Legislative Action Alert - Please Contact Your Senators
June 2, 2010
Dear Boilermaker Member,
Thank you for contacting your representatives last week asking them to vote "Yes" on HR 4213 - "Promoting American Jobs and Closing Tax Loopholes Act of 2010". While the final bill was not as strong as we would have liked overall, we were successful in securing the pension funding relief for both multi-employer pension plans and single-employer pension plans. And contrary to what some in the media have claimed, this pension funding relief is NOT a "tax payer bailout of union pension funds." Quite the opposite - the purpose of the pension funding relief is to avoid that very situation. In fact, these new provisions are estimated to raise $1.987 billion over 10 years.
About the pension funding relief:
- It provides limited, targeted relief to help all pension plans - corporate and multiemployer plans- weather the massive losses suffered in the 2008 economic crisis.
- It is not a "bailout"- to the contrary, it merely provides more time to plan sponsors to meet their funding obligations.
- Over 90% of contributing employers to multiemployer plans are small employers who provide well paying, middle class jobs with pension and health benefits - the kind of jobs that must be preserved if our economy is to recover.
- Before the "Great Recession" of 2008, multiemployer plans were, on average over 90% funded.
- The relief measures included reduce the risk to all stakeholders - participants, sponsors and the Pension Benefit Guarantee Corporation (PBGC) by enabling employers to remain competitive and generate hours of contributions that fund these plans.
But, the Senate isn't scheduled to return to Washington until June 7 to take up a similar vote to help working Americans. In the meantime, our pension funding relief continues to stall. We need the Senate to act immediately to adopt HR 4213 as soon as they return, with no delays.
Please use the Take Action link to contact your Senators and send them a message urging them to vote Promptly, and vote Yes, on HR 4213.
Keeping you informed.
Abe Breehey
Special Assistant to the International President
Director of Legislative Affairs
