Senate Democratic leaders joined retirees and other advocates for multiemployer pension reform Wednesday on Capitol Hill to pressure the Senate to act on reform legislation proposals.
Senate Minority Leader Chuck Schumer of New York along with senators from Michigan, Ohio, West Virginia, Washington and Oregon demanded that Senate Majority Leader Mitch McConnell bring legislation that was passed by the House in July to a floor vote.
Nearly 1.5 million workers and retirees are in financially troubled multiemployer union pension funds that could be insolvent in 20 years, and participants' retirement is at risk "because Senate Republican leadership has failed to do its job," Mr. Schumer said at the Capitol Hill rally.
The legislation passed July 24 by the House largely along party lines by a vote of 264-169 would provide federally backed loans to underfunded multiemployer pension plans. H.R. 397, the Rehabilitation for Multiemployer Act, is also known as the Butch Lewis Act,