Letter to Speaker Pelosi, Leader McCarthy, Majority Leader McConnell, and Minority Leader Schumer - Reps. Katko, Rice Lead Effort Urging Bipartisan, Bicameral Action to Address Pension Crisis

Letter

Dear Speaker Pelosi, Leader McCarthy, Leader McConnell, and Leader Schumer,

In December 2017, we wrote to House and Senate Leadership to express our significant concern over the crisis facing multiemployer pension plans across our country and the urgent need to solve this issue in a meaningful, bipartisan way. Since that time, the crisis has only worsened, resulting in more Americans, including many of our constituents, facing potential benefit cuts. The New York State Teamsters Conference Pension and Retirement Fund (Upstate NY) and Road Carriers Local 707 Pension Fund (Local 707) had their benefits slashed due to funding shortfalls in their multiemployer pension plans. The Upstate NY plan cut benefits to current retirees by 29 percent, while Local 707 retirees had their benefits slashed by more than 70 percent, reducing retiree pensions by over $2,200 per month.

Both chambers of Congress have taken up efforts to develop a bipartisan solution. In 2018, the Joint Select Committee on Solvency of Multiemployer Pension Plans formed and held bipartisan, bicameral hearings to analyze the issue and develop a comprehensive solution. Last year, the House passed H.R. 397, the Rehabilitation for Multiemployer Pensions Act of 2019. Following action in the House, Senate Finance Committee Chairman Charles Grassley and Health, Education, Labor, and Pensions Committee Chairman Lamar Alexander released a proposal of their own. These efforts demonstrate the bipartisan, bicameral interest in the urgent need to address the multiemployer pension crisis.

While we were heartened to see that the year-end spending agreement will ensure miner's pensions remain solvent, it is imperative that Congress acts immediately to address this growing crisis for the rest of the workforce and prevent further benefit cuts to our constituents in New York and retirees all across the country.

We urge you to prioritize this issue and pass a bipartisan, bicameral solution this year to protect hardworking Americans and retirees. Thank you in advance for your attention to this matter.