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This new office, the Pension Rehabilitation Administration, would have given low interest loans funded by taxes to multiemployer pensions in order to remain solvent. [11] The bill was then introduced again in 2021 during the 117th Congress in its current form. It was renamed the Butch Lewis Emergency Pension Plan Relief Act of 2021 . [12]
It set up a special financial assistance program that allows struggling multi-employer pension plans to apply for assistance from the Pension Benefit Guaranty Corp., a federal agency that protects the retirement incomes of workers in defined benefit pension plans. The Butch Lewis Act is designed to ultimately stall the insolvency of roughly 200 ...
Along with ratifying the Social Security Fairness Act, earlier in his presidency Biden signed the Butch Lewis Act into law, which saved the retirement pensions of two million union workers. Show ...
The 30-second spot, set to air statewide, features Teamsters truck drivers and their families touting Baldwin's work on the Butch Lewis Emergency Pension Plan Relief Act.
Later, she became a public school teacher in the San Francisco Bay Area, paying into CalSTRS, California's educator pension fund. However, her plans for retirement took an unexpected turn when she ...
Hoffa led Teamster efforts to protect defined-benefit pension plans for more than a decade following the economic collapse of 2008. The legislation championed by Hoffa and the Teamsters was known as the Butch Lewis Act, named after a Teamster retiree pension activist, and became law as part of President Biden's American Rescue Plan stimulus ...
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Jul. 29—The Biden administration and U.S. Sens. Maggie Hassan and Jeanne Shaheen, both D-N.H., announced 72,000 workers and retirees, including 6,000 in New Hampshire, will have their pension ...