senate bill butch lewis act

Teamsters General President Jim Hoffa wrote a letter to senators last month urging them to quickly act to pass the bill. The Butch Lewis Act passed the U.S. House of Representatives last night. The Rehabilitation for Multiemployer Pensions Act (HR 397), also known as the Butch Lewis Act, was introduced January 9, 2019 and passed the House on July 24, 2019. The future of this legislation – known as S. 2254, the Butch Lewis Act – is currently before the Senate. His first attempt—a standalone 30-year government loan program known as the Butch Lewis Act—passed the House in July 2019. 397, the Rehabilitation for Multiemployer Pensions Act, otherwise known as the Butch Lewis Act. A joint House-Senate committee formed in 2018 to create a compromise was unable to agree on a measure that could be endorsed by 10 of its 16 members. 397), better known as the Butch Lewis Act. The Butch Lewis Act was reintroduced in the Senate July 24 by Sherrod Brown (D-Ohio). The bill will move back over to the House due to certain amendments that were made, but is expected to pass easily, and then it will go on to President Biden’s desk to be signed. The Butch Lewis legislation was recently introduced in the Senate. The $1.9 trillion American Rescue Plan's pension section differs slightly from previous proposed fixes to the funding crisis, though it follows a mold laid out in the Butch Lewis Act. This bill establishes the Pension Rehabilitation Administration within the Department of the Treasury and a related trust fund to make loans to certain multiemployer defined benefit pension plans. Special rules for use of retirement funds. The Butch-Lewis Act The opening bid from congressional Democrats to address this process was the Butch-Lewis Act (H.R. The Butch Lewis Act, which passed the House of Representatives with bipartisan support of July 26th, 2019, is long-overdue legislation to fix the multi-employer pension crisis by creating a Pension Rehabilitation Administration within the Treasury Department and allowing failing pension plans to borrow money from the PRA to remain solvent. Sen. Brown first introduced the Butch Lewis Act in 2017. Washington D.C. – U.S. To all who helped, including the nonstop pension warriors, we say Thank You! The bill addresses the multiemployer pension crisis facing over one million Americans across the nation, serving as an important backstop to ensure that retirees do not lose The legislative process being used, known as “reconciliation,” is designed to pass the Senate with only 51 … The draft bill also includes funding relief for single employer defined benefit plans and multiemployer plan reforms. Under the Butch Lewis Emergency Pension Plan Relief Act of 2021 bill language inserted into the stimulus legislation, more than 50 Teamster pension plans – including its largest, the Central States Pension Fund – will be eligible for assistance at the outset of the bill’s enactment, with more of the union’s plans becoming eligible in 2022. Schumer added without this bill protections, future and further cuts are still possible. House members voted 264-169 on the Rehabilitation for Multiemployer Pensions Act of 2019 (H.R. At 1 a.m. this morning, as the Senate pulled an all-nighter, an amendment by Senator Grassley to kill the Butch Lewis Act was defeated by that same vote of 50-49. 397, which provides taxpayer-funded grants to highly underfunded plans and taxpayer loans that can be forgiven to struggling multiemployer-pension plans. Currently Republicans control a majority of the votes in the Senate. They were joined by 27 Democratic senators in reintroducing the Butch Lewis Act in the Senate. In the relief package was a bill that Senator Sherrod Brown has been working on for six years, The Butch Lewis Act. Schumer explained the “Butch Lewis Act” would create a new office within the U.S. Treasury Department, which would be called the Pension Rehabilitation Administration (PRA). The Butch Lewis Act is part of a Covid-relief package that is slated for a full House vote by the end of February. Yesterday, the U.S. House of Representatives passed HR 397 – the Butch Lewis Pension Act. (Washington, D.C.) – This week, United States Representative Emanuel Cleaver, II (D-MO) voted to support H.R. It passed the House in 2019, but went nowhere in the Senate. Then, while you have them on the phone, tell them to support Senate Bill 27, the American Miners’ Pension Act. Following is a list of the provisions included in the draft House bill. This grassroots effort was spearheaded by the National United Committee to Protect Pensions. The bill would also protect small businesses from the threat of closing their doors if plans are allowed to fail. According to an email blast from the Road Carriers Local 707 Welfare and Pension Funds: The next hurdle is in the Senate where 60 of 100 votes are needed to pass this Legislation. Then the bill will head to the Senate for consideration. July 25, 2019 MANCHIN REINTRODUCES BUTCH LEWIS ACT, REAFFIRMS COMMITMENT TO SOLVING PENSION CRISIS . o In 2019, Brown led 30 Senators in reintroducing the Butch Lewis Act in the Senate, named for a retired Ohio Teamster, the Butch Lewis Act would address the pension crisis threatening the retirement of more than 1.3 million workers and retirees nationwide and … Senate Bill S. 2254 has 26 co-sponsors, including Sen. Jeff Merkley, D-Oregon. It goes to the Senate Finance Committee, where Oregon’s Ron Wyden is the ranking Democrat. The Butch Lewis Emergency Pension Plan Relief Act was approved Feb. 27 as part of the mammoth American Rescue Plan Act of 2021 (H.R. The American Rescue Plan Act (also known as the stimulus bill) passed the Senate today by a 50-49 vote. The … Although there was a companion Senate bill, there was no movement on it because Republican leaders were (and still are) opposed to a program that would provide direct loans to plans. Embedded in the $1.9 trillion “American Rescue Plan” is yet another attempt at multiemployer pension plan reform, entitled the “Butch Lewis Emergency Pension Plan Relief Act of 2021” (“Butch Lewis”). On the same day, PBGC Director Gordon Hartogensis issued a statement calling for Congress to enact a bipartisan, long-term solution on the multiemployer pension system. The committee eventually garnered the support of … Twenty-nine House Republicans crossed the aisle to join Democrats to vote in favor of The passage of the bill was met with cheers and applause from Democrats, celebrating the passage of one of the President's key priorities. The Butch Lewis Act would create a loan program to allow failing multi-employer pension plans to borrow the money necessary to ensure they can meet their commitments to retirees and workers for decades to come. But unless leaders of the Republican-led chamber are spurred to move the measure forward, it will just languish there. The vote comes following five years of intensive organizing by hundreds of retired and active Teamsters who worked to protect the pensions they earned. WASHINGTON, D.C. – Today, U.S. Sen. Sherrod Brown (D-OH) formally reintroduced his Butch Lewis Act, legislation to build on his years-long fight alongside Ohio retirees, workers and small businesses to save multiemployer pension plans.The failure of these plans would have drastic consequences for the country’s economy, especially amid the economic downturn caused by the COVID-19 pandemic. On Saturday, the COVID Relief package passed in the Senate chamber, inclusive of the Butch Lewis Emergency Pension Plan Relief Act provision. The House this week passed a bipartisan bill intended to stabilize multiemployer pension plans, advancing the legislation for Senate consideration. Butch Lewis Act of 2019. 1319) by a (near) party-line vote of 219-212 (Reps. Jared Golden (D-ME) and Kurt Schrader (D-OR) were the only two Democrats to vote no, and no Republicans supported the measure).

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