This Wednesday, July 14th, the House Ways
and Means Committee and the House Education and the Workforce
Committee are set to approve legislation that would outlaw partial
terminations of multiemployer plans. The provision is Section 513 of H.R. 1102,
the Portman-Cardin Comprehensive Retirement Security and Pension
Reform Act.
We have been told that Robert Georgine, President
of the Building and Construction Trades Unions has gotten committments
from most if not all of the Democrats on the two committees to
vote for H.R. 1102, EVEN THOUGH this provision and most of the
rest of its 62 provisions cut back protections for workers (it
even eliminates automatic distribution of the Summary Annual Report
(the one-page overview that tells workers how well their money
is being invested), and provide whopping increases in benefits
for company executives and other high-paid employees.
Georgine apparently sees this industry tax
give-away bill as an easy way of getting his provisions through,
even though the industry provisions (and his partial termination
provision ) will hurt his members.(The provision he says he cares
most about is one that would let participants in multiemployer
plans get $130,000 a year in pension benefits!!!)
Who says organized labor has lost its
clout?
The best thing that could happen is if as
many of your web site readers as possible flood their representatives
offices with phone calls asking them to ask their colleagues on
the Ways and Means and Education and the Workforce to vote against
Section 513 of H.R. 1102 on Wednesday.
Karen Ferguson
Pension Rights Center
Washington, D.C