DPCC Report: The Multiemployer Pension Crisis Demands Action

WASHINGTON, D.C. – U.S. Senator Debbie Stabenow (D-MI), Chair of the Democratic Policy and Communications Committee, today released a report regarding the urgent need for Leader McConnell to take up H.R. 397 Rehabilitation for Multiemployer Pensions Act of 2019 to address the multiemployer pension crisis.

 The House passed legislation 83 days ago and Senate Democrats have championed solutions to this crisis that are buried in McConnell’s legislative graveyard.

 Retirees in multiemployer pension plans spent their whole careers contributing to these plans on the promises of a secure retirement. These retirees are coal miners, truck drivers, construction workers, and many others who worked hard and gave up raises believing that their pension promises would be kept. Now, those promises are under dire threat. Senate Democrats are calling on Leader McConnell to stop delaying and take action.

 If Congress fails to take action, retirement security for over one million workers and retirees will be lost. By the end of this year, 1,200 coal miners, their widows, and family members could also lose their health care coverage.

 “A pension is a promise that’s earned and workers should be able to count on it when they retire,” said Stabenow. “There is no question that pension funds are facing serious challenges that are not the fault of workers or retirees. American families have waited long enough. It’s time for Leader McConnell to stop stalling and to take action.”