniest moments of the…. We’re looking to learn more about who uses GovTrack and what features you find helpful or think could be improved. And starting in 2019 we’ll be tracking Congress’s oversight investigations of the executive branch. The Butch Lewis Act is part of a Covid-relief package that is slated for a full House vote by the end of February. Your note is for you and will not be shared with anyone. Would you like to join our advisory group to work with us on the future of GovTrack? Mar 8, 2021, Should public governments use private prisons? Goal $293.00 Received $185.00 Latest donor Anonymous 63%. That’s only getting over the first hurdle towards enactment. Super Moderator. 9701. Now we’re on Instagram too! Help us develop the tools to bring real-time legislative data into the classroom. Kamp said the Butch Lewis Act is a better solution because it builds on the proven (though sometimes controversial) concept of pension obligation bonds (POBs). Donor benefits ; Kennesaw Kid Well-Known Member. Please join our advisory group to let us know what more we can do. He noted that he has written extensively on the topic in his blog, as the issue rather quickly gets technical. This bill establishes the Pension Rehabilitation Administration within the Department of the Treasury and a related trust fund to make loans to certain multiemployer defined benefit pension plans. If you can, please take a few minutes to help us improve GovTrack for users like you. On the same day, PBGC Director Gordon Hartogensis issued a statement calling for Congress to enact a bipartisan, long-term solution on the multiemployer pension system. Along a largely party-line vote, the House passed H.R. The Butch Lewis Emergency Pension Plan Relief Act of 2021, which is included in the bill, would create a special financial assistance program under which cash payments would be made by the Pension Benefit Guaranty Corporation (PBGC) to financially troubled multiemployer pension plans so they could continue paying retirees’ benefits. Butch Lewis Act of 2019 This bill establishes the Pension Rehabilitation Administration within the Department of the Treasury and a related trust fund to make loans to certain multiemployer defined benefit pension plans. The legislative process being used, known as “reconciliation,” is designed to pass the Senate with only 51 … TEMPORARY DELAY OF DESIGNATION OF MULTI-6 EMPLOYER PLANS AS IN ENDANGERED, CRIT- 7 ICAL, OR CRITICAL AND DECLINING STATUS. Save my name, email, and website in this browser for the next time I comment. The Butch Lewis Act also provides single-employer plan funding relief by extending the amortization period for funding shortfalls and the pension funding stabilization percentages, along with modifying the special rules for minimum funding standards for community newspaper plans. Especially Democrats in swing districts and states would rather not give to their Republican challengers any campaign issues that could hurt the Democrats’ re-election campaigns. The Butch Lewis Act would safeguard the retirements of hardworking Americans without penalizing them with higher taxes or sending other plans into … In 2019, the Ways and Means Committee and the full House both passed Neal’s Rehabilitation for Multiemployer Pensions Act, also known as the Butch Lewis Act. WASHINGTON, DC— This afternoon, Ways and Means Committee Chairman Richard E. Neal (D-MA) will introduce the Emergency Pension Plan Relief Act of 2021 – an updated version of the Butch Lewis Act – legislation to address the worsening multiemployer pension crisis that threatens the savings of more than a million American workers and retirees. Still, you might say, “So what? We hope that with your input we can make GovTrack more accessible to minority and disadvantaged communities who we may currently struggle to reach. AFL-CIO - 7 hours 44 min ago. Then the bill will head to the Senate for consideration. We hope to make GovTrack more useful to policy professionals like you. The Butch Lewis Act also provides single-employer plan funding relief by extending the amortization period for funding shortfalls and the pension funding stabilization percentages, along with modifying the special rules for minimum funding standards for community newspaper plans. Hackers/journalists/researchers: See these open data sources. Our public interest mission means we will never put our service behind a paywall. The bill also appropriates to the PBGC the funds that are necessary to provide the financial assistance required by this bill. There are a lot of public purposes competing for a finite number of dollars – $1.9 trillion – in the next COVID-19 economic stimulus bill: The Congressional Budget Office is scheduled to release a cost estimate for the Butch Lewis EPPRA on February 15. The Pension Rehabilitation Administration may use the funds, without a further appropriation, to make loans, pay principal and interest on the bonds, or for administrative and operating expenses. Follow @govtrack on Twitter for posts about legislative activity and other information we’re tracking, and some commentary.

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