Butch Lewis Act in latest Covid bill
- Thread starter brownelf
- Start date
Last One In
Well-Known Member
No provisions provide any monies to pension funds.
Rather, under the Special Financial Assistance Program for Financially Troubled Multiemployer Pension Plans, a portion of the Butch Lewis Act of 2021, monies will be provided to aid approximately 10 million Americans that participate in multiemployer pension plans, 1.3 million of whom are stuck in quickly sinking plans.
This is from the National Law Review. Perhaps I am missing something, but this sounds like a drop in the bucket. 1.3 million in "quickly sinking plans." There must be more than that in Central States. I am one of them.
Rather, under the Special Financial Assistance Program for Financially Troubled Multiemployer Pension Plans, a portion of the Butch Lewis Act of 2021, monies will be provided to aid approximately 10 million Americans that participate in multiemployer pension plans, 1.3 million of whom are stuck in quickly sinking plans.
This is from the National Law Review. Perhaps I am missing something, but this sounds like a drop in the bucket. 1.3 million in "quickly sinking plans." There must be more than that in Central States. I am one of them.
iruhnman630
Well-Known Member
Yes, we do benefit from this.
However, what responsibility do the other 100+ million taxpayers have to bail us out ?
However, what responsibility do the other 100+ million taxpayers have to bail us out ?
Same responsibility they (and we) had to bail out the big banks and automakers? Ideally this will provide some real impetus to fix SS which is basically a national pension plan at this point, the argument being that if you're going to use taxpayer money to bail out private pensions then you sure as hell better fix the public one.
DELACROIX
In the Spirit of Honore' Daumier
I read up on some of it’s provisions..the money will not go directly into the troubled pension plans but will be given to the PBGC for dispersement after the endangered fund applies and is accepted. That lump sum payment becomes the retirees pension fund.
There is no COLA ‘s or increases permitted, it will cover these suffering plans till 2051, after that really does not matter. They have to invest is safe investments and bonds, no high risk gambling in the stock markets.
I believe that they have to apply before 2027, which should be no problem with the largest fund “Central States”, by far the biggest elephant in the room.
They are raising the PBGC premiums to 55 dollars per participant annually. The PBGC is also in trouble but apparently they will work on that down the road.
