Statements on Introduced Bills and Joint Resolutions

Floor Speech

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Ms. BALDWIN. Mr. President, I introduce my legislation today to help shore up the government's insurance plan for these pensions. The Pension Stability Act would add funding to the Pension Benefit Guaranty Corporation's multiemployer program by imposing a fee on financial firms that are convicted of financial crimes.

This weekend, I was in Endeavor, WI. I was meeting there with retirees who meet once a month at the fire station in order to update one another on the progress here in Washington. In the months since the House passed the Butch Lewis Act, there hasn't been much progress to speak of. The Senate hasn't taken up the bill, and no other proposals have been presented. All the while, retirees and workers in the Central States Pension Fund continue to doubt their retirement security.

If Washington does not act, workers and retirees face massive cuts to the pensions they have earned over decades of hard work. I have come to the floor many times over these past 3\1/2\ years to remind this body about the retirees who stand to lose 50 percent--some more than 50 percent--of their pensions if Washington fails to act. Since then, nothing has been done, so I am here to, once again, remind my colleagues that this is about a promise that must be kept.

This is about a promise made to Bob Brockway, who stands to lose more than half of his monthly pension. Bob retired in 1999. He has made the trip to Washington to be a part of the solution even though Margie, his wife, would rather he stayed at home. He also organizes the meetings that are held every month in Endeavor.

This is about a promise made to Thomas from Hartland, WI. Thomas is a 72-year-old retired semitruck driver and an Army veteran.

He is also a cancer patient, and his wife has significant medical bills.

Thomas wrote to me this summer. He said:

I've put many, much-needed home repairs on hold since this whole mess started. We have had no vacations or any other extravagances since I retired. We did nothing wrong. We paid into Central States and somehow the government dropped the ball.

This is about a promise made to Donald and his wife Janet in Beaver Dam, WI. Donald wrote to me to tell me the following:

After 25 years working at a company where I earned a pension as part of a wage and benefit package, I retired. I retired four years ago because my body wouldn't let me perform tasks in the factory that could more easily be performed in my younger years. My pension and Social Security allow me to pay for heat, electricity, food and maintenance on my home. A 50 percent reduction in my monthly pension payment would mean we could no longer afford visiting our children or grandchildren, buying Christmas and birthday gifts, or seeing an occasional movie. And without this pension, I doubt we could afford the most basic of household expenditures.

This is about a promise made to Mary in Greenfield, WI. Mary wrote to tell me the following:

My story is simple. In November 2014, my husband passed away. In December, I learned the bad news about my pension. Worrying all this time has taken its toll. What will I be able to afford? I will probably have to move. I need a new car, but that's on hold. The list goes on. I am turning 70 in a few days and I never thought at this age I would have to worry about how I will survive.

If Washington does not act, we will be breaking a promise made to 1.5 million retirees nationwide. Pension promises must be kept. So once again I will say: Washington needs to act, and we need to do it now. ______

By Mr. DURBIN:

S. 2600. A bill to promote minimum State requirements for the prevention and treatment of concussions caused by participation in school sports, and for other purposes; to the Committee on Health, Education, Labor, and Pensions.

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