On Wednesday, July 24th, the House of Representatives passed the Butch Lewis Act (HR 397) which creates relief for underperforming multiemployer pensions. The Act passed with a vote of 264-169.
The Act has effectively highlighted the challenges facing a growing number of multiemployer pension plans within the next few years. The vote was largely along party lines with all Democrats voting in the affirmative along with 29 of their Republican colleagues. GBCA has closely monitored this issue and continues to work with AGC of America’s team in Washington, D.C.
Most recently, GBCA joined an AGC effort to offer common sense principles for pension reform. Over 100 corporations, unions, and associations signed a letter urging Congressional leaders to address this crisis head on using these common sense principles.
Click below to read the Principles:
Click below to read the letter to Congressional leaders:
While the House successfully passed the Butch Lewis Act, it is not expected to be enacted without more dialogue around funding. We do expect that this issue will continue to build momentum and result in meaningful reform.
If you have any questions, please contact Lance Claiborne:
