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Congressman Richard Neal To Reintroduce Butch Lewis Act

Discussion in 'Central States Pension Fund Discussion' started by Freightmaster1, Jan 8, 2019.

  1. Freightmaster1

    Freightmaster1 Well-Known Member

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    Breaking News

    Representative Neal is going to reintroduce the pension bill that he filed simultaneously last November with Senator Brown. The Rehabilitation for Multiemployer Pensions Act is expected to be filed on Wednesday, and is presumed that 5 Democrats including Representative Neil, and 5 Republicans to sign on as original co-sponsors of the bill.

    Once introduced, we are expecting to have an official copy of the bill as early as Wednesday.

    We have been asked that we do not call Representative Neal, or it's co-sponsors at this time.

    We will continue to communicate all information to our members and protect your pension committee's.

    Note ”Rehabilitation for Multiemployer Pensions Act is almost identical to Senator Browns bill the Butch Lewis Act”.

    Respectfully
    NUCPP

    Mike Walden
    Sherman Liimatainen
    John Wilkinson


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  2. Freightmaster1

    Freightmaster1 Well-Known Member

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    "There ain't no stoppin us now!"...Congressman Richard Neal of Massachusetts, new Chairman of the House Ways and Means Committee.

    Thanks to Congressman Neal and his dedicated staff in Massachusetts and Washington, DC for their hard work and advocacy, and their dedication to the Butch Lewis Act!
    :bananapartyhat:
     
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  3. jimmy g

    jimmy g Kook

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    Why??????? Even Dems said it won't work...

    It might now clear the House, might not. Still has no chance in the Senate, unless tied to a must pass bill.
     
  4. ROADY

    ROADY Well-Known Member

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    Was the bill ever introduced on the floor on Wednesday ?
     
  5. jimmy g

    jimmy g Kook

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    Theres no record of that yet on Google
     
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  6. Retread

    Retread Member

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    Why???????
    Because the only way to open the discussion for a compromise Bill is to introduce one
    Because many in Washington are working toward a Bill (Sherry Brown-Bob Portman-Congresswoman Dingle-others) so we rejoice at their efforts!
    Because some of us are in our 60’s and are gonna need a Pension sooner (or later)
    Beacause the Reintroduction of this Bill (or another like it) offers some hope even if you are correct that it has no chance of passage.
    Because don’t suck the life out of someone’s hope unless it’s that important to be right.
    Because don’t let the negativity be the reason someone affected by the outcome becomes too discouraged to call, text, or write their Representatives to push them to fight for this!
     
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  7. Retread

    Retread Member

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    Sherrod Brown ...(sic)
     
  8. Freightmaster1

    Freightmaster1 Well-Known Member

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    Check this out! The Rehabilitation For Multiemployer Pensions Act (Butch Lewis Act) H. R. 397 was re-introduced on Wednesday, January 9, 2018. This is very good news! See the summary of the legislation prepared by Democratic staffers of the House Ways and Means Committee...

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  9. Freightmaster1

    Freightmaster1 Well-Known Member

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    The bill establishes the Pension Rehabilitation Administration (PRA), a new agency within the Department of the Treasury, authorized to issue bonds in order to finance loans to “critical and declining” status multiemployer pension plans, plans that have suspended benefits, and some recently insolvent plans currently receiving financial assistance from the Pension Benefit Guaranty Corporation (PBGC). The PRA would be headed by a Director, who will have a term of five years and be appointed by the President.

    “This is not a bailout. These plans would be required by law to pay back the loans they receive from the PRA – the federal government is simply backstopping the risk,” added Chairman Neal. “Importantly, my bill does not allow for any cuts to the benefits these workers and retirees earned through years on the job. Americans need our help, and it’s time to answer that call.” Additional original co-sponsors of the legislation are Rep. Bobby Scott (D-VA), Rep. Don Young (R-AK), Rep. Debbie Dingell (D-MI), Rep. Chris Smith (R-NJ), Rep. Donald Norcross (D-NJ), Rep. John Katko (R-NY), Rep. Marcy Kaptur (D-OH), and Rep. Jeff Fortenberry (R-NE).

    https://waysandmeans.house.gov/medi...san-legislation-address-multiemployer-pension
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  10. Bubba Gump

    Bubba Gump Banned

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    FREIGHTMASTER one, the taxpayer has to bailout the 2.9 trillion dollar social security trust fund. 60 billion a year and climbing. No money left over for ailing MEPFs.
     
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  11. jimmy g

    jimmy g Kook

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    it IS a Bailout. Would require at least 40-50 BILLION to create a new government agency that intends to loan 30 billion. Plus, the Senate Joint Committee on MultiEmployer Pensions stated that it wouldn't work, less than 2 months ago. The original bill sat in committee for over a year, from Nov 2017 until it expired last week. It had 158 House supporters before, needing at least 218. It had 22 Senators supporting before, needing 60, and some of those were voted out. Hopefully, it's a Dead End. Congress won't even put up 5 billion for National Security, but your believe they'll put up 40-50 billion to bail out a few of us??????
     
  12. Bubba Gump

    Bubba Gump Banned

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    Unfortunately Freightmaster 1 the federal government has no money to lend. The federal reserve used up all their ink, keeping the Obama economy going. The printing presses have ground to a halt, no mountain of money for the MEPFs.

    Freight let me make this simple for you, MEPF members aren't going to get a bailout. WHY? Because the next group to get the bad news is public employee's. The day's of using crooked actuarial assumptions are over. No more kicking the can down the road.
     
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