What's New at IBT 41
The shutdown of the U.S. economy in response to the novel coronavirus pandemic has greatly amplified the pension crisis facing many Teamster members and retirees. Multiemployer pension plans are on an even faster path to insolvency, further jeopardizing the benefits that Teamster retirees, and active workers, have earned.
Since this pandemic crisis began, the Teamsters Union has urged Congress to address this crisis as part of any federal legislation to stabilize and stimulate the economy. This week, the House introduced stimulus legislation called the HEROES Act (H.R. 6800) that includes a proposal that does just that!
Our representatives in the US House and Senate need to hear from us NOW! Help us flood congressional offices with emails demanding action to protect pensions.
The House bill would require the federal government to set up a partition program at the Pension Benefit Guarantee Corporation (PBGC) to rescue financially-troubled multiemployer pension plans without cutting benefits. Unfortunately, the House stimulus bill also includes the GROW Act which permits so-called composite plans. The Teamsters Union opposes the Grow Act.
TAKE ACTION NOW and tell Congress that the House multiemployer pension partition program must be included in the final stimulus legislation that moves to the President’s desk! And the GROW Act should be cut from the final bill!