On March 7, UFCW International President Marc Perrone called on Congress to pass the Rehabilitation for Multiemployer Pensions Act (H.R. 397). Without action by Congress now, this crisis will be much more expensive to fix in the future. Perrone’s statement was issued the same day as the House Education and Labor Committee hearing on the solvency of multiemployer pensions.
The UFCW has been a strong national advocate for pension reform and supports the Rehabilitation for Multiemployer Pensions Act because it is a common sense way to shore up multiemployer plans while protecting the earned pensions of retirees and active workers.
Perrone’s statement reads as follows:
“America’s promise has always been that anyone who works hard can build a better life for themselves and their family. When the retirement savings of millions of Americans is in jeopardy after they’ve worked hard their entire lives, that promise is being broken.
“Keeping that promise starts with protecting the pensions of today’s workers and retirees and making the strong investments needed to ensure the retirement security of generations to come.
“The time is now for Congress to pass the Rehabilitation for Multiemployer Pensions Act to protect these pensions before the crisis becomes even more costly and widespread. The retirement security for millions of workers and their families is on the line. We can’t wait any longer.”