butch lewis act news

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. More specifically, the Butch Lewis Emergency Pension Plan Relief Act of 2021, included as subtitle H of a nine-part package that the committee plans to mark up this week, would impose a cost-of-living freeze on: the Code Section 415(c) annual contribution limit for defined contribution plans; the Section 415(b)(1)(A) annual defined benefit limit; and the Section 401(a)(17) annual compensation limit. To all who helped, including the nonstop pension warriors, we say Thank You! The Butch Lewis Act is part of a Covid-relief package that is slated for a full House vote by the end of February. The bill would also extend funding relief for single-employer defined benefit plans. Extended amortization for single employer plans (section 9705): The legislation would set all previous plan … Service + Solidarity Spotlight: Labor Movement Fighting Anti-Asian Racism in All Forms. News; Updates; COVID-19 / Federal Resources; Contact; Search. House Ways and Means Committee Chairman Richard Neal, D-Massachusetts, has introduced the Emergency Pension … During this process, the Committee may table … EPPRA would also allow plans to become eligible for the special partition program through 2024. “Such a ‘pay-as-you-go’ approach will necessarily be costlier and messier than the solutions in the Butch Lewis Act,” Kamp said. The opening bid from congressional Democrats to address this process was the Butch-Lewis Act (H.R. Simply put, the loan-based solutions included in the Democrat-supported Butch Lewis Act have failed to gain traction in the full Congress. News From: Butch Lewis Act. > News > Compliance > Neal Proposes New Bill to Help Multiemployer Pensions. Earlier this year I updated you on some things I was watching regarding multiemployer pension reform, and since there has been some recent action on the Butch Lewis Act I thought it was time for an update.Here’s what you need to know. Sen. Brown celebrates the passage of The Butch Lewis Act. Then the bill will head to the Senate for consideration. 1 talking about this. Reopening schools with AFT President Randi Weingarten. Gone are attempts to share any economic pain among the stakeholders, or to provide any mechanism for the … Butch Lewis is a continuation of various prior legislative efforts aimed at addressing the multiemployer pension plan crisis, including earlier versions of the Butch Lewis Act of 2019, the Emergency Pension Plan Relief Act of 2020, and other pending pension reform legislation. This is the first bill Chairman Neal will introduce … The $1.9 trillion American Rescue Plan's pension section differs slightly from previous proposed fixes to the funding crisis, though it follows a mold laid out in the Butch Lewis Act. By Rebecca Moore. The Butch Lewis Emergency Pension Plan Relief Act of 2021 (Butch Lewis EPPRA) was passed in the House in February as part of a larger COVID-19 relief bill. The Rehabilitation for Multiemployer Pensions Act (HR 397), also known as the Butch Lewis Act, was introduced January 9, 2019 and passed the House on … The letter urged the Army Corp of Engineers to efficiently utilize the additional … The final vote was 50-49, with all Democrats voting in favor of the bill and all Republicans voting against it. To receive a loan, a plan must be either in critical and declining status (including any plan with respect to which a suspension of benefits has been approved) or insolvent, if the plan … The Butch Lewis act asks congress to protect pension plans. The sidelined House proposal included the language in the House-passed Butch Lewis Act, a multiemployer pension bailout measure with a nearly $100 billion price tag. Butch Lewis Emergency Pension Plan Relief Act Would Save Retirements of 1M+ News provided by. The Butch-Lewis Act. Energy Update (January 17) Jan 20, 2021 Congress Great Lakes Task Force On Friday (Jan. 8), the bipartisan Great Lakes Task Force sent a letter to Assistant Secretary of the Army for Civil Works Rickey James and laid out its priorities for the 117th Congress. The Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act includes a substantial new taxpayer commitment to ailing, private-sector, multiemployer pensions but does NOT contain the Butch-Lewis Act, which had largely been the public policy position of congressional Democrats for about 18 months. Call your Representatives and urge them to support the Butch Lewis Act. The legislative process being used, known as “reconciliation,” is designed to pass the Senate with only 51 votes or, alternatively, a simple majority. The much-heralded Butch Lewis Emergency Pension Plan Relief Act of 2021 is part of the COVID-19 relief bill, which is set for a vote in the House. AFL-CIO - 8 hours 44 min ago. Background: The proposed Butch Lewis Act has been severely narrowed so that the proposed loan assistance program will be available to only a handful of multiemployer plans. On The Hill. The Butch Lewis Act would safeguard the retirements of hardworking Americans without penalizing them with higher taxes or sending other plans into a nosedive. AFL-CIO - 7 hours 44 min ago. That process is riddled with procedural unfairness and should be improved. The U.S. Senate approved President Biden's $1.9 trillion coronavirus relief package Saturday. Women's History Month Profiles: Royetta Sanford. The American Rescue Plan Act (also known as the stimulus bill) passed the Senate today by a 50-49 vote. Like the Butch Lewis Act, eligible plans would include plans in critical and declining status, plans with significant underfunding with more retirees than active workers, plans that have suspended benefits, and certain plans that have already become insolvent. 397), in various iterations. Social Security Payroll Taxes . “The financial distress many of these plans are facing is beyond the control of retirees and workers,” Teamsters General … The Butch Lewis Act passed the Democratic-led House last year but has not been brought up for a vote in the Republican-led Senate. Share this article. Butch Lewis will have to meet certain technical criteria to be included, but we are hopeful for … by Brian Young | on Mar 08, 2021 Senate Passes Pension Relief Plan . At 1 a.m. this morning, as the Senate pulled an all-nighter, an amendment by Senator Grassley to kill the Butch Lewis Act was defeated by that same vote of 50-49. The pension section of the proposed Emergency Pension Plan Relief Act of 2021 is cited as the "Butch Lewis 4 Emergency Pension Plan Relief Act of 2021." Lewis died in December 2015, following years of advocacy on the union pension funding issue. Under the program, a plan would receive … Extended amortization for single employer plans (section 9705): The legislation would set all previous plan … “The bill is proposing a $64 billion loan package to be spent over 10 years. 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 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. The Butch Lewis Act in the United States Senate On July 24 th, 2019, the Butch-Lewis Act (the “Bill”) was read twice in the U.S. Senate and referred to the Senate Committee on Finance (the “Committee”). The next steps are as follows: If the Committee Chair puts the Bill on the agenda for formal consideration, the Bill will go through a mark-up process in the Committee. International Brotherhood of Teamsters Feb 09, 2021, 15:54 ET. This … The proposal is also known as the Butch Lewis Act, named for a trucker driver who worked for USF Holland for 40 years. This will leave most troubled plans subject to the MPRA suspension process. This seems a drop in the bucket given the estimated federal fiscal year budget deficit for 2019, which is estimated to be $1.09 trillion, while 2020’s budget shortfall will grow an estimated 1% on top … Butch Lewis Act of 2019. The “Butch Lewis Act of 2017” and its House companion bill “The Rehabilitation of Multiemployer Pensions Act” provide an innovative way to avoid retiree benefit reductions by providing relief to financially-troubled plans. This review provides an overview of … People work their whole lives and rely on that pension in retiernment. 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. Unfortunately, lobbying groups such as the NCCMP are proposing … Compliance January 26, 2021 Neal Proposes New Bill to Help Multiemployer Pensions . latest headlines. Economy Gains … If it becomes law in its current state, the Butch Lewis EPPRA would be the most notable legislation enacted affecting multiemployers since 2014, when Congress passed the Multiemployer Pension Reform Act (MPRA). Along a largely party-line vote, the House passed H.R. News Feeds. 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.

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