While the majority of multiemployer pension plans are financially sound, the Pension Benefit Guaranty Corporation (PBGC) estimates that more than 100 multiemployer pension plans, covering more than a million participants, are in “critical and declining status” and will become insolvent without the ability to pay the earned benefits of current and future retirees.

The recent passage of the American Rescue Package includes the Butch Lewis Emergency Pension Plan Relief Act. 

“Millions of middle-class workers, miners, truck drivers, construction workers, and food service workers invested their hard earned money into pension plans year after year after year, for financial security and peace of mind when they retire,” said Leader Schumer. “Unfortunately, those pensions are now in trouble. We owe it to these workers, who played by the rules and are counting on these funds, to shore up these pensions today. The Butch Lewis Act, led by Senator Brown, is essential to address the multiemployer pension crisis that could shatter the financial futures of millions of middle-class American families. Democrats are fighting for a solution to deliver on the promise of these pensions for workers.”

“Majority Leader Schumer is a true champion and walked this legislation over the finish line,” said IAM Eastern Territory General Vice President Jimmy Conigliaro Sr. “Leader Schumer understands how important it is to address the multiemployer pension crisis while keeping our nation’s promise to our nation’s retirees and working families. I commend our legislative and political team for never taking their eye off the ball on this issue. This is a clear case of why elections matter.”

This legislation will work to lift troubled multiemployer plans out of their financial hole, while maintaining the financial integrity of the PBGC. Most importantly, this Act will provide a pathway to accomplishing these goals without stealing the earned benefits of retirees, workers and their families.

This long-overdue pension relief legislation provides $86 billion in relief to troubled multiemployer pension plans with NO CUTS to earned benefits. The legislation will protect the integrity of healthy multiemployer plans, save the PBGC and strengthen the pension system overall.  The legislation contains NO provisions to harm healthy plan, does not include the GROW Act, and only has a modest increase in premiums from $31 to $52 starting in 2031.     

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“Machinists Union members are the most skilled and dedicated aerospace and defense workers in the world,” said IAM International President Robert Martinez Jr. “We must do everything we can to preserve such a critical workforce through this crisis and be ready for growth when it passes. As the largest aerospace and defense union in North America, we applaud Reps. Larsen and Estes, Sens. Cantwell and Moran, and others who are championing this bipartisan, worker-first and desperately needed legislation.”

The provision would provide a federal cost-share program to retain aerospace workers who are at risk of being furloughed and recall workers who were furloughed due to the drastic reduction in air travel since the COVID-19 pandemic began.

Although this is move in the right direction, we must continue to apply pressure to Congress. Call your Representative at 202-224-3121to urge them to include the Aviation Manufacturing Jobs Protection Act of 2021, and save thousands of crucial aerospace jobs.

TAKE ACTION: Tell Your U.S. Senators and Representative to support the Aviation Manufacturing Jobs Protection Act of 2021.

The IAM partnered with Aerospace Industries Association (AIA), the Aeronautical Repair Station Association (ARSA), the General Aviation Manufacturers Association (GAMA) and the National Defense Industrial Association (NDIA) in the effort to secure financial relief for workers.

The Machinists Union has been fighting to secure funding to save IAM jobs in many different troubled industries included in the next round of COVID relief.

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