REGULATION/LEGISLATION

Bernie Sanders, Marcy Kaptur reintroduce multiemployer pension protection bill

Vermont Sen. Bernie Sanders
Vermont Sen. Bernie Sanders

Sen. Bernie Sanders, I-Vt., and Rep. Marcy Kaptur, D-Ohio, reintroduced legislation Tuesday that would prevent multiemployer plans from reducing benefits for retirees in struggling plans that are currently allowed to do so if it will keep the plans solvent.

The legislation — Keep Our Pension Promises Act — is co-sponsored by eight Democratic senators. It was first introduced June 2015 in the 114th Congress, but did not advance.

Instead of benefit cuts allowed by the Kline-Miller Multiemployer Pension Reform Act of 2014, the proposed bill calls for establishing a legacy fund at the Pension Benefit Guaranty Corp. that would be funded by closing two high-income tax loopholes.