Late last year, as part of the massive omnibus spending bill, Congress passed legislation that for the first time allows certain multiemployer plans to cut retiree pensions. While we weren’t able to stop the law from passing, you played a critical role in the fight to oppose this ill-conceived and unfair measure.
Now, the Department of the Treasury, which is responsible for interpreting the major provisions of the new law, is asking for comments on specific issues. These include: what financial information plans must provide the Treasury when they apply to make benefit cuts, how plans should notify workers and retirees about the proposed cuts, who can be appointed as a representative of retirees in larger plans, input on the process to allow participants to vote on the cuts, and more. Although the Treasury Department cannot change the law, you can ask the agency to interpret the law so that it is as protective of retirees as possible.
If you are one of the hundreds of thousands of retirees who may be affected by the new law, use our website to submit comments to the Treasury Department. We’ve included a sample letter, which you can edit to include your story and anything else you want government officials to hear.
Comments to the Treasury Department are only the FIRST steps in the FIGHT to protect your benefits. We’re working closely with members of Congress to repeal this legislation, which flies in the face of 40 years of established law. In the meantime, please provide feedback to the Treasury before the deadline on April 6th.
Click here to share your thoughts and we will deliver them directly to the Treasury Department.
We will continue to keep you updated on efforts to repeal this law and to protect your retirement security. Thank you for all that you do.
Karen Friedman, Executive Vice President and Policy Director
Pension Rights Center