Kaptur sends bipartisan letter to Speaker Ryan urging action to address looming private pension crisis
Washington, D.C. — Congresswoman Marcy Kaptur (D-OH), sent a bipartisan letter to Speaker of the House Paul Ryan (R-WI), requesting action to address the looming crisis in America’s private pensions, which puts the retirement of millions at risk. The letter was signed by Reps. David B. McKinley (R-WV), Rick Nolan (D-MN), Debbie Dingell (D-MI) and Don Young (R-AK).
“America’s largest multi-employer pension plans face a looming stability crisis that requires immediate action. The retirement income on which millions of Americans depend is in jeopardy as plans like the United Mine Workers Pension Fund, the Central States Fund, and many others lurch toward insolvency. If serious discussion about a solution does not begin imminently, the options available to provide relief will become less flexible, and their cost will grow,” said the Members.
“We urge you, Mr. Speaker, to support us in the coming months and please give this issue the courtesy of being heard and addressed,” the Members concluded.
Read the full letter here: 12-21-17 Pension Caucus Letter to Ryan - Signed.pdf
Recently Kaptur shared the stories of several retirees and workers who discussed the importance of their pension and how they have paid into this earned benefit for more than 30 years. Watch those videos here.
Kaptur is a cosponsor of several efforts to address the pension crisis and is a leader in Congress to protect the pensions of millions of Americans whose retirement is at risk through no fault of their own.
In December 2014, Congress approved and the president signed a spending bill that included provisions that allow for dramatic cuts to financially troubled multiemployer pensions. Under this provision, the pension benefits of retirees could be cut by 70 percent or more. Before the law was changed, it was illegal for an employer to cut the pension benefits retirees had earned.
Kaptur has championed the Butch Lewis Act and her bill, the Keep our Pension Promises Act, which establishes a legacy fund within the Pension Benefit Guaranty Corporation to ensure that multiemployer pension plans can continue to provide pension benefits to every eligible American for decades to come. This legislation is paid for by closing two tax loopholes that allow the wealthiest Americans to avoid paying their fair share of taxes. For a one-pager on KOPPA bill click here.