U.S. House of Representatives Passes Butch Lewis Act
the U.S. House of Representatives passed the Rehabilitation for Multiemployer Pensions Act, also known as the “Butch Lewis Act.” This bill would provide low-interest government loans to struggling multiemployer pension funds, including the AFM-EPF. If necessary, these loans can be coupled with additional financial assistance from the Pension Benefit Guaranty Corporation. The bill would provide sufficient money for these funds to pay benefits to current retirees and beneficiaries for life, while allowing the funds to grow back to stronger financial footing. 29 Republicans joined the Democratic majority in voting for the legislation – an encouraging sign.
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