12/03/2019 | Press release | Distributed by Public on 12/03/2019 09:44
December 3, 2019
America's Largest Private Sector Union Says Congress Must Reject Plan that Reduces Current Benefits and Jeopardizes Pensions for Future Retirees
WASHINGTON, D.C. - Today, the United Food and Commercial Workers International Union (UFCW), announced its opposition to a multiemployer pensions proposal from U.S. Senate Finance Committee Chairman Charles Grassley and U.S. Senate Health, Education, Labor, and Pensions Committee Chairman Lamar Alexander. UFCW President Marc Perrone released the following statement:
'Millions of American workers - union and nonunion - would have their retirement thrown into chaos if this plan passes. Not only would it cause a massive reduction in current pension benefits, it will recklessly endanger the pensions of future retirees across the country. After a lifetime of hard work and sacrifice, workers should be able to retire with dignity and the security of knowing they can provide for themselves and their loved ones.
'Congress must pass the bipartisan Rehabilitation for Multiemployer Pensions Act to protect these pensions before the crisis becomes even more costly and widespread. The retirement security for millions of workers and their families is on the line. We cannot wait any longer.'
Grassley Pensions Plan Impact on American Workers' Retirement Security
This proposal, if implemented, will severely harm healthy defined benefit multiemployer plans, and will put millions of participants' pension plans at risk.
UFCW Call for Action on Multiemployer Pensions
UFCW has been a strong national advocate for pensions reform and is calling for Congress to pass H.R. 397, the Rehabilitation for Multiemployer Pensions Act. Last year, UFCW sent a letter to Congress urging action on legislation to provide low-cost loans to eligible multiemployer pension plans to enable them to continue to pay earned pensions to retirees and fund their long-term pension commitments.
Why Congress Must Pass the Rehabilitation for Multiemployer Pensions Act:
The Rehabilitation for Multiemployer Pensions Act is a common-sense way to shore up the multiemployer plans while protecting the earned pensions of retirees and active workers.
The Rehabilitation for Multiemployer Pensions Act provides a path forward to address the country's growing pension crisis by providing the financial support the plans need to avoid insolvency.
The Rehabilitation for Multiemployer Pensions Act would create a Pension Rehabilitation Administration, within the Treasury Department, to provide low-cost loans to qualified underfunded multiemployer pension plans.
The UFCW is the largest private sector union in the United States, representing 1.3 million professionals and their families in grocery stores, meatpacking, food processing, retail shops and other industries.
Our members help put food on our nation's tables and serve customers in all 50 states, Canada and Puerto Rico.
Learn more about the UFCW at www.ufcw.org